To wonder where the money is coming from to buy houses?

[00100001]

So, if houses used to be (say) 4-5x average annual salary back in the olden days of the boomers.

And now house prices are 10 X average salary... Bit they're still being bought, and people want to buy...

Where is this money coming from?

Are boomer parents artificially inflating house prices by giving huge sums of money by releasing equity etc?

Who is buying the expensive houses??

Why do we still have a gender pay gap @Iamthewombat? In 2022 - more than half a century after the Equal Pay Bill?

we also need a mass social housing build. Not only the morally right thing to do, but also cheaper in the long run for taxpayers. The public health housing and homelessness emergency costs the taxpayer many many billions in direct and indirect consequences

Totally agree. It's shameful that successive governments have allowed social housing stock to be depleted as it has.

lenders will only offer something like 50% LTV on a mortgage

Lenders will offer a fair bit more than that. I've recently looked at remortgaging, and there were deals at 80% and 85% LTV listed. Obviously you get a better interest rate with lower LTV though.

So you knew a bunch of people of your own age, when you were young, who couldn’t speak English. Why are you attempting to argue that this particular group represents and typifies everyone born between 1945 and 1965

Because when people talk about the Baby Boom generation it is as a whole. No exceptions. I was trying to point out that living through it for a lot of people in that generation there wasn’t the choice or opportunity that people think we “all” had
Things might have been available but discrimination was rife so if you didn’t look a certain way then doors were closed to you.

@Blossomtoes

Why do we still have a gender pay gap *@Iamthewombat*? In 2022 - more than half a century after the Equal Pay Bill?

Do keep up. I didn’t say that there was no gender pay gap now.

I said that for anybody to claim that ALL women born between 1945 and 1965 were routinely paid less than a man doing exactly the same job is ridiculous. Because it is.

@Kennykenkencat

So you knew a bunch of people of your own age, when you were young, who couldn’t speak English. Why are you attempting to argue that this particular group represents and typifies everyone born between 1945 and 1965

Because when people talk about the Baby Boom generation it is as a whole. No exceptions. I was trying to point out that living through it for a lot of people in that generation there wasn’t the choice or opportunity that people think we “all” had
Things might have been available but discrimination was rife so if you didn’t look a certain way then doors were closed to you.

Eh? Are you seriously suggesting that ‘people’ think that anyone born between 1945 and 1965 shared exactly the same characteristics and were homogenous?

Of course not. Don’t be silly. I don’t know what point you are trying to make. This is a debate about the factors underpinning high house prices. Posters have noted, correctly, that houses were relatively more affordable in the past. Why are you personally insulted by this?

I haven’t seen any “OK boomer” type posts on this thread. Maybe you have seen them elsewhere and are over-sensitive? Anyway, if there I has to be inter-generational resentment, better for it to be focused on generation X, of which I am a member. We were extremely lucky. At least most of us can admit it!

I think my teacher mother who taught in the 1940s and 50s said some teachers have to leave work originally once they were even just married !! and then in her day when they got pregnant. It is one reason my parents put off babies for TEN years to have 2 full time professional salaries and buy a house before I came.

Anyway every generation can only deal with the hand dealt to them at the time. Hardly anyone ever owned in my family if you go back a bit and seemed to live happy lives in rented places. However those who do want to buy it is certainliy hard at present to raise a deposit even on the house my father grew up in which costs about £120,000 in 2022 in Bishop Auckland which is a bit like this one www.rightmove.co.uk/house-prices/detailMatching.html?prop=63960561&sale=13367566&country=england or my mother's rented childhood home in Sunderland which costs about £50k today. We also have relatives in places like Halifax where house prices are not that steep in 2022 either.

There are some 95% mortgages under certain schemes in 2022 eg www.santander.co.uk/about-santander/media-centre/press-releases/santander-launches-95-ltv-mortgages-as-part-of so if you were trying to raise 5% of a £100k property in the North that is £5000 and in a couple that is £2500 each - not impossible to save that. Whereas down South here one of my sons bought a small house in the SE for £350k last year - so much more expensive than NE England. 5% of that is £17500 and divided between 2 in a couple would be £8750 (a harder amount to save).

I said that for anybody to claim that ALL women born between 1945 and 1965 were routinely paid less than a man doing exactly the same job is ridiculous. Because it is

Actually it isn’t. Perhaps if you spent a little less time being so tiresomely rude and a little more reflecting on the reality of the job market in the 70s and 80s, you might recognise what pp are saying. Oh, but you can’t because you’re too young to remember it. 🙄

we also need a mass social housing build. Not only the morally right thing to do, but also cheaper in the long run for taxpayers. The public health housing and homelessness emergency costs the taxpayer many many billions in direct and indirect consequences

I think that we do need to rethink the way we do things and not necessarily build more council housing.

I think that we need to focus people who have no disabilities and can work on having a council home for a certain length of time.
Having a sliding scale of how long people think they will need accommodation for to save enough to buy their own place.
Shorter terms = Cheaper rents
Longer term = Still cheaper than private rentals but paying a higher rent but still with a focus on after 10/20 years you need to move out.

I think we need proper lessons in school about finances. What it actually costs for rent, mortgages, food, bills etc.

Getting rid of this obsession with university being the be all and end all. Explore the possibility that plumbing, plastering, trades etc are perfectly good careers to have. Also get rid of the fact in order to go into a trade you have to be academic enough to be able to pass GCSEs in order to qualify.
(Ds’s trade course could put no one through to the 3rd year because they didn’t have the required GCSEs. However you can get your qualification privately which doesn’t help those who can do the trade but can’t pass an academic GCSE and don’t have the money to pay privately)

I would also make small studio flats and other places that are perfectly ok places but just not in the mortgage criteria mortgageable once again.

I know without starting off in a studio flat we would have been in rented for a lot lot longer and maybe never got a foothold. I worked in an office where most had started off/were living or saving up for that first rung.
Saw a studio today that would have been a perfect ftb but it is cash buyers only because of its size.

Yes, but if your mother was teaching in the 1940s and 1950s she wasn’t part of the baby boomer generation, the first of whom wasn’t born until 1945!
Nobody disputes that women were discriminated against in the past. Claiming that all women entering the workforce from the mid-sixties to the early eighties were routinely and, after 1970, illegally, paid less than a man for exactly the same job for their entire career is daft.

@Blossomtoes

I said that for anybody to claim that ALL women born between 1945 and 1965 were routinely paid less than a man doing exactly the same job is ridiculous. Because it is

Actually it isn’t. Perhaps if you spent a little less time being so tiresomely rude and a little more reflecting on the reality of the job market in the 70s and 80s, you might recognise what pp are saying. Oh, but you can’t because you’re too young to remember it. 🙄

Ok. Where is your evidence that ALL baby boomer women were paid less than men for exactly the same jobs in the 1970s and 1980s?

This is where you say, “it’s not a court of law” if Mumsnet is running true to form.

@Iamthewombat

This is where you say, “it’s not a court of law” if Mumsnet is running true to form.

No, it’s where I stop engaging with you. Who needs it?

@Xenia

I think my teacher mother who taught in the 1940s and 50s said some teachers have to leave work originally once they were even just married !! and then in her day when they got pregnant. It is one reason my parents put off babies for TEN years to have 2 full time professional salaries and buy a house before I came.

Anyway every generation can only deal with the hand dealt to them at the time. Hardly anyone ever owned in my family if you go back a bit and seemed to live happy lives in rented places. However those who do want to buy it is certainliy hard at present to raise a deposit even on the house my father grew up in which costs about £120,000 in 2022 in Bishop Auckland which is a bit like this one www.rightmove.co.uk/house-prices/detailMatching.html?prop=63960561&sale=13367566&country=england or my mother's rented childhood home in Sunderland which costs about £50k today. We also have relatives in places like Halifax where house prices are not that steep in 2022 either.

There are some 95% mortgages under certain schemes in 2022 eg www.santander.co.uk/about-santander/media-centre/press-releases/santander-launches-95-ltv-mortgages-as-part-of so if you were trying to raise 5% of a £100k property in the North that is £5000 and in a couple that is £2500 each - not impossible to save that. Whereas down South here one of my sons bought a small house in the SE for £350k last year - so much more expensive than NE England. 5% of that is £17500 and divided between 2 in a couple would be £8750 (a harder amount to save).

Well done to your son btw.

£8,750 shouldn’t be a difficult amount for a young person to save. IF they start saving early enough. I’m not sure if his age but using him as an example, if he started saving say 6 years ago it should be completely doable.

In my experience I see a lot if young people having a great life with holidays going out designer handbags. And then when they decide it’s time to buy a house they wonder why they don’t have a deposit. The saving needs to start many years before they are even considering buying.

In my experience I see a lot if young people having a great life with holidays going out designer handbags. And then when they decide it’s time to buy a house they wonder why they don’t have a deposit.

Where do you live that the yoof of today all have designer handbags? And what's wrong with young people going out?

No, it’s where I stop engaging with you. Who needs it?

So you don’t have envy evidence to back up your statement, then. Thought not.

ANY evidence. Quite a comical typo though!

That poster is always all over these threads but never has evidence for their opinions

@pateu

That poster is always all over these threads but never has evidence for their opinions

Which poster?

think that we do need to rethink the way we do things and not necessarily build more council housing.

I think that we need to focus people who have no disabilities and can work on having a council home for a certain length of time.

Where do the people who are too disabled or ill to work live?

Clearly there is a need to build or buy more council housing. Apart from financial access, there is a shortage of disablity and mobility friendly housing.

But also there are many many (important) jobs that are lower paid. Employers, particularly small businesses, can only afford to increase wages by so much. Likewise in the public sector - and far better to invest taxpayer money in providing settled affordable housing for communities... instead of propping up slightly higher wages, that still don't keep up with rising rents and mortgages.

Settled affordable housing encourages a stable cohesive society. It also benefits health (mental and physical), therefore saving the NHS, social services, and the criminal justice system money.

The value of stability, a sense of belonging and putting down roots in a local community is (for individuals, families, and wider society) priceless.

@Blossomtoes you

I didn't think I was being subtle 😆

@pateu

I didn't think I was being subtle 😆

You weren’t. I just wanted to verify. Perhaps you could highlight some of the posts to which you refer? I’m pretty good at supplying links to support what I say.