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.

Now young people here are building mansions with ensuite bedrooms and fabulous fitted kitchens before they move in

This is such a crock of shit, I don't even know where to begin. Anyone I know who's bought in or within striking distance of a city has bought in god damn terrible areas. Theyve spent hundreds of thousands on tiny houses in terrible repair, that they can't afford to do up. You wouldn't put a dog in most of these places.

So, given that, can someone explain why Baby Boomers are selfish not to give their houses away to their kids? Don't think they are. Quite a few (conveniently forgotten in such debates) will have helped their DC onto the property market too - and they will be Generation X/Yers.

Boomers were young adults in late 60s-70s rather than 50s, so just coming out of post war austerity. Pre- much of the legislation we take for granted today, eg being able to go back to the same job after maternity leave. Yes, you could buy a house on one person's salary, but standard formula was 3 x man's salary plus half of wife's. Still had to find 5-10% deposit (100% mortgages didn't come in till later). But there was an optimism that things would improve, everyone was expecting people in future to retire earlier, to work shorter hours. There was no reason for the average person to see the dive to the bottom of wages today, or the use of houses as finance rather than homes.

Just for curiosity, I used inflation calculator to compare DC's starting salary with mine, and the cost of first house compared with starting salary - no real difference. But this is in NE - we haven't had the ridiculous house inflation of the SE.

I do see difference in lifestyle - luxuries in my day - taxis, meals out, foreign holidays - are affordable today, and expected part of life. But my basics - eg fridge, electricity, water from tap not well - were luxuries that my mother didn't have until adulthood.

Baby boomers being able to afford their own houses in their youth, and then assuming it’s just as easy for young people today and blaming them for not doing it = a problem.

OK. But you really have missed the heart of my posts! Baby Boomers are not the cause, not the enemy, not the problem. Focussing on them as such is an apparently successful distraction tactic!

The geographical discrepancy is huge, but obviously all caught up in jobs. My industry pretty much doesn't exist outside of London. I can think of maybe 10 jobs in my field in Manchester and 4/5 in Leeds and that's really it.

That's nothing to do with baby boomers obviously. We should be more angry with successive governments allowing London property to become an investment free for all for the super rich as its impacted all of the south east, where all the jobs are.

Curious- I think we are crossing wires. I DON’T think you should give your home to your kids at all.
You have a choice in the current economic climate. You can spend the equity how you like- cruises, holidays, cars etc. Alternatively you can spend it on good quality elderly care if and when you need it. If you do the former, then beware, the state has no money to fund good quality nursing or residential care and personally I don’t want to end up in a state-funded (the bare bones basic) old peoples’ home when I’m elderly.

It was the legacy of Thatcher that screwed the Millennials

It will take a lot of work to undo this damage.

We can do it though.

Thatcher screwed a lot of people. I see whole communities still suffering the after effects.

Sorry Forty I really didn't get that from your previous post. I think I read it too defensively

I was going to say I don't know anyone who spends their equity on cruises etc, but then remembered PosionousSIL and BIL, Gen Joneses, who have done that the whole of their lives. Now their marriage is breaking up they may be experiencing doubts about their choices. But I am sure they still have the memories!

We own our own home. Bought in our 50s. We rented for the whole of our adult lives, lived in rented throughout our childhoods. my parents, Boomers, bought a small house once DSis and I moved out. Now they don't own anything, live off their state pension. As do all of their friends and family. So I know that not all Boomers live the lives OP and others seem to believe they do.

Maybe, as others have said, it's a geographical thing! Something MN is often guilty of!

I had this conversation with my mother recently. She had her own flat in north London in her 20s as a single mother on a health visitor salary. She cannot see that this is not possible today.

It is like acknowledging any good fortune she has had through her generation negates the hard times she has genuinely been through. I admire her for the tenacity she's shown in these hard times, but it doesn't change the fact that at her age I will still be working full time and likely still have a mortgage to pay. I am able to appreciate the benefits of living in today's world with modern attitudes and opportunities - why can't she?

no worries curious.
Smelly nursing home it is for the in-laws then!

How many families actually owned there homes in 1979? And how many families owned there homes by 1999?
There has been an obsession with owning your own home rather than renting social housing

How many social houses were available to rent in 1979 and how many social houses are available now

Baby boomers didn’t have an obsession with home ownership before the 1980

Social housing was plentiful, which it isn’t now

Blame the boomers that voted for a Tory party that wanted to sell of the social housing

Why have millennials turned against babyboomers and made them the focus for hate and envy?

Everybody starts out trying to do their best in the circumstances. That's what babyboomers did in the past. It's what millennials want to do now. What's the difference?

“I grew up in an area where house prices have quadrupled since 2000”

Not round here they haven’t.

“The point is that if they worked just as hard today, and made the same sacrifices, it wouldn't be anywhere near enough.”

There are many factors at play here. In the main I agree that first time buyers are being outpriced and the proportion of mortgage/rent to income is much higher. It also depends on where you live.

However, I think people have higher expectations these days. Most of the furniture in our first house (a small terrace house in the north of England) was second hand. The only new things were the bed and the suite. We rented a black and white TV, went to the launderette, had no central heating and paid for our gas by putting 50p pieces in the meter.

When we got married our big wedding presents were a fridge freezer from my parents and a cooker from OH’s parents. Other presents were things like bedding towels, a dinner service, toaster etc. We really did start off with nothing. Not many people started families before getting married or before buying a house (if buying a house was the plan). Basically, buying a house took priority over everything else.

I agree that it is a shit situation for many people.

So do any of the younger people on this thread actually acknowledge the accounts of the boomers who lived frugally in a way that many young people now wouldn’t want to? I’m another who rented a couple of rooms in my twenties when first married. Shared bathroom, no heating, very basic. A luxury I remember was buying a carton of fresh orange juice! But we did make do with stuff and go without so we could save. I don’t remember it being easy at all.

How many families actually owned there homes in 1979? And how many families owned there homes by 1999?

Still more than today AFAIK.

I wish there was more social housing around today and much much less private renting. There are a lot of houses and flats bought under right to buy that are now in the private rental market - the people living there still don’t own them, but now they have more expensive rent and less secure tenancies.

My house (bought in my 30s, after many years renting) is ex-council and it’s great. 1950s, decent size, solidly built, good garden. Built for families. My grandfather lived in a house like this for 60 years!

Ivyksty44. I agree. The Tories swept to power in 1979 due to people voting to change the house buying rules for council tenants. This legacy has now come home to roost. ( although my brothers did buy a property before this date , but with help and saving up as prices were low in poorer areas which are now out of most peoples reach)
My two will never own a home in Essex and one is saving hard and does earn living wage. Its very grim.

Oh speak easy. I did that in my 20s because that’s all I could afford I couldn’t save on top! That’s what young people now are having to do too!

Of course my children will tell me I had to easier. I did. I won’t patronise them with arguing that I had it harder and it would all be easy for them if they’d just give up their I phones

www.independent.co.uk/news/uk/politics/council-housing-uk-lowest-level-records-began-a8059371.html

69% if council/social housing list since 1979

Which I think equates from 6.5 million homes as council

To just 2 million now

With a growing population that’s leaving lots of people needing to rent privately instead and many opportunities for private landlords to make money

In 1865 we only had private rentals and by 2086 it could well be the same

53 where’s the rentals in that graph... am I being stupid but can’t see rental but?

"I wish there was more social housing around today and much much less private renting"

I agree. The Tories created this problem.

As a boomer I agree that it certainly wasn't easy. We were maybe able to buy a flat but ours had no heating, we had no furniture and no mod cons. We had a second hand twin tub washing machine and a black and white portable tv and two camping chairs. We then saved like mad for everything we needed.