To think these baby boomers are missing the point?

[Hundredacrewoods]

I grew up in an area where house prices have quadrupled since 2000. I consider this an intergenerational equity issue. Whenever the topic of house prices and 'millennials' comes up with my parents' generation, all I hear is how hard they worked and how much they sacrificed to get on the property ladder. AIBU to think that they're missing the point? No one is denying that they worked hard and sacrificed. The point is that if they worked just as hard today, and made the same sacrifices, it wouldn't be anywhere near enough.

Lots of folk are blinkered. I know plenty and not all B B ‘s either.

Maybe the millennials should refuse to accept the inheritances coming their way when these terrible boomers die off, to show their disapproval...

No, I thought not.

Fine for those who'll inherit down but more inequality for everyone else. Who's to say all millennial are fine with that? hasn't happened yet. Also, a lot of boomers may spend it all on cruises and daily mails

I won’t get any money at all.no inheritance here. A lot will have to sell their homes to pay care home fees of 950 to a 1000 a week maybe? A few care home owners might become rich though!

Malificent. Your dad sounds awful.i just don’t get this at all

From memory, Malificent has had an inheritance enough to make a house deposit with, quit a teaching role in a private school etc so her dad is being perfectly reasonable not to then fund a house.

Blaming parents for having it better when they were young or for not finding their adults children's wants is childish. We are all in control of our own actions and choices as adults, some will choose wisely in order to get the home they want whilst others won't and moan that it's not fair.

Why are they so angry though? Millennials don't seem to be.

You get all that from my post. I’m not even a baby boomer. Wow. I have most certainly not once trivialised the difficulties young people face or . I said I didn’t understand your comment.

Hence I explained my comment using maths, if you question a post based on maths you should expect a response containing maths.

I never said you were a boomer or that you trivialised anything, I simply pointed out that your post was flawed on the basis of not having a grasp of the maths, which is typical of those who contradict people complaining about current prices. That's hardly "vitriol".

Oliversmumsarmy The £4k figure was just me dividing £12k by 3 as I thought houses were 3 x salary then. I'm going to text my dad and ask him his salary. As a lowly civil servant he certainly wasn't rich to the tune of £150,000 in today's money.

As I don't have his actual salary to hand how about another number from the inflation calculator? The calculator says that a house that was £12,000 in 1975 would be £119,82.25 today. But my equivalent house was way above that price at £458,000 in 2014. And my house is now worth £600,000 making it even more stupidly impossible for your standard civil servant to buy. And his house is worth more than mine so comparing my house price to his is generous of me.

I'm not sure whether or not I'd be classed as a baby boomer. Could someone please advise? Born May 1963, bought my first house in 1986.

I thought boomers were 1950 to 1963?

user do you say 'I paid in'? If yes, you are.

To be fair, we all say ‘we paid in’ ! I’m a ‘non boomer’ and I have said it ( because I have) 😋I know it’s wrong by the way!

We are all in control of our own actions and choices as adults, some will choose wisely in order to get the home they want whilst others won't and moan that it's not fair.

Yes everyone is in control of their own actions and choices.
But nobody is in control of the shitty salary to house price ratio.

Of course people are moaning that it's not fair. It's because the rise in house prices against the lower rise of salaries simply IS NOT FAIR.

I agree, it's all out of hand. Even in the last 10 years, I bought a house just over 10 years ago and my neighbour has just sold theirs (identical) for more than twice as much (£170k more).

10 years before I bought, houses on my street were over £100k less than I bought for.

I could never have afforded my house if I bought it today and know how lucky I am.

My ‘B.B. ‘ neighbour turned ashen when I told her how much care home fees might be for my elderly ( non home owning) Dad. ‘ it should be free’ she spluttered. ‘His paid in’ a few colleagues said their parents have set up ‘trust funds’ / but it’s all different now! They will be ok no doubt.

Well i did have an ininheritance but i stopped getting benefits so had to live off it.
I also went to several mortgage advisors who quoted me 850 pcm repayments with my small savings.

Lets not forget that you cant get a mortgage without a permanent job. I gavnt found a permanent job yet.

Plus my dad wax 'looking after' my inheritance.

My dad is not awful but he does like to take the moral high ground.

I dont see any gain from staying in work that makes you ill to get a mortgage.

I managed to buy but only with my boyfriends wages as well, no way could I have bought a place on my own. We couldn't afford to buy furniture so slept on a blow up mattress and sat on plastic garden chairs. There wasn't any central heating either. Also couldn't afford sky or broadband, used internet at work and went without at home as couldn't afford a computer. Only had a tiny tv and that was the extent of our gadgets! But we got a house although was very poor for a while, had to watch the food budget and hardly went out. I know it's hard but if you are lucky enough to earn a reasonable wage and buy with friends in a house share in a property that needs work it could be possible still I think. Agree houses are extortionally priced though.

Why are you so desperate to buy then? If it's overpriced and will not appreciate in value then why do you want to buy.

So that you can paint the walls, put up a picture, change the bathroom or kitchen.

So that eventually you will own it outright and not have pay rent until the day you die.

So you will have something to pass onto your children eventually.

So you have security as you know you won’t get a phone call one day saying ‘I’ve decided to sell here is your notice’.

So it is up to you how quickly the broken heating, dripping tap is fixed.

Well said SimonBridges

I also felt that there was very little advice available to me. I went to see several independant mortgage advisors but i didnt feel that many options were available to me...perhaps as a woman trying to buy on a low income i wasnt taken seriously.

Oliversmumsarmy inflation calculator says that £4,000 in 1975 is equivalent to £39,696.42 today. Nowhere near the huge £150,000 you mention.

You also want to buy so that you don't have to move your children to new schools and away from their friends on the whim of a landlord. It just happened to my sister.

Maybe the millennials should refuse to accept the inheritances coming their way when these terrible boomers die off, to show their disapproval...

No, I thought not.

Well that only really applies to only children of boomers who didn't produce grandchildren and whose B B parents have a frugle retirement

The rest of us are not going to inherit anywhere near the unearned equity value that BBs got NOT through hard work & repayments, just Through luck! that's more bad maths!

Besides my DP have told us that as we're "not great with money" its all going to be locked away for DCs and their cousins (so split 6 ways) when theyre 18 so personally I CANT refuse it on their behalf anyway

We are actually good with money, much better than them! They are constantly getting ripped off (think time shares etc). Their justification for claiming we are bad with money is the fact that they think we would have been able to significantly upgraded our home (which we own) by now if we weren't spending too much else where (They cannot specify what they think we spend too much on) yet when they visit they bitterly complain about our frugle living (we should get new towels, ours are old and scratchy, why don't we buy a matching plate set, why don't we have a dishwasher, it's very inconvenient that we only have a small car so can't fit the whole family PLUS guests ers ers etc)

DSis is the same, apparently her DH must be work shy it he would have been made manager by now (that's not how his industry works) so it's all their fault that they don't have a comfy spare room for DO a to stay in....apparently.....so they're not going to inherit either

I’m not a BB, but also am not sure that the current generation have it any harder. Yes, the economics have changed so that multiples are different, but I just don’t really see that much difference – I do think that the current generation want it all now, and then complain.

A flat in Newbury costs less than £700 per month to rent. Generally, though people share houses. But let’s consider a new couple as that’s what’s being discussed. In a town like Newbury the jobs are graduate jobs, and so each person will be earning minimum £25,000 – generally more. So monthly net income will be £3,200 after student loans.

Bills for CT and fuel and other things would be less than £500 and food no more than £400. This leaves £1,600 per month to save.

Now if people choose to have cars than use the bus, have special TV packages, eat out, buy expensive electrical items then clearly this won’t be the case – but by living without any of this, the couple will have saved £38,000 in two years.

A two bedroomed house is £250,000. So, with a £25,000 deposit and the remaining used for furniture and legal fees I’ve just checked and over 400 mortgages are available. Capital repayment is £950 over 25 years – because now mortgages are really, really cheap (unlike for BB’s).

So absolutely no issue whatsoever, the couple after buying the house now have £1,400 a month to enjoy themselves.

Maybe its not so different or difficult after all.

Private care home owners can’t wait for all the hard working B B s to reach their 80s or 90s I bet!