And boomers wonder why millennials are bitter towards them..

[R.P.L]

I'm technically a millennial....just... born in 85? Own one place outright and looking at the next!

I bet you own a Gucci belt as well.

Anyway, millennials love socialism so they shouldn't care that they can't afford a house because private ownership is bad.

 

[Energize]

We have had it better than our parents in almost every respect. This is just one of a few areas where societal regression has happened and we are worse off than our parents. Their generational wealth will ultimately pass down to us. Obviously that's little comfort in the here and now where it's difficult for the average person to afford housing thus accumulate their own wealth. It's the result of NIMBY types causing stupid government policies that have not allowed enough housing to be built, just like they didn't allow more nuclear plants to be built.

 

[Skidder]

I don'te get why millennials are so butt hurt about property prices. They trend up over time (corrections allowing). Find a way to get on the ladder one way or another and work your way up. No generation got handed houses for nothing. Perhaps if you stopped winging on social media and fannying about with your side hussles you might actually make some money for a deposit.

 

[Energize]

I don'te get why millennials are so butt hurt about property prices. They trend up over time (corrections allowing). Find a way to get on the ladder one way or another and work your way up. No generation got handed houses for nothing. Perhaps if you stopped winging on social media and fannying about with your side hussles you might actually make some money for a deposit.

This is the problem though, rent is now so high many people can't accumulate enough wealth for a deposit despite having a full time job.

 

[The Running Man]

This is the problem though, rent is now so high many people can't accumulate enough wealth for a deposit despite having a full time job.

Maybe they need to stop living on streets with 800k houses and move to areas they can afford to buy with a 15k deposit and get realistic?

 

[StriderX]

I bet you own a Gucci belt as well.

Anyway, millennials love socialism so they shouldn't care that they can't afford a house because private ownership is bad.

Pitiful bait that I will happily bite.

Millennial's (all of whom should ideally be married/have kids/homes by now) wouldn't be so in the mood for wealth transfers if someone else didn't hoard it, then gloat about it incessantly and then use that position to make the millennial's poorer by stealing their future from them as well with mountains of debt.

/positively triggered.

Hopelessness breeds chaos and it makes me giddy.

 

[FoxEye]

Cos I'm pretty sure the 'average' person in the UK doesn't go away that much and complains they can't afford to live somewhere.

I haven't had a single holiday since 2006. No joke.

What do I win?

Apparently I could have a house if I didn't have an iPhone 11 or 5 holidays a year... erm...

 

[Maccapacca]

Must be a quiet day in covid land to bring up house prices And yes shock horror house prices go up. Did you ever consider the following

They may have improved the property
Inflation (mentioned previously)
The total cost of a mortgage not just the buy and sell value
Maybe the area has become nicer or with better public transport links
The tax paid in all your outrage

 

[Mr Badger]

The UK is all about selling out to overseas investors. It's what we do.

Whether it's all the housing in London or all our critical infrastructure.

Everything must go!

As long as somebody is getting fabulously rich and doesn't mind making a donation or two to the ruling party, what's the harm?

If you've got a lot of ill gotten gains, the London property market seems to be a great place to stash/launder it.

 

[FoxEye]

Maybe they need to stop living on streets with 800k houses and move to areas they can afford to buy with a 15k deposit and get realistic?

Nope.

Every area needs low-paid jobs. You can't get rid of all your low-paid workers, otherwise who will empty your bins or stock your shelves.

What is missing is modest housing at reasonable prices.

Modest houses for a low-paid (but essential) workforce.

Unfortunately housing is now an asset to be used to make money, rather than something necessary to house your essential workforce.

It's one of those times where capitalism just sees the $$$$ in housing, and won't ever lead to the optimal solution without intervention.

 

[R.P.L]

Pitiful bait that I will happily bite.

Millennial's (all of whom should ideally be married/have kids/homes by now) wouldn't be so in the mood for wealth transfers if someone else didn't hoard it, then gloat about it incessantly and then use that position to make the millennial's poorer by stealing their future from them as well with mountains of debt.

/positively triggered.

Hopelessness breeds chaos and it makes me giddy.

It wasn't even really bait - I'm just bored on a Friday afternoon

I'm also a millennial (just) and most definitely do not love socialism.

Thanks for your reply though

 

[MissChief]

If you’d stop drinking coffee from Starbucks and stop eating avocado toast you’d have a deposit saved in no time! /S

 

[The Running Man]

Nope.

Every area needs low-paid jobs. You can't get rid of all your low-paid workers, otherwise who will empty your bins or stock your shelves.

What is missing is modest housing at reasonable prices.

Modest houses for a low-paid (but essential) workforce.

Unfortunately housing is now an asset to be used to make money, rather than something necessary to house your essential workforce.

It's one of those times where capitalism just sees the $$$$ in housing, and won't ever lead to the optimal solution without intervention.

Um whats the optimal solution in London?

Commute.

You don't need to live in the city to work in the city.

 

[Energize]

Maybe they need to stop living on streets with 800k houses and move to areas they can afford to buy with a 15k deposit and get realistic?

I live in an area where you can buy with a £15k deposit, nonetheless the lowest rental prices are around £450-500 a month so you're looking at a very long time to save up that amount even with a shrewd lifestyle. Whereas in the boomer generation you could have a deposit in less than a year.

 

[FoxEye]

If you've got a lot of ill gotten gains, the London property market seems to be a great place to stash/launder it.

Yeah, and quite a lot of it (something like 1/3) is auctioned off directly to overseas bidders, in the Asian/Russian market. I.e. you will never see those properties for sale in this country.

 

[FoxEye]

Um whats the optimal solution in London?

Commute.

You don't need to live in the city to work in the city.

Yeah coz all the low paid workers are jumping at the chance to spend £7k a year on rail season tickets, and commute for 2 hours a day to their low-paid shelf-stacking jobs.

That's optimal? Optimal for the for the elites, sure, who don't have to live with the riff-raff servicing their needs.

 

[The Running Man]

Yeah coz all the low paid workers are jumping at the chance to spend £7k a year on rail season tickets, and commute for 2 hours a day to their low-paid shelf-stacking jobs.

That's optimal? Optimal for the for the elites, sure, who don't have to live with the riff-raff servicing their needs.

Work somewhere else then and force the labour prices up?

It's not rocket science.

 

[Vince]

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.. Perhaps I should have transformed myself into bricks and mortar and sat there doing **** all for 14 years, I would have earned more!

/pointless thread is pointless

Its a similar story up and down the country - I bought 7 years ago for 290k and the property is now valued at 565k. It's just life and property.

 

[FoxEye]

Work somewhere else then and force the labour prices up?

It's not rocket science.

Why not just have modest housing for those of modest means?

Why must there be firstly exploitation, then revolt, to get to the same place?

Because we're a nation completely lacking any empathy. "Dog eat dog, every man for himself," is our ethos.

 

[The Running Man]

Why not just have modest housing for those of modest means?

Why must there be firstly exploitation, then revolt, to get to the same place?

Because we're a nation completely lacking any empathy. "Dog eat dog, every man for himself," is our ethos.

How do you build modest housing in london where there is no space for modest housing, when the land price will be astronomical?

How do you force the price to stay low?

People need a reality check.

5 years to save up £3k a year for someone with with a job should not be insurmountable. £15k allows you to run to a 120-150k house somewhere.

Simples really.