LBC caller rejects view that millennials are worse off than previous generation

from you and your collaborator a file to accept that different age groups might have ex might have experienced something different if I just give you a brief uh I bought a house 30 30-something years ago I lost £10,000 on that house in two years because of the negative capital I paid 16 and a half percent interest, could you tell me what it is like? I'm better off than people today, even at four and a half percent, where it's, what's it like, I'll tell you what you can't tell me why because, apart from the exception, I've had it hard, there's no difference, I have kids that are the age group that you're talking about now, um and when you fail, why is that like that?

Is it so popular now that people go out and drink coffee, get their nails done, get their eyelashes done, can freely spend their money on whatever they do and my kids don't, they don't drink coffee in the '70s? I wouldn't have paid four or five quid that would have been unlikely given inflation and I want to and I won't pay it now well good for you but I'll tell you why you're wrong in terms of the difference the difference is yes it's possible that have been paying briefly it must be said not consistently briefly 15 interest rate the difference now is that even with interest rates of four or five percent in real terms that is a greater burden for people who take out a mortgage today because of the difference in the house The prices when you bought your house, when it was and a few decades ago, when you bought your house, the relative house prices were only three to four or maybe five times the average income, now they are seven, eight, nine or ten times the average income, so in real terms, you're basing that on the knowledge that you know everyone's income, don't you see what you don't?

No, it's called average. That's why I'm using the word average to accept that the possibility is that just my age group and yours and All my kids have different challenges for Bear, yes, of course, they all have different challenges, of course they do. I said it from the beginning, but I'm talking about what we have, but Robert, we have to talk, the point is. that we have to talk generally and look at economic data across

generation

s, of course people within

generation

s will have different challenges and they will be rich people, maybe poor people, different generations will have different challenges, of course, no generation.

He has it completely easy, of course not, but what I find difficult to understand is why people learn with respect, not simply recognize based on empirical data that house prices and wages are the things that matter most. it's that the generation below you and the one below that has had it much harder than yours no, I don't think so, yes, but you may not believe it, they are just facts, it doesn't matter what you believe, it's not a done because you I'm not considering that while my daughter is in college because I'm not because I've gotten married and stayed married during the years I've had a home.

Now I have to finance my doctor's accommodation for five, six or seven thousand. Pounds a year, so my parents, my parents, they didn't have to do that, yeah, but there you go, but I'm talking about wages and I'm talking about house prices, my wages at the age I'm at have to be spent on others. things 40 year olds don't even consider when you bought when you bought your house Robert the Greatest about 30 years ago 30 years ago how much it's gone up in value since then I'm not in the same house, right? Well, how much do you think you have?

So, you've consistently bought consistently, there's no way we're going to see house price appreciation, the sword that your generation has enjoyed how much do you think? How much did you buy your first house for? It's for 50 eight thousand pounds fifty-eight thousand pounds. The average house price today has accelerated in real terms by an enormous amount. So, what am I going to have to do with my house if I have to go to a house because I spent I spent almost you're going to have that what my generation is going to have we're not even going to have a home to do that that's the point that I'm stating your mission not because you just don't want to listen to it if you don't if you don't have a house to go to they will take you to a nursing home oh well but they will take my house from me so you will be able to choose you will be able to choose the type of attention that you will receive and you will have careful and good quality help.

The rest of us, you know, but I don't understand why people of your generation just aren't able to accept empirical facts you say you don't believe it it's just a fact you know what I said what I said to Rachel come live that's absolutely fine good luck to you I'm so glad you had that increase in house prices and you've benefited from it. I'm really glad it had the stable price it had. Well, I'm very glad that there was a real price, a real wage growth at that time, very happy for you. I just wish we'd had the same thing and I just wish they'd recognize that the next generations haven't enjoyed those things, they don't know they won't have it to sign, yeah we've had 13 years.

It's been 15 years since the financial crisis, we haven't had it, an entire generation has already been scarred, there is no recovery, it has already permanently affected people's long-term wage growth, that's a fact, so prices of houses did not go down last month. then they went down for a month probably they went down for a month do you think that's literally going to reverse? 15 to 20 years of this stuff went up for a month dude because it happened 30 years ago because it happened before you disappeared Do you think the average when you bought your house will go back down to 58 grand?

Do you think the average house currently worth over a million pounds will drop back down to 58 grand any time soon? Well, maybe it can be like that. a lot can happen thank you Robert uh in Essex I'm grateful to him and it's good to have the discussion and I can see a lot of you. I want there to be more of you there, but I feel like Robert prefers to add. I can't understand why you know what I would like if I won the lottery. I could recognize that it would be like I'm glad I won the lottery and I'm glad I won.

I had this good luck and I'm sorry that other people didn't have it, but I wouldn't pretend that I wouldn't go with everyone else, well, you could win the lottery, it could happen to you, no, don't be jealous. You only know about me that it could happen to you, it's not that anything particularly good has happened to me, I mean, it's crazy, you just don't understand it.