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And boomers wonder why millennials are bitter towards them..

Discussion in 'General Discussion' started by Scam, 18 Sep 2020.

  1. Scam

    Capodecina

    Joined: 20 Oct 2002

    Posts: 14,263

    Location: London

    So, the house opposite me has just gone up for sale for £1.7m (disclaimer, I merely rent a flat opposite, this isn't some sort of humblebrag). Being the nosy neighbours we are, we found out that the owners (a couple aged probably early sixties) bought it 14 years ago for just shy of £800k.

    Doing some simple maths means that house has increased in value by roughly £900k in those 14 years. WTF. Absolutely insane. I'm not surprised for this area, but jebus wept..

    I was thinking about it further, and I actually left university 14 years ago and began my working career. I don't do badly, but do you think I earned an equivalent amount as that house did every year, for 14 years straight? The heck I did.. :rolleyes: :mad: Perhaps I should have transformed myself into bricks and mortar and sat there doing **** all for 14 years, I would have earned more! :o :mad:

    /pointless thread is pointless
     
  2. iamdjdz

    Mobster

    Joined: 24 Nov 2006

    Posts: 4,622

    The street near my brother in Teddington had houses that are around the size if mine for £250k in early 2000s and now they're over a million. Utter madness.
     
  3. wolfie138

    Mobster

    Joined: 8 Jun 2013

    Posts: 3,811

    we left one of our houses in 84 and got about £37k for it. one in the street a couple doors away sold this week for £187k. we used to plough through the free papers and look at the "prestige" colour section of the top-end houses, and it was a talking point if you saw one over £100k, now you can barely get a ****hole flat in a skanky area for that.
     
  4. Puzzled

    Sgarrista

    Joined: 9 Jul 2003

    Posts: 7,869

  5. Derek W

    Capodecina

    Joined: 1 Oct 2008

    Posts: 11,740

    Location: Glebe Park

    Not entirely sure of the rant here. Stuff goes up in value. I'm pretty sure there a lot of people on here of all ages who couldn't have afforded a house of 800k that they bought it for originally. Let along the 1.7million. try being less jealous of others and concentrate on improving your own situation.
     
  6. Woden

    Soldato

    Joined: 7 Mar 2011

    Posts: 6,862

    Location: Oldham, Lancashire

    Not quite to the same extreme but my dad bought this house for £60k in 2000, its now worth just shy of £200k. That's just shy of 80p an hour, 24/7 for 20 years.
     
  7. Woden

    Soldato

    Joined: 7 Mar 2011

    Posts: 6,862

    Location: Oldham, Lancashire

    This issue is the very act of having a roof over your head is going up far, far faster than income. And your comment shows just how out of touch a lot of people are.
     
  8. dl8860

    Mobster

    Joined: 25 Jul 2010

    Posts: 3,451

    Location: Surrey

    I remember after about 4 years of working in London, reading that the average house price there had gone up by an amount equal to 40k per year. That being comfortably more than my salary at the time - and tax free ofc, was quite gutting.

    Homeowner now in Surrey since 2018 but I reckon it's worth the same now as we bought it for. What can you do.
     
  9. Dis86

    Caporegime

    Joined: 23 Dec 2011

    Posts: 26,292

    Location: Northern England

    My parents bought one in 94 for 60k, sold it in 01 for 460k not a bad rate of return.
     
  10. Blackjack Davy

    Mobster

    Joined: 16 Aug 2009

    Posts: 4,939

    If you want to get angry get angry at the housing market bubble that generates this insanity. Build or buy to let -> immigration -> work or benefits -> high rent -> leads right back to square one. The prices are high because the demand is there its a neverending cycle which no-one want to do anything about it because rich landlords vote or bankroll the tories and poor immigrants vote labour and increase "diversity".
     
  11. The Running Man

    Caporegime

    Joined: 18 Oct 2002

    Posts: 35,411

    Location: block 16, cell 12

    So they bought the house together when they were in their 50s?

    Maybe when you and your partner have worked for 30 years and combine to buy you'll be able to afford a nice house?
     
  12. Hades

    Caporegime

    Joined: 19 Oct 2002

    Posts: 25,753

    Location: Surrey

    By all means be angry at the situation. It is indeed disgusting. But I don't understand the anger aimed at a specific demographic just because they were lucky. Indeed I would suggest that many elderly people would happily swap their old age and house for youth and renting right now. The Millennials still have youth. That's far more valuable than a house.
     
  13. R.P.L

    Wise Guy

    Joined: 20 Mar 2012

    Posts: 1,663

    Location: Locked Down

    I agree with this.

    And this. Although, I do understand why the anger is directed towards boomers - it's because they're an easy target these days.
     
  14. Derek W

    Capodecina

    Joined: 1 Oct 2008

    Posts: 11,740

    Location: Glebe Park

    To be fair though the millennials will get their way when the boomers die and leave their property / cash to the whiners but then again they won't have that generation any more to blame.
     
  15. Feek

    Commissario

    Joined: 16 Oct 2002

    Posts: 231,619

    Location: In the radio shack

    House prices go up shocker thread.
     
  16. Derek W

    Capodecina

    Joined: 1 Oct 2008

    Posts: 11,740

    Location: Glebe Park

    The op does like a London house price rant. They come round every so often.
     
  17. Semple

    Sgarrista

    Joined: 5 Mar 2010

    Posts: 8,063

    Heh that's quite an interesting way of looking at things.

    If we take the OP's example, calculating based on 14 exact years, and disregarding inflation - that works out to be £7.33/hr!!

    Just playing funny with the numbers, and base that on an 40 hours per week, would work out as £30.90/hr equivalent to an annual salary of 60k.
     
  18. Cyber-Mav

    Capodecina

    Joined: 30 Jul 2005

    Posts: 15,540

    Location: Midlands

    I cant believe the sort of house you would get for that money in America. Huge mansion pool inside and outside etc etc
     
  19. Quartz

    Capodecina

    Joined: 1 Apr 2014

    Posts: 13,063

    Location: Aberdeen

    How about doing the maths? That's an annual growth of 2.66%. Welcome to the world of cumulative growth. And inflation. That house price has barely kept pace with inflation.

    Hey, the price of my flat has dropped; are you going to rant at me?
     
  20. Scam

    Capodecina

    Joined: 20 Oct 2002

    Posts: 14,263

    Location: London

    You're comfortable with bricks and mortar 'earning' more than double the average salary in the UK?

    Exactly.

    I think they're early sixties, if not late fifties. So actually they bought it in their forties I'd imagine. But you're splitting hairs and missing the point. It's not about old people having nice stuff..

    It's exactly because they were lucky.

    Indeed! It's what you get for renting in London.

    Exactly. Funny how some people are so inured to bricks and mortar 'earning' more than average salaries, it shows in the replies here.