To think that our homes and our children's future's are next?

[WorrieaboutFIL]

Just watched an economist explain that the last 10 years have seen a massive upwards transfer of wealth means that even more assets will be stripped from working and middle class people (basically anyone who needs a mortgage is in the firing line) because house values will stay high but so will rates. I feel we are sleep walking into serfdom and a new feudalism is emerging. Horrifying.

Apologies for the typos!

Haven’t watched your video but yeah

dad and I were talking about disappearing middle class about 15 years ago. There was a sudden month or so of articles about it, then they stopped.

I still can’t find the great documentary on bbc2 that explained Tony Blair wanting to make London into Monte Carlo. I’m curious to know if he thought that would spread.

both that, and a great documentary on channel 4 about wage stagnation. Can’t find them anywhere and they’re so useful.

I have thought that for a long while . The next generation will really struggle to get on the property ladder without financial help from parents or inheritance. So those with parents not on the property ladder already may never get on the property ladder effectively creating a two tier society as property prices have outstripped salaries.
It’s quite depressing we need house price correction and yet policies such as stamp duty relief continually prop up this market

The thing is, the massive inequality is unlikely until it's just two classes - peasants basically and elites. As the guy says, the only strength we have is our numbers, but most people are failing to connect the dots, and media is silent. Also laws being made to clamp down on protest...

Google "serf" and "feudalism" , then you can stop fantasising about something that will never happen in this society and focus on alien landings, or tripping up and falling into the arms of George Clooney.

The video is quite long, though the guy being interviewed is compelling. I managed 10 mins. Is it a Marxian analysis?

I agree increasing inequality is a huge issue. Not sure Marx has the right answers to that though…

bit confused. Two classes is where we’ve been headed for ages. We’re already there in terms of property prices.

the reason dad and I were discussing it 15 years ago was that I really hated my work. But trying to do something enjoyable or retrain was too financially risky.

now 15 years on, I’m very glad I didn’t take the risk.

Touched a nerve have I?

How do you classify the likely future where we have 50 year mortgages and the majority of our income is spent just existing? With no upward mobility, a hollowed out middle class and wealth and assets continuously flowing upwards to a smaller pool of the super rich?

It's capitalism and neoliberalism but the class differentials for me are no different than that which existed during feudalism.

It's not Marxism are all - it's just common sense observation of the flow of wealth and assets.

Ooh I just googled this guy
grew up in Ilford, I know it well.

people don’t want to listen much. Just seem to want to play on their phones and have babies who they raise to run around unsupervised. Not a lot to be done about it. Glad my folks were sensible and have good advice re money.

when people talk about retraining on MN, they dislike being asked to consider the cost. I don’t contribute much now but did tonight, funnily enough. If you can afford it great, but so many people seem to think babies and training will “somehow” get paid for.

Sorry that was in response to @2bazookas

Sorry who are you addressing?

if me, im just confused because I think we’re already at the point that you see in the future. Unless I misunderstood you, which is quite possible.

Oh x pos
bloody forums

i must go and do something that’s not MN 😀😆

You’re not wrong OP.

I’ve been so angry about this, but it’s giving way to despair.

With this and climate change I am quite relieved I have no children.

I remember reading a telegraph article about this nearly ten years ago and it stuck with me. www.linkedin.com/pulse/why-arent-british-middle-classes-staging-revolution-johnny-bouchier can only find it via linkin now for some reason

we are not angry about this but we should be

No sorry it wasn't you I was replying to, it was to @2bazookas who patronisingly implied I was a conspiracy theorist because I used the terms 'serf and feudalism'.

Doesn't Japan have 100 year mortgages. When you die or downsize you or your children settle the debt.

www.sciencedirect.com/science/article/abs/pii/1061951895900047#:~:text=Abstract,grandchild%20in%20a%20multigenerational%20fashion.

Yep it does

Oh I didn’t even know what that comment meant. Ignore. It’s a long standing thing if you’re my age. I remember when utilities were publicly owned!

It’s all aligned with the Great Reset. We will not own anything, it will all be rented. That’s not just property. The handful of billionaires at the top will rake it in

@LikeTearsInRain So what will happen to our current houses and mortgages?

I'm sorry to hear this, I feel despairing too. It seems like the best thing to do is not vote Tory or you will hasten the whole process. But it's really a global issue. I am not a conspiracy theorist because it's not a conspiracy, capitalism and neoliberalism is not a conspiracy it's a reality, and this is where it is leading us.

Hope I haven't made you feel worse - I'm sure there is still hope however! Once more people cotton on - strength in numbers and all that 💪. We create the systems and we can change them in time X

Remember all this at the ballot box.

I’m not saying it will happen overnight. But fewer and fewer of each generation will own a home, own a car, own their phone etc. Everything will be rented, as soon as you stop paying the monthly fee, gone. Or you will have to pay for each specific use of something. Already exists a lot in media (Netflix, Spotify etc) and there are already things like Car Clubs (zip car), it will just keep expanding and will roll out to a lot of other things.

You’re absolutely right and it’s a huge issue.

We are renting and don’t know whether to put all our savings into buying somewhere ultra cheap, compromising on area (safety) and house size in doing so, or do we just sit tight and continue to rent for now and build on savings to buy somewhere suitable if rates and prices fall.

It affects everything though. We want to start a family in the next couple of years and would far rather do that with a mortgage already secured. Unfortunately so many ‘first time buyers’ in our network and among friends of a similar age are just giving up altogether on the idea of buying in the near future. We don’t live in London either so prices should be affordable, but they are just not. How has it got to this?

The average wage - two people earning the average wage - will not buy you the average house. Therein lies the major flaw in the system.

If you watch the film, at the end he says prices are unlikely to fall much in his opinion. He says that the transfer of wealth means many cash buyers around. I hope you get the chance to buy somewhere.