Boom time Millennials are paying for
– HAVE the Baby Boomers
ages of 55 people between the
up for and 75 – messed things
terms of the Millennials in getting on the Newbury property ladder?
own council They bought their
90s, houses in the 80s and
no affordable meaning there are
youngsters, homes for today’s
for rental driving up the demand
of homes, homes and the price making them unaffordable.
at the So, I decided to look
not make for figures, which do good reading.
Newbury In 1980, the average
was just under household income
and the £6,000 per annum
was £33,581, average house price while today, the average
is £33,081 per household income annum, yet the average
£451,400. household value is
of a home That means the value
than the average was 5.6-times more
compared to income in 1980
a today, where it is 13.6-times household income.
don’t stop And the problems
there a housing there. Not only is
but also a crisis of affordability,
of homes crisis of the availability for people to live in.
using The political parties
getter’ housing as a ‘vote
as in 1981 mentioned stats such
houses there were 5.1m council the mortgage payments.
bought an Assuming someone
1980 and average property in
a 95-per-cent again in 2019, using
rate of mortgage at the mortgage
in 1980 and 17.8 per cent per cent
cent, today the current 1.65 per
for 63.24 the mortgage accounts
compared per cent of the income
1980. to 95.89 per cent in
of the main This has to be one
families reasons why many
households in became two-wage
housing affordability the 70s and 80s as
with was diminished
interest rates. these eye-watering
it is the Baby Boomers say
they can’t Millennials’ own fault
own home afford to buy their
all their because they spend
avocado on money on holidays,
latest toast and buying the
accuse iPhone, while Millennials
generation for the Baby Boomer
market ‘per ruining the housing se’ by being selfish.
with In my own involvement
many Baby friends and family,
their best to Boomers are trying
grown-up help out their now children with a deposit.
labels, I am not a fan of attaching
Boomer be it Millennials, Baby
has or Gen-X. Every generation
and famine, had its share of feast
assumptions so let’s stop making
be more – everyone needs to
other. ungrudging to each
at 1.6m. and today that stands
because, as a This is important
will large number of people
to buy, never be able to afford
a significant social housing plays role in homing them.
the political Checking the stats,
forget the parties seemed to
association number of housing
also social homes (which are
from 0.4m to housing) has risen
time, so while 2.6m homes in that
housing, there is a drop in social
2.3m fewer it’s a net figure of social-rented houses.
did the Baby Boomers simply
the circumstances best they could in
that these – it’s not like
have been older generations
food aisles of conspiring in the
how to mess Waitrose or M&S on
generation. things up for the next
underlying There are fundamental
society problems in British
are difficult that means things for our younger people.
to It’s everyone’s responsibility
– we can’t solve those problems
Boomers. just blame the Baby
seem to forget What some people
were is while property values lower, so were salaries.
is The true cost of affordability