I left school in 1981. I remember just before doing my A'Levels, going to the schools career officer who told me she had no idea what I was expecting from her, as she didn't even know if she was going to have a job for much longer. There were riots, strikes, unemployment getting on for four million [in a much smaller population]. Vandalism, racial tension and youth violence was rife.
Yes, my generation had an easier time getting mortgages. I can remember banks around '84 - 86 positively falling over themselves to lend. I took advantage and bought my first, tiny flat in West London in '87, 3 years after leaving university. It was a terrible struggle. I had no furniture besides a couple of wooden crates for chairs [There were no stores at that time offering cheap self build furniture] and I had to take in a lodger who took over my microscopic living room.
Interest rates reached 18% at the end of 1989 which finally tipped the balance. Fixed rate mortgages, generally, were not available then. My overdraft was going up by about a quarter of my salary every month. I struggled on despite this, but I lost the flat eventually and ended up homeless pretty much, with colossal debts. This was not an uncommon thing in those days. The '80s property boom went on to collapse spectacularly, putting millions of people in negative equity and many, lost their homes. There's nothing young people of today need envy about that. At around 1989, during the time of the 'Warehouse party', many of my friends had 'foreclosure raves'. The banks were slinging them out so they'd have a huge party on the weekend before they had to leave, get a sound system in, and they'd leave the place wrecked. Often spraying very rude things about their respective bank / building societies, on the walls as well. I remember one bloke I knew, pooed on his living room floor and stuck his repayments book in it....It was quite a desperate time.
There's no question that today's young people [25yo's] have a harder time than mine did ,saving for a deposit and getting a mortgage, but if they can get over that hurdle they'll find the mortgage repayments much cheaper than my generation did. Today, it is possible to obtain a two year fixed-rate mortgage at 1.5%, reverting to a variable rate of 4% after two years.
Young people today have technology that my generation couldn't have even imagined, Very cheap air travel, far more jobs, a minimum wage. Life spans are going up. Between 1960 & 2010 a man’s average life expectancy increased by 10 years; a woman’s by 8. Cancer survival rates have improved dramatically, HIV is no longer a death sentence. In Matt Ridley book "The Rational Optimist", he writes, ‘that the average British working man in '57, when Harold Macmillan told him he had “never had it so good”, was earning less in real terms than his modern equivalent could now get in state benefit if unemployed with 3 children.
The challenges young people have today are different ones to the ones previous generations faced. No worse, no better, just different.