House Market Quiet

Windofchange

Which just makes me even more sad we are where we are. As you say, the housing stock is largely brought and paid for from a materials point of view. I get that there has to be inflation, but it has run riot and housing for a lot is not performing it's basic function.

I am part of the two thirds who will get a bite of the pie at some point in life, and I get that point. Not sure what I'll do with it. If things keep going the way they are I won't be able to buy another property. Guess it'll be the loft conversion then.

GreatApe

Windofchange wrote: »

Which just makes me even more sad we are where we are. As you say, the housing stock is largely brought and paid for from a materials point of view. I get that there has to be inflation, but it has run riot and housing for a lot is not performing it's basic function.

I am part of the two thirds who will get a bite of the pie at some point in life, and I get that point. Not sure what I'll do with it. If things keep going the way they are I won't be able to buy another property. Guess it'll be the loft conversion then.

There are two different topics

One is people being able to afford a home

The other is people able to afford larger better homes.

Homes are cheap and affordable if you look at it overall then about 82% of homes were already in existence 25 years ago and were fully paid for and now will just be recycled. And most of the rest of the 12% have had 50% paid down. The average person is not a single mab in £25k he can't afford much outside the cheap regions. The average household is a couple on £60k with £100k plus in gifts and inheritances

there is no real housing quantity or affordability problem for most although plenty will disagree.


The next 'problem' is the size and quality of homes. That is a very different problem. Here the problem is being addressed by people improving and extending. The alternative would be for all new builds to go from the current mix to concentrating on large 120+ sqm homes so the new build sector drags the average size and quality up. This problem is not a quick fix it will take 50 years but the average quality and size of homes will continue to improve just like it has been for 50 years past. One way to speed things up would be for the worst half of the council stock to be knocked down and replaced

GreatApe

Windofchange wrote: »

Which just makes me even more sad we are where we are

No no no. I can understand the instant reaction might be sadness and for it to appear so unfair that 1/3rd will get lots gifted/inherited 1/3rd will get some and 1/3rd will get non

We concentrate on the unfairness of those 1/3rd that will get non but you really need to look at it as a glass half full situation. His great and fantastic is it that the human species the only one is capable and does leave their young significant capital to help them in life

There is no alternative where everyone gets an even share of inheritences the alternative to what we have is the poorest bits of Africa where 99% get nothing and clearly that would be far far worse.


Also there is a very strong distribution method of capital it is marriages and divorces! A person Has two children four grandchildren 8 great grandchildren....and so on so that in just 10 generations a person has 1000 x childrens children. So even if a person has £50 million that spreads down thin to 1000 of his children's children and their families getting £50k each.

So we should be very happy and very greatful that the UK is a country with >£10 trillion in wealth and should wish for that figure to be higher not saddened by it

Windofchange

If it were solid tangible growth I'd agree with you but my personal view is that there is no real wealth. This 10 trillion you speak of was not made through selling cars or paying nurses etc. It was just pulled out of thin air - someone pressed enter on a computer. We have then borrowed and borrowed ontop of this, but what if it starts to fail? This model you are happy about only works if prices go up forever more. What if prices stall? What if they fall? What if interest rates go up this year or next? I'm not comfortable with your usage of the word wealth. It isn't, it's debt, and it's in my view unsustainable.

Thrugelmir

lisyloo wrote: »

When you get elderly that may not be possible.
Both my husbands parents and my parents have moved to bungalows when they couldn't get up the stairs (and at least one of them can't use a stair lift).

My Grandmother bought her semi detached new in 1932 and lived in the same house until her death in 1997. At the age of 99. Managed to get up and down the stairs. People differ. My mother still lives in the property she bought in 1974. Now 87. Perhaps it's a question of generics.