Chart of the day: The "lost" generation haven't given up all hope (except for buying a home)

By Alex Hern Published 31 July 2012

British Future asked a group of 18 to 24-year-olds whether they thought they would find it easier or harder than their parents to do each of the following:

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View the discussion thread.

10 comments

Wed, 2012-08-08 20:10 — Chris Gilbert (not verified)

It's true that house prices rose astronomically under Labour. But they rose in other countries too, and it's for the simple reason of available low cost credit. That was also the reason that buy-to-let became such a good investment, and why so many landlords appeared from nowhere.

Banks were more willing to lend to people, more willing to lend more, and more optimistic about house values.

This happened even more dramatically in the United States with a conservative government at the time. It was little to do with governments, and much to do with global financial markets and derivative trading.

I know the credit crunch seems a long time ago now, but lets not forget what happened. It's tempting to say 'the last government caused all this mess, and we'll be fine now they are gone.' Trouble is, it isn't true, and the mess hasn't got better, and won't get better under the current government.

I'm not sure interest rates of 15% at the height of the Major government was a demonstration of sound fiscal policy, and democratisation of home ownership either. I'd love to hear the conservative take on why that was a good thing though. And that was when the government were actually in charge of interest rates, rather than the Bank of England.

So yeah, Labour were crap at handling it, but that doesn't mean that the Tories are somehow better because they aren't the Labour party. They can easily be just as bad in an entirely different way.

Wed, 2012-08-08 20:10 — Chris Gilbert (not verified)

Banks were more willing to lend to people, more willing to lend more, and more optimistic about house values.

So yeah, Labour were crap at handling it, but that doesn't mean that the Tories are somehow better because they aren't the Labour party. They can easily be just as bad in an entirely different way.

Fri, 2012-08-03 18:23 — hugh markey (not verified)

And some say Labour didn't fix the roof while the sun was shining. Let's be fair Tony and Gordon did try their absolutely fabulous best to turn the UK into a home-owning democracy a la D'Israeli.
Now Grant Shapps the landlords' friend, in this Jubilee and Olympic year, is reigning over stratospheric rents and doing sod all about it.
And he's a hyperactive little *** don't you know.

Ricky Ricardo { Sorry, David }

Sat, 2012-08-04 00:57 — Cort (not verified)

Labour destroyed the dream of home ownership in the UK for absolutely everyone apart from BTL investors. First time buyers dropped to the lowest level ever under Labour. CGT was slashed to the benefit of investors. Blair and Brown invited millions to move here and built fewer social houses than any previous government of the past 100 years and presided over a big reduction in private builds (apart from blocks of tiny flats for those landlords charging high rents). They fed a generation to the landlords.

Whatever you think of Shapps (and I don't think much) he inherited a catastrophic mess no human could deal with in two years. It will take a generation to recover from Labour's property bubble, while it's supporters are busy blaming the government that got handed the mess.

Thu, 2012-08-02 10:04 — Herbert (not verified)

When I was 18-24 'buying a home' never entered my head, nor did the idea of a permanent full-time job, nor the concept of '80'. What is wrong with these young people?

Tue, 2012-07-31 22:01 — debtfree (not verified)

Maybe 18-24 year olds have realised that 'buying a home' is in fact a euphemism for 'taking on a crippling amount of debt in order to make it look like you own a home.' If so, then congratulations to them!

Tue, 2012-07-31 22:01 — debtfree (not verified)

Maybe 18-24 years old have realised that 'buying a home' is in fact a euphemism for 'taking on a crippling amount of debt in order to make it look like you own a home.' If so, then congratulations to them!

Sat, 2012-08-04 01:01 — Cort (not verified)

In your day you could walk into a house subsidised by the state and keep it for life. The alternative for this generation? Private landlords charging massive rents for tiny, dingy, wood-framed flats with windowless bathrooms and, in an increasing number of cases, a single room for cooking, dining and living (aka "modern executive apartments"). Plus, the prospect of being evicted at a few weeks notice for no obvious or genuine reason.

Tue, 2012-07-31 19:11 — mike555

Not surprising, house prices tripled under New Labour, funny how no one can answer what effect this had on the poor and low paid, I've tried to get an answer but no one seems willing. It had a disastrous effect just in case anyone doesn't know.

Sat, 2012-08-04 01:09 — Cort (not verified)

Don't ask a Labour supporter. Too busy blaming Grant Shapps. Man's an ineffectual moron, it is true, but I will not accept arsonists' attacking a fireman for being incompetent.

Did you know that over 50 per cent of Labour MPs - whose party inflated a massive house price bubble and made huge cuts in CGT while raising payroll taxes and more than doubling council tax - own one or more properties for investment purposes, according to the parliamentary register of interests? And they attack the bankers for only working in their own financial interests. It should be a scandal bigger than any in the City of London.