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.

My two will never own a home in Essex and one is saving hard and does earn living wage. Its very grim.

Are you telling us that it's grim down south. That's a turnaround. arf

"It would have been unthinkable for my generation to spend (say) 30k on a wedding, but that seems very much the norm now. Thats a deposit!"

True.

Yes you can I suppose get some figures from graph

It shows the next block are buying house ten years later

do any of the younger people on this thread actually acknowledge the accounts of the boomers who lived frugally

Happy to acknowledge them. I just don't see why you think it's any different now. Of course nobody 'wants' to make sacrifices, but they do it because they have to.

When we were saving for our first deposit I was particularly grateful to Sainsbury's selling 9p packs of pasta. We pretty much lived on those for months.

I think it's still very possible but it's all about priorities.

If people really want to get on the housing ladder they will work damn hard and make sensible choices.

What so many do though is blow thousands on a wedding, have children, a SAHP or one that jus works a few hours a week and then moan they can't afford a house. Life is full of choices, some are prepared to work hard for what they want whist others think it should be handed to them on a plate for no effort.

My parents lived in pretty basic rented accommodation for five years after getting married (with DC). Only got on the property ladder (although a professional family) because of a small legacy DF got from a rich family friend who'd died. We didn't go on foreign holidays, only ever had one car and you would never have said we were wealthy or even comfortably off (we all went to state schools and didn't do many of the extra-curricular activities that most MC families take for granted these days). DF invested most of salary in the family home and now are property millionaires even in retirement. It is only since retirement/paying off their mortgage that they've become comfortably off really - and still they are frugal and lead very modest lives. And no, we haven't had a helping hand getting onto the property ladder either.

Like a PP said I'm 44 《gen X》 and feel we had it easier than millenials - no deposit on my first flat and a full uni grant.

My parents left school at 15 and couldnt go to uni.

I'm fairly average I think (joint salary 50k). I did make lots of sacrifices for my first home when i was single but appreciate my luck.

What has stuck with me though is that I have inherited some of my parents thrifiness and make do and mend type philosophy . Didnt have a huge amount of luxuries growing up - a week a year in cornwall no heating mom working three jobs....but I haf fond memories.

we dont have big SKY pacages, phones cost £10 a month handsets obtained from computer exchange trade ins etc. but I'm also mindful that so many do this yet cant get by.

But it's always directed at Boomers when I think Gen X did alright too.

In 1972 my cousin married and it cost £1000
I married in 1990 and the cost was £8000
Now you say in 2018 it would be £30000

In 1972 a two up two down with bathroom cost approximately £3000

In 1992 the same house cost £40000

Today the same house cost £250000

Which wedding as a percentage of the house cost is biggest?

I don't think all boomers are so clueless but I have to say it's tiring to listen to them explain how they afforded their first home because they 'didn't buy music records' or 'didn't have laptops / smart phones '. Or some other nonsense. The point about higher interest rates is not helpful either. Not when it's so difficult to even save for a deposit or find affordable houses within commutable distance from jobs.

I wish there was more social housing around today

Such a simple solution.

Why the hell won't they do it?

I'm a baby boomer..... now let's see...... had my first house repossessed in the nineties and was sold at a massive loss meaning l was pursued for years for a huge debt. Had to stay in B&Bs courtesy of local council before finally getting a council house in a really rough area. Worked a full time day and night shift job simultaneously for months at one point through the poll tax awful period that was. Eventually got offered a decent voluntary redundancy package from my employer and took it to relocate back up north to cheaper living etc and after working very hard for years in my forties managed get another mortgage. House prices dropped again a nd l got divorced and ended up with a few grand. Through gout almost my working life had been told l would get my state pension at 60. I will now get it at 66 having missed the cut off by less than a year. I also drive but would have got a bus pass which l would've used despite driving, at 60 but now will be 66.
Oh and my mum and dad's council house they could buy very cheaply mores than 60k of the 120k sale price of that wen t on my mums care fees after dad died and after funerals debts etc my siblings and l got a few grand each.
Oh and my adult kids and sks are still in one case dependant on us and lived with us up to nearly 30 as they can't get on property ladder (l remarried)
Gosh how easy have l had it.

Huge numbers of so called baby boomers who never stood a chance at home ownership, never talked about.
I suspect large numbers of so called Millennials who don't get the over entitled attitudes of their peers. Also never rarely about.

I listen to people of all ages looking for someone to blame, or sneer at, over who does and doesn't have what, and notice it's rarely those of any age who genuinely have less, doing it.

It’s also not worth making the point that baby boomers would’ve been all over iPhones if they were actually available then they’re not some frugal sensible generation, they simply didn’t have the choices children now do. Of course if they had, it would’ve been different

I think I was very lucky but it was still a struggle.

I lived in grotty house shares in my late teens abs early twenties. My salary (late 90's) was 9k and I had, and took, the opportunity to work extra shifts so I could save a little.

Brought my first house - 2 up 2 down in rough area of a big city. 2 bed so I could rent a room to a friend.

I didn't have a mobile phone of my own until 2006 and no smart phone until 2010, in my late thirties. Holidays were camping, no car, ate lots of lentils / cheap food/ went out rarely

But I am very lucky / I moved to a cheaper area/ bigger house and then downsized. And my earning capacity has increased. So I now have a family home in a nice town with a minimal mortgage and finally some disposable income. Paying massively into a pension now so I can hopefully retire at 65 not 70. However still work very long hours running my own business.

My kids are still young but I have thoughts about downsizing to free up some deposits for them at the right time.

I do feel for the millennials today. However, I was also lucky and Loads of my generation were unable to buy and are now facing increasing rents/ stagnant wages and working forever as their future.

BiologyMatters vote out the Tory government, ideally. But they won't.

I am sick and I am tired of hearing this.

What did the Labour government do to address the housing crisis? In fact they caused it.

Why didn't they build lots of new social housing? Why didn't they ban right to buy?

Under Labour house prices rocketed, buy to boomed and the benefits bill went crazy paying blood curdling sums to private land lords in rent.

Tony socialist Blair is now a multi millionaire and multiple home owner.

Sure the Tories are shit but how quickly people forget the housing crisis was caused or perpetuated by Labour .

• buy to let boomed

My flat is about the same size as that £50k one is , however mine cost us £625,000 .... I didn’t even know properties were for sale for that cheap unless they had bloody holes in the walls!

Yawn, this has been done to death so many times and I dont think either side are wrong or right.
If you want to buy a property nowadays, get out of London and the South, spend less money on non essentials, including coffees and cheap travel, save, then buy. Its not rocket science.

If people choose to stay in London without earning the gazillions required to purchase or dont have either a trust fund or a wealthy mum and dad then its a choice as a grown up you are making. Most people are surely aware that you have to cut your cloth accordingly.

Even when house prices in our illustrious capital were £2.50 for a 20 roomed mansion there were still many people who couldnt afford this - its basic economics. Some people have more money some have less.
Instead of whinging about how easy one generation had over the other why not try and lobby government or get your voice heard and demand more houses at cheaper prices.

Whichever side you stand on I do believe that the current house buying generation really dont understand the idea of scrimping and saving, not necessarily their fault, it is the world they grew up in.

I read recently that young people are now not classed as an adult until they are 24, this surely says so much about where are society is going.

Happy to acknowledge them. I just don't see why you think it's any different now. Of course nobody 'wants' to make sacrifices, but they do it because they have to.

But lots don't. They get new furniture on credit. They get new cars on credit. They still go on holiday (and I don't mean camping).
We didn't. Hand-me-downs and camping if you were lucky. My wedding didn't cost the equivalent of £20,000.

I know this isn't everyone. But there are many that live well above their means and could save more if they didn't do the above.

And if you think the Baby Boomers are unsympathetic - we didn't have the Bank of Mum and Dad in my younger days.

our society not are!

What area are you talking about ivykaty44?

The average price in our nearest town for a terraced house in October 2017 was £81,696, a semi was £113,459, and a detached £230,883. The average wage is approximately £21,000. You can't compare this to London or the south east.

Bahhhhhumbug that's a rough ride you've had . I don't think any generation has had it easier than any other - circumstances have been different that's all.

And I'd love to meet some of these Baby Boomers pissing every one off - I've never heard this attitude from any that I know (many). My parents would be the first to admit that they were lucky in some ways BUT DF worked incredibly, incredibly hard when we were growing up (7am-8pm days in an era when that wasn't normal even by London standards) and they deserve a comfortable retirement.

Yes, I'm another one with a frugal attitude inherited from my parents. DH and I have four year old smartphones on PAYG - the children just can't understand that we're happy with what we've got until they break.

And we still try to live relatively simple lives within our means. Oh and don't have a car because we are quite happy using pubilc transport or even walking!

It’s the baby boomers doing buy to let and replacing social renting - that are making prices rise so they can fund their early retirement

They soon complain when UC comes in and doesn’t pay out for 2-3 months, as many people are going to be claiming UC for the housing element if earning under £20k which isn’t much under national average.

The wedding cost comparison is disingenuous because people didn't expect the 'big do' type wedding that people have these days. And many people still don't have £30K weddings (we got married on a £2K budget!)

spend less money on non essentials, including coffees

I never understood this one. Just supposing you bought a £2 coffee on work days, Monday to Friday then that is £10 a week or over 52 weeks in a year £520.

What fucking good is £520 a year towards the estimated £70,000 you need for a deposit in London .

The whole stop buying coffee and move out of london brigade is ridiculous.

Some people have to work in London. Then if you move miles out you have a 2 hour commute one way and have to pay thousands in trian fares.