2024 Election thread
Comments
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What has your 20 year old voter seen? Smartphones. That's about it.
Do the voters born in 2000 still need to be grateful they're not eating spam?
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Hang on is 20 the same as 35 now?
You are supporting my argument anyway.
You didn't have any hand in the improvements the boomers made for you. But you resent them and don't give boomers any credit for them, whilst still benefitting yourself.
That's very millennial of you.
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It's unlikely that prices are going to suddenly drop though and most will have got their borrowing down at a faster rate than their house would depreciate I'd have thought, also it's a case of house price against earnings so if earnings went up by say 3% per year and house prices drop at say 5% per year negative equity might not be an issue but over 10-20 years the affordability would change massively. The biggest losers would be those who bought proprty as an investment but as Rick would probably say f**k them, investments can go down as well as up.
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Yeah under 35s ranges from 18 year olds to 35 year olds, right? Some voters in this year's election were born in 2006...
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It wasn't that long ago.
1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
Have you got that slippery lardy taste out of your mouth yet?
Corned beef is okay. Fried, with potato. Not sure my GP would agree though.
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See my point above. The aim is not to lower property prices, it is to house everyone decently and affordably. People forced to live 5 to a room in a mouldy flat by their local authority need new housing far more than a young couple wanting to buy their first home.
1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
I quite like a bit of well rendered pork fat. Definitely preferable to the dairy-free crème fraiche I tried the other day - essentially whisked vegetable oil.
1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
Given the problem has got worse over a long period of time it makes sense that any solution will probably take a similar length of time.
I think what is frustrating is that some people seem to be saying "well it's not a quick fix so we might as well continue making the problem worse".
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I retract what I said about life expectancy.
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Sure but that isn't dealing with Rick's gripe which is specifically that young people can't afford home ownership. I agree that having safe and suitable housing for all is the biggest issue and building lots of quality rental properties with long-term secure tenancies but there is also still an aspiration to own (home ownership being a majority thing has only been the case for around 75 years I believe).
High quality, affordable and secure rental is certainly a good thing though and it can actually make life easier if, for example, you are looking to relocate. My sister (late 30s with 2 kids) has recently managed to get a modern 3 bed house through a housing association that is effectively hers for as long as she wants (she's lived with my parents previously other than for a few months where her and her ex got a place).
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Well that was fun, lads ;) Killed a very slow day.
Enjoyed the move from "it's not that bad" to "it's bad everywhere, don't be an english exceptionalist" to "be lucky your TV is big and cheap and you can eat fresh morzarella easily" to "suck it up" and "it's not my problem".
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I don't think the lack of affordable housing - to rent or buy - is 'Rick's gripe'. When even our clients are struggling to find rental properties that they can afford that tells you something.
1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
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I seem to recall that the recent tax changes for landlords plus increased regulation around rental properties have not helped the supply of rental housing. So the Tories have something to answer for there (shock, horror). However since some of you see landlords as one up from Satan in the evil hierarchy you may want to reconsider your position?
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
It's just a massive misallocation of resources, and the UK rental system is *deeply deeply* inefficient. All those people ploughing dozens or hundrends of thousands of their pounds into something they will then improve as little as possible so they can sit around collecting rent.
Think of all the productive ways they could spend their money instead.
Rent seeking is a proper economics concept and it's a scourge on growth and investment.
I'll save the "gotcha" comments with this bit in it:
Are landlords rent seekers?
Not generally. The use of the word “rent” can create some confusion here. The term “rent” in rent seeking is based on the economic definition of “rent,” which is defined as economic wealth obtained through shrewd or potentially manipulative use of resources. That said, it’s possible for landlords to engage in rent-seeking behavior.
I'd argue most of them engage in some of that behaviour, to a broader or lesser extent.
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I know you argue that point, but how does it solve the supply issue for rental properties that you pointed out above?
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
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Whilst I accept that lack of housing and costs are two of the biggest barriers to both ownership and rental, and that this disproportionately affects younger generations, surely the biggest issue is wage disparity. As Rick likes to say, price discovery is the reason house prices cost more. Essentially a minority of higher income earners across the country (starting mainly in London/SE over the last 15 years) have helped push prices up way beyond inflation and wage growth and this has tricked down across all areas of the buying market, especially as at the higher end people have been overpaying way above market prices for years, pushing up prices below and pushing more and more out of the market.
I have seen it here over the last 7-8 years. People buying £400k houses paying £450k to secure them. Then the people with £400k budgets can't afford them so they buy up the £350k houses and overpay. The £350k budgets start buying up the £300k and so on until you get to a point where the £100k 'starter' homes that were in reach for many people on average or below average incomes now cost £250k and are unaffordable.
I may be wrong, but this appears to be a central issue in this whole housing crisis.
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As has been pointed out upthread by more than one person, easier said than done.
I'd like to live in George Clooney's mansion on the shores of Lake Como, but life's a bitch...
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
A post or two ago you were arguing about reducing regs to improve growth, and the next minute when I'm suggesting exactly that, you clam up and say "life's a bitch".
Which is it?
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Aren't you a homeowner? If so how do you know how horrendous it's been - are you just a superior intellect to the rest of us?
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A few posts up you were moaning about rental prices and in the next post saying that investment in property is a massive misallocation of resources. Make your mind up...
My point above is that you can't always have housing exactly where people want them. A lot of the best spots are already taken 😉
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
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Youre missing my point. By making it hard for landlords to make a return on property, they are encouraging them to leave the rental market, thereby reducing supply of properties available to rent.
As for demolishing and rebuilding, you may come across a few issues with people who own those properties.
To be fair our local council has been told they have to build x number of houses by a certain date and have launched a consultation on various option for achieving that. A lot of it is on green belt land.
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
Hahaha
- Genesis Croix de Fer
- Dolan Tuono0 -
Mortgages payments etc would be a lot cheaper if the cost of the house was lower to begin with.
Had prices not been so eye-wateringly high to begin with, the rate rises that were inevitable would not have been so costly to landlords, as the overall loan would be much less.
The problem is their costs have gone up higher than the tenants can afford to make it profitable, so it makes sense to then sell the property rather than keep it going.
It's the same issue.
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Free market, innit.
The above may be fact, or fiction, I may be serious, I may be jesting.
I am not sure. You have no chance.Veronese68 wrote:PB is the most sensible person on here.0 -
Clearly house prices impact mortgage payments - but your proposed free for all on building houses to reduce prices is a pipe dream, as a few people have already pointed out.
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0
