That's one way of thinking about it. Another is that it was the single biggest redistribution of wealth toward the poor there has ever been, and that it set council tenants free from dependence on the state. Free to move elsewhere if they chose to; free to build up something to pass on to their children; free to build up something for their own retirement.
Of course, current thinking is more along the lines of "Keep them on benefits so they'll keep on voting for the party that pays the biggest, easiest benefits".
Yes, what I was trying to say is that, on an estate where all or most houses are rented, you tend to find more problem families than on estates that are all private. I'm sure there are exceptions to this rule.
The problem is when retirement arrives and your income is less ,and your friends have paid off their 25yrs mortgage and you are still forking out for rent.Also nothing to leave to your kid's,unless you wish to adopt the philosophy of spending your children's inheritance
While it's true that many parents want to leave their children an inheritence, it doesn't follow that every child is due an inheritance. The phrase 'spending your children's inheritance' implies that it's their money, not yours, to spend! My parents live in tied accomodation, and when they retire will probably have to find rented or sheltered accomodation. So there probably will be very little in the way of an inheritence for myself and my sister. While I'd love to get a £20k deposit from them to buy my first home, it isn't going to happen, and I know that buying my first home will only happen if I work hard to make it happen. In a way, nothing has changed in that the property owning classes ensure that this wealth is passed through the generations; while RTB has democratised this a bit it's brought a raft of attendent problems with it.
And anyway, who wants to leave their home to their children in the knowledge that 40% of it may well end up being lost to inheritence tax?:D
A few people have mentioned the fact that when they've paid off the mortgage there will be money to leave to the kids. What if the government make us sell our property to pay for the care home fees we might need? Then the renters will be happy they paid less rent than mortgage but get free health care while homeowners have to sell up and use their equity!
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