The economy has shafted millennials: now it wants their offspring too

[CarryOnNurse20]

AIBU to ask your opinion on this article?

www.theguardian.com/commentisfree/2021/sep/23/economy-millennials-children-low-birthrate?CMP=fb_cif&fbclid=IwAR1C57OgCdGCGhSr5uVLI5tRVeMCq-eNtyyxEuUiYOjYgSn5P2w3yMHQeTM

As a dreaded millennial and a mother I find it very sad and very true for a lot of people I know.

Every generation has had the same problems since the seventies. We rented when we got married in the seventies. We had no car, no phone, and had second hand furniture despite being in well paid jobs. We were told then not to have too many children because in the future the population explosion will cause mass starvation and basically the world will come to an end. We were very happy. As far as I can see today people are much better off to start with and we are still being told about not having children and how we are destroying the planet. In my opinion you should have children, save up and buy a house if that's what you want although do realise that nothing is ever easy and if you really want something you have to work really hard to get it.

I thought rising house prices were also a reflection of household income doubling - basic supply and demand. If so, gender equality is as much a reason as anything caused by the boomers.

One of the major issues affecting the cost of housing is hoarding of housing by the older generations. Older people, and not just the very elderly, continue to live in big family homes decades after their kids have flown the nest. It stops the traffic up and down the property ladder and is a major bottle neck of property availability.

Until British people will let go of the notion that they need to hold on to houses for as long as possible to hand something down, and until younger people let go of the notion that they deserve to inherit, like it’s a right and not a privilege, nothing will change. Even the recent NI tax rise plays to this notion but the fact is that if you have an asset and need to pay for something e.g. care home fees, that asset should be used to pay for that. Alternatively, people could down size sooner, release equity and gift money earlier to their heirs.

@Stevie77

One of the major issues affecting the cost of housing is hoarding of housing by the older generations. Older people, and not just the very elderly, continue to live in big family homes decades after their kids have flown the nest. It stops the traffic up and down the property ladder and is a major bottle neck of property availability.

Until British people will let go of the notion that they need to hold on to houses for as long as possible to hand something down, and until younger people let go of the notion that they deserve to inherit, like it’s a right and not a privilege, nothing will change. Even the recent NI tax rise plays to this notion but the fact is that if you have an asset and need to pay for something e.g. care home fees, that asset should be used to pay for that. Alternatively, people could down size sooner, release equity and gift money earlier to their heirs.

Tbh, I can understand why people don't want to move back into a semi or similar with all the associated noise etc once they've spent decades working hard to buy a bigger house. That and that fact that they've for decades worth of memories. I also understand people's frustrations, but recent generations have defo become a bit entitled in their demands of what other people should do for them. Nobody is obliged to share their wealth or move houses to help you out.

We like our spacious family home and have been happy here for 24 years. Now that we are planning for retirement and a move is part of that to be closer to family and friends, I've spent hours on Rightmove combing several counties for property that might suit us that we would like to live in. And frankly, there is damned little out there that appeals, and what there is will cost nearly as much as the house we're selling by the time we've paid stamp duty and done any work necessary. "Retirement" properties all seem to have teeny rooms and cottages have low ceilings, tiny rooms and smaller windows (DH is 6'5") so while there's not much on the market, we shall stay put.

@Stevie77

One of the major issues affecting the cost of housing is hoarding of housing by the older generations. Older people, and not just the very elderly, continue to live in big family homes decades after their kids have flown the nest. It stops the traffic up and down the property ladder and is a major bottle neck of property availability.

Until British people will let go of the notion that they need to hold on to houses for as long as possible to hand something down, and until younger people let go of the notion that they deserve to inherit, like it’s a right and not a privilege, nothing will change. Even the recent NI tax rise plays to this notion but the fact is that if you have an asset and need to pay for something e.g. care home fees, that asset should be used to pay for that. Alternatively, people could down size sooner, release equity and gift money earlier to their heirs.

That's ridiculous, people aren't hoarding their houses, they're just living out their years in a home they've bought and why shouldn't they??

That's ridiculous, people aren't hoarding their houses, they're just living out their years in a home they've bought and why shouldn't they??

How big a house are we allowed to have in retirement do you think? My parents build a 3 bed house with a study and 3 reception rooms (sitting room, dining room and sun room) as their retirement home, it is half the size of the old sprawling farmhouse we grew up in. But their retirement home is still larger than the average house.

I'm 34 and DH is 35. We bought a 2 bed 2 bath garden flat for 1.25m our next door neighbour bought his identical flat in 1989 for 80k. That's a pretty hefty price rise that's far outstripped wage growth and inflation.

I'm also baffled by this whole "millennials don't buy second hand furniture" thing. In my first flat, all my furniture was hand me downs or bought off FB marketplace. Half my furniture in my overpriced flat is second hand - we only got a new sofa because we don't have a car so couldn't go and pick up a second hand one.

Stevie77
"One of the major issues affecting the cost of housing is hoarding of housing by the older generations. Older people, and not just the very elderly, continue to live in big family homes decades after their kids have flown the nest. It stops the traffic up and down the property ladder and is a major bottle neck of property availability.

Until British people will let go of the notion that they need to hold on to houses for as long as possible to hand something down, and until younger people let go of the notion that they deserve to inherit, like it’s a right and not a privilege, nothing will change. Even the recent NI tax rise plays to this notion but the fact is that if you have an asset and need to pay for something e.g. care home fees, that asset should be used to pay for that. Alternatively, people could down size sooner, release equity and gift money earlier to their heirs."

For those who would like to downsize where are they supposed to go? Many areas do not have enough one bedroom homes (I remember this issue from the bedroom tax debacle). One bedroom homes that do exist tend to be flats, many with no parking, no lift access etc which is surely not appealing to those planning their later years.

I think we need to build more houses that are suitable for the ageing population eg a 1/2 bed with off street parking & garden. My mum wants to downsize but anything small is a flat.

And we do have a situation where the bigger family homes often have an older, single person in & then you have a family in a flat. Of course people should be allowed to stay but house prices shouldn't be so prohibitive that people can't move up the ladder or decide they won't have dc.

Until British people will let go of the notion that they need to hold on to houses for as long as possible to hand something down, and until younger people let go of the notion that they deserve to inherit, like it’s a right and not a privilege, nothing will change. Even the recent NI tax rise plays to this notion but the fact is that if you have an asset and need to pay for something e.g. care home fees, that asset should be used to pay for that.

That notion is not going away as it's now a given that younger people should be helped onto the ladder by family instead of a market readjustment. It's why you have all those family backed mortgage schemes & why as pp NI has increased. Basically the best way of a person getting on the ladder is whether their parents can help them.
I also think the gov were aware that home ownership is shrinking & more people will be in rented homes when they are pensioners. So they won't actually have the asset to fund care hence NI hikes.

@wellards

And we do have a situation where the bigger family homes often have an older, single person in & then you have a family in a flat. Of course people should be allowed to stay but house prices shouldn't be so prohibitive that people can't move up the ladder or decide they won't have dc.

I live in a small village (about 1000) i can think of several single older people living in large houses. If they wanted to downsize but stay in the village they couldnt because there is only about 2 bungalows.

yes hence why my previous point said we need to build different style housing.

@downthespidersweb

It's a good point. I'm 58. When ds goes to uni, I will retire and want to downsize. We currently have a 4 bed house (one spare bed and an office) and I won't need that much space.

I've looked for two bed homes and can choose between Victorian two up, two downs, but finding one that hasn't been extended is difficult, or two bed retirement flats. No chance, I'd rather stay where I am.

Neighbourhood plans need to require a mix of housing. The govt must turn down developers who build 'executive homes'. Where are the homes for people who aren't executives?

I think there is a problem about budget housing wether that's retirement or homes for first time buyers.

All of the 2 beds here are very tight on living space. For us we want enough room for a dining room table somewhere in our house, and space is incredibly limited.

I dread to think if you needed to have space for aids etc, if you needed clear space to walk through etc

We are looking for a 3 bed, but don't really need the 3rd room. We just find all of the 2 beds here are incredibly cramped. We currently live in a 2 bed, and the living space is snug. In order to have a table (even though its up against a wall) we can only have a 2 seater sofa and one visitor chair. What we would like from our future home is simply the ability to have guests round and seat them. Currently our second room is pretty essential because the house has zero cupboards built in and the hall isn't wide enough for storing the hoover in, there's no space for an ironing board, clothes horse (no outside space to dry or space for a drier) to be stored for instance, . We use it essentially as a dumping room. If new builds were planned better and had suitable storage like an airing cupboard, wider halls etc we probably wouldn't need the second room

I realise that sounds ungrateful/ snobby but my point is housing stock doesn't encourage people to smaller properties

I dont believe my 2 bed, or the hundred of other identical ones on just my estate is made for family life or even to a certain extent permanent living. The new 2 beds being built by the big builders have somewhat similar issues, houses where there is no space for a dining table and zero storage. The lack of storage means should you actually use the second bedroom shock horror as a bedroom you wouldn't be able to store things like hoovers or even stupid stuff like coats and gift wrap.

The last new build 3 bed we saw (around 300k). The master bedroom had an en-suite but with a double bed in it, wouldn't be able to have a waldrobe that opened. The second bedroom was the same. The third was a single. They suggested we used the third room as a "dressing room".

The two beds were the same

The Bank of England has an inflation calculator on its website.
I put in what I paid for my flat and the year I paid it and it calculated what that amount would be in 2020 - £285,000. Actual value is more like £700,000.

Our house is too big for us but it’s perfectly located for us as we age. We could easily continue to live here without a car if we became unable to drive. We want to stay where we are but would happily down size. We want a bungalow ideally with two beds, two receptions and a garden. Essentially we want a unicorn so we’ll continue to rattle around here.

Interesting isn't it. I have two older sisters. One had retired with her husband, to a 3 bed detached house in a less costly area and the other has stayed in her 4 bed family house despite being widowed.

Both started out looking for two bed bungalows with dining rooms, and small gardens and couldn't find any.

@Stevie77

One of the major issues affecting the cost of housing is hoarding of housing by the older generations. Older people, and not just the very elderly, continue to live in big family homes decades after their kids have flown the nest. It stops the traffic up and down the property ladder and is a major bottle neck of property availability.

Until British people will let go of the notion that they need to hold on to houses for as long as possible to hand something down, and until younger people let go of the notion that they deserve to inherit, like it’s a right and not a privilege, nothing will change. Even the recent NI tax rise plays to this notion but the fact is that if you have an asset and need to pay for something e.g. care home fees, that asset should be used to pay for that. Alternatively, people could down size sooner, release equity and gift money earlier to their heirs.

I disagree.Mostly it’s the first and second rung homes being bought up as investment properties. It’s caused a shortage of homes to buy at the bottom end and pushed up prices generally.

@containsnuts

Stevie77 "One of the major issues affecting the cost of housing is hoarding of housing by the older generations. Older people, and not just the very elderly, continue to live in big family homes decades after their kids have flown the nest. It stops the traffic up and down the property ladder and is a major bottle neck of property availability.

Until British people will let go of the notion that they need to hold on to houses for as long as possible to hand something down, and until younger people let go of the notion that they deserve to inherit, like it’s a right and not a privilege, nothing will change. Even the recent NI tax rise plays to this notion but the fact is that if you have an asset and need to pay for something e.g. care home fees, that asset should be used to pay for that. Alternatively, people could down size sooner, release equity and gift money earlier to their heirs."

For those who would like to downsize where are they supposed to go? Many areas do not have enough one bedroom homes (I remember this issue from the bedroom tax debacle). One bedroom homes that do exist tend to be flats, many with no parking, no lift access etc which is surely not appealing to those planning their later years.

People have ALWAYS held on to houses, It’s not new. Moving a massive expense, a pain to organise and involves a lot of decision making. You moved when one of you went into a home or died.

Several years ago, Grand Designs reviewed several projects and the eventual winner was the retirement home that Sir Evelyn de Rothschild and his wife had built for themselves. Clearly their budget was considerably higher than ours, but I remember thinking at the time that it was extremely well thought through for all the likely issues associated with ageing.

We'd like two generous-sized bedrooms and bathrooms, plus a large kitchen-dining room and a large sitting room. DH likes the idea of a conservatory. One floor of our current house would do nicely. Apparently we are hunting for a unicorn!

[quote Oldandcobwebbed]@Pixxie7
Second hand isn't always better though. I'm in a deprived area and our local Facebook market places aren't any cheaper then argos furniture etc due to the high demand for second hand

My parents that live in a wealthy area, there are some bargains to be had, but not unless I drive out of area (and incurr petrol costs) in general buying second hand doesn't save much here[/quote]
That's really interesting because here, you struggle to get anybody wanting to buy things second hand. I don't understand it.

I'm a millennial

More of my peers than I expected are choosing to remain childless. There's a sort of endemic selfishness I see in many people.... lots of not wanting to make any lifestyle sacrifices. In my twenties everyone rented in cool flats in trendy areas, took ages to buy because they wanted 2 beds in Brixton not a dump wherever they could afford. Then they dont want to stop travelling or living somewhere fun in order to accommodate kids.