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The Under 30's generation.



The Optimist

Well-known member
NSC Patreon
Apr 6, 2008
2,580
Lewisham
Not wanting in any way to get involved in whether or not young people have had it easy - or in what ways it might have been easier - but on a point of order has there ever been a time when large numbers of U30s owned their own property . Yes, I know some always have, through inheritance, bank-of-mum-and-dad, or an exceptionally good job - but anywhere even close to being a majority? I don't think so!

You are probably right that under 30s haven't been homeowners in large numbers. I think the difference is the percentage of under 30s expecting to become homeowners in their 30s has dropped.

This point all came from the OP suggesting under 30s were in for a shock because of upcoming increases to mortgage payments (amongst other things), and perhaps missing the point that mortgage rate increases don't affect those without mortgages (unless of course there is a knock on effect on rent).
 


Baldseagull

Well-known member
Jan 26, 2012
10,869
Crawley
Not wanting in any way to get involved in whether or not young people have had it easy - or in what ways it might have been easier - but on a point of order has there ever been a time when large numbers of U30s owned their own property . Yes, I know some always have, through inheritance, bank-of-mum-and-dad, or an exceptionally good job - but anywhere even close to being a majority? I don't think so!


Quite - i can't see it changing any time soon - and it is worse now than at some previous times, but U30s with mortgages have always - or very nearly always - been a minority. My parents got their first mortgage in the 50s - it was damned hard saving for them and they were 40 when it finally happened. I first got on the proert ladder in the 80s - I was 32; hard work then too, even with a bit of help from a wonderful Mum and Dad. When exactly was this golden age when overwhelming numbers were getting on to the property ladder in their 20s?

There was a realistic ambition among the under 30's that they would be able to buy in the next few years, much less so now.
 


beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
35,265
its heartening that home ownership is the most important thing to so many.
 


Whitechapel

Famous Last Words
Jul 19, 2014
4,056
Not in Whitechapel
The bank of mum and dad thing makes me chuckle how many mums and dads have £30k or more expendable cash in the bank? A very low percentage I would imagine.

Relying on the bank of Mum & Dad doesn’t have to mean they’re chucking 30k at a deposit, although I do know more than one person who has had the major majority of their mortgage paid for by their parents.

I know dozens of people my age who were/are paying ‘rent’ at home and their parents are putting 100% of that money in to a savings accounts to put towards a mortgage. It’s a great idea and I hope that I can do the same for my own kids one day. It doesn’t change the fact their parents have given them a massive boost financially.
 


Icy Gull

Back on the rollercoaster
Jul 5, 2003
72,015
Speaking as a parent of 29 and 26 year olds, I think this demographic are in for a tough few months/years.

Since 2008, when the oldest were 16, there's not really been that much financial hardship, for the majority disposal income (or cheap credit facilities) has never really been an issue, but now post Covid, mortgage payments will rise perhaps 3 or 4 times in the next 18 months, energy prices will be going up along with vehicle fuel, as well as food.

Harold Macmillan famously once said "You've never had it so good", I'm sure there are notable exceptions in the NSC/Albion community, but have most youngsters under 30 had a pretty easy ride so far?

Get that wallet open Lenny and fund their deposits you cheapskate :lolol:
 




Harry Wilson's tackle

Harry Wilson's Tackle
NSC Patreon
Oct 8, 2003
49,337
Faversham
This, also throw in social media ruining their lives, without realising it. I would not want to be a teenager or young adult now, the pressure of social media and instant fame and wealth is so depressing, I see my daughter struggling to cope with it now, and she is 12, the future is not rosy at all, if you think of future world problems they will have to deal with including the climate, and without a doubt future wars to come.

Do they run free, as we did (im 52) do they have youth cultures, do they go out and meet as we did, real life experiences, not social media driven, can they make the same mistakes we did, and not get cancelled or pressured to be a certain way. No, I feel for them, and would not swap my life for theirs in a million years, even if I could have my quiff back :lolol:


I would. In a shot. But for reasons unrelated to the thrust of this great thread :lolol:
 


pb21

Well-known member
Apr 23, 2010
6,256
but on a point of order has there ever been a time when large numbers of U30s owned their own property.

This report:

https://www.google.com/url?sa=t&sou...8QFnoECD4QAQ&usg=AOvVaw2wxH66rjo8AX_eGJfyKrr1

Suggests it has changed quite significantly from ~60% if you were born before 1970, to around 25% if you were born after 1985. That trend is only continuing at the moment too.

Screenshot_20220211-174640_Adobe Acrobat.png
 


Harry Wilson's tackle

Harry Wilson's Tackle
NSC Patreon
Oct 8, 2003
49,337
Faversham
There was a realistic ambition among the under 30's that they would be able to buy in the next few years, much less so now.

That was a very narrow window that opened in the mid 50s and closed in the early 90s, when Thatcher's work over a decade finally put an end to the 'welfare state' and the 'post-war concensus'.
 




clapham_gull

Legacy Fan
Aug 20, 2003
25,175
I doubt anyone under 30 could buy a flat in London like I did for £130,000 (£240,00 adjusted for inflation) and stuck much of the deposit on a credit card.
 


portlock seagull

Why? Why us?
Jul 28, 2003
16,979
Textbook tosh from you as usual [MENTION=17322]Lenny Rider[/MENTION]. You immediately give away how much of a dinosaur you are by assuming any of this generation have a house to make mortgage payments on. :dunce:

I wonder if you realise Ian that you contribute nothing to this forum, to Sussex or frankly the country?

Rude, angry and factually wrong. Very NSC in other words!
 






portlock seagull

Why? Why us?
Jul 28, 2003
16,979
33 and contemplating not having kids coz I've had it "easy"..

Sent from my SM-A326B using Tapatalk

They’re overrated and planets crowded enough. Besides climate change means they’re screwed so you’d only be bringing them into a world of pain and misery. You yourself might just be lucky enough to die before the shit really hits the fan. And that’s before China and Russia try to kill is all. Have a nice w/e! :lolol:
 


portlock seagull

Why? Why us?
Jul 28, 2003
16,979
Relying on the bank of Mum & Dad doesn’t have to mean they’re chucking 30k at a deposit, although I do know more than one person who has had the major majority of their mortgage paid for by their parents.

I know dozens of people my age who were/are paying ‘rent’ at home and their parents are putting 100% of that money in to a savings accounts to put towards a mortgage. It’s a great idea and I hope that I can do the same for my own kids one day. It doesn’t change the fact their parents have given them a massive boost financially.

Depressing though when first time buyers offer asking price but being outbid by 30% more. The stampede for housing out there is insane. The market completely warped. Still, good to see millions of foreign investors who’ve never visit the UK getting richer by buying our housing stock to rent out to younger residents of this country. That said, the young are more pro-global (free trade and movement of peoples) so this is perhaps to be expected. Careful what you wish for boys and girls…
 


GT49er

Well-known member
Feb 1, 2009
46,473
Gloucester
This report:

https://www.google.com/url?sa=t&sou...8QFnoECD4QAQ&usg=AOvVaw2wxH66rjo8AX_eGJfyKrr1

Suggests it has changed quite significantly from ~60% if you were born before 1970, to around 25% if you were born after 1985. That trend is only continuing at the moment too.
Not convinced by those graphs - appear to have some serious flaws. Starting at a date to suit its intentions - it was only in the 50s or 60s, after all, that more than 50% of the entire housing sector was owned by the occupier, and not rented - and then again home ownership shot up in the 1980s when Thatcher flogged off the nation's council housing resources at knock down prices to buy working class votes.
So, OK, let's just look at data since 1995 then, and produce some graphs ................................
 




A1X

Well-known member
NSC Patreon
Sep 1, 2017
17,522
Deepest, darkest Sussex
I can’t wait for the OP to then get super cross because they don’t then vote for more of the same under the Tories come the next election…
 


beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
35,265
So, OK, let's just look at data since 1995 then, and produce some graphs ................................

like the second graph?
 


Lenny Rider

Well-known member
Sep 15, 2010
5,373
This is fair



But this is absolutely not fair.

You're replying to a guy who has done a truckload of good for all kinds of causes with his time, effort and cash throughout the Brighton / Worthing / Sussex area, who employs a load of people, to do a good and respectful job for families in their hardest, most vulnerable moments, and who did a great deal for the Albion back in their darkest hour.

By all means take a pop at his tiresome anti-woke / stuck in the 70's / dinosaur drivel, but keep that in perspective against the wider picture.


I love being a dinosaur old love, but thank you for your kind words ❤️
 


Lenny Rider

Well-known member
Sep 15, 2010
5,373
I can’t wait for the OP to then get super cross because they don’t then vote for more of the same under the Tories come the next election…


There’s a good chance my daughter will be standing for Labour locally, so blood will always be thicker than politics 👍
 




Baldseagull

Well-known member
Jan 26, 2012
10,869
Crawley
That was a very narrow window that opened in the mid 50s and closed in the early 90s, when Thatcher's work over a decade finally put an end to the 'welfare state' and the 'post-war concensus'.

2002 was when prices really started ramping up relative to earnings, outside of London. However, I largely agree that this was a narrow window, the point is that most people owning a home today, first bought when that window was open.
 


figgis

Active member
Mar 23, 2012
467
Worthing
Textbook tosh from you as usual [MENTION=17322]Lenny Rider[/MENTION]. You immediately give away how much of a dinosaur you are by assuming any of this generation have a house to make mortgage payments on. :dunce:

I wonder if you realise Ian that you contribute nothing to this forum, to Sussex or frankly the country?

At the risk of another ban, who are you to say so. From looking at my supposed infractions your post is worse. Lay down fool.
 



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