A real estate company called Strutt & Parker has got UK millennials pretty peeved after suggesting they'd be able to save enough for a housing deposit by making a few small lifestyle changes over five years. The whole lecture was published in the Evening Standard, and it suggests that what's holding younger people back from home ownership isn't astronomical housing prices, but rather, their habits of buying sandwiches and lotto tickets.
I'll just share my favorite paragraph in the whole thing:
New analysis suggests that potential homeowners from “generation rent” could accumulate the £64,000 they need for an average London deposit — after help from parents — within half a decade by making “relatively small changes” to their lifestyles.
Emphasis is mine! Yes, it would be easy enough to save a deposit if you gave up certain expenditures and also had mom and dad's help. £64,00 is approximately $84,320. Over five years, you'd have to set aside about $16,864 annually. Is that how much you're spending on cappuccinos?
To clarify, the agents at Strutt & Parker are making these calculations based on the assumption that your parents will pay about £29,400 of that deposit on their own. Naturally, these assumptions have people flipping their lids all over Twitter.
Not only is everyone shocked that real estate agents are so out of touch with what kind of money the average millennial has, they're also astounded that these folks think lotto tickets are still popular:
So, this estate agents reckons we spend £120 every week on nights out, £50 per week on takeaways, £50 per week on lunches and £700 per year on holidays. Also, I hate to break it to you @struttandparker but I know no-one who does the lottery https://t.co/jLmdZJhPev— Charlie Rainsford (@C_Rainsford) November 14, 2017
Strutt and Parker also says you "could" save £2,640 a year by not getting any takeaways. That's £50 a week. I love a takeaway, but how many of us spend £50 a week on them (especially when ordering with friends or partners)?— Laurence Dodds (@LFDodds) November 14, 2017
so glad we have estate agents here to tell us we just need to never go on holiday, eat lunch or buy a lottery ticket and we could buy our dream house! Oh and make sure we were born into money. Monstrously ill judged press release from @struttandparker here https://t.co/z9QJmBSXla— India Block (@indiablock) November 14, 2017
are estate agents all trying to engage in some group magical thinking where if they chat enough bollocks about millennials being lazy and profligate with our pret-and-avocado habit we'll start being able to afford property and save them from their stalling sales?— India Block (@indiablock) November 14, 2017
things that anyone that wants to own a home has been told to give up: mobile phone contracts, avocados, lottery, going out, takeaways, sandwiches while out, holidays, owning a car. Anything I missed?— Ben Woods (@TheNextWoods) November 14, 2017
I don't know a millennial couple with a sandwich addiction, penchant for £1,400 city breaks and a compulsion to over-spend on lottery tickets. But, boy would that very specific imaginary couple be able to afford a house deposit (somewhere outside London) if they existed.— Sarah Othman (@SarahOthman) November 14, 2017
Major lols at this absolute nonsense research from @struttandparker. Apparently, if you give up your non-existent lottery habit, it'll save you £832 a year. Ha, cheers for that. What about my imaginary obsession with buying cotton wool? Or make believe haberdashery habit? 🙄 https://t.co/C6yuFwaaCO— Matt Newell (@MattNewell_) November 14, 2017
Blaming millennials for killing industries is now a new industry. Don't get mad; get a sandwich.