Ownership amongst the young

GreatApe

GreatApe wrote: »

As can be seen the most common estate is £100k - £200k and the seocnd most common estate is £300k - £500k and the third most common estate £200k - £300k

Truly vast sums flow from old to young, I think it is roughly £200 billion per year

Those young left wing socialists are not so keen once they inherit grandmas wealth they inherit grandmas politics too

GreatApe

ukcarper wrote: »

You don't need a grant of representation if your estate is small or if you a spouse and all assets are jointly owned, just leaving everything to your spouse does not mean you don't need a grant of representation.

The house will be in most cases jointly owned. Savings accounts likewise and pensions are outside of estates.

ukcarper

GreatApe wrote: »

As can be seen the most common estate is £100k - £200k and the seocnd most common estate is £300k - £500k and the third most common estate £200k - £300k

Truly vast sums flow from old to young, I think it is roughly £200 billion per year

Those young left wing socialists are not so keen once they inherit grandmas wealth they inherit grandmas politics too

With life expectancy of 83 most estates will go to people in their 50s or 60s so will most likely with already own. You assume that this will then be passed to children and grandchildren to buy property, but a large number of people inheriting have children who already own and grandchildren to young.

You seem to be arguing that the majority who want to buy will have access to these funds but that is not the case.

If you are arguing that this inheritance is helping to boost house prices I would agree, but it does not help affordability for the majority of people wanting to buy, in fact in the present climate in could be having the opposite effect by increase the price of available properties.

ukcarper

GreatApe wrote: »

The house will be in most cases jointly owned. Savings accounts likewise and pensions are outside of estates.

Have you any figures to back that, property yes but other assets I'm not so sure, ithats not the case for me and many people I know.

GreatApe

ukcarper wrote: »

Have you any figures to back that, property yes but other assets I'm not so sure, ithats not the case for me and many people I know.

Unless I get hit by a car and die instantly its no great horror or difficulty in transferring my savings to my wife savings account. It can be done in 2 hours.

Why would I or anyone who expects to die soon not do that? What would you go through grant of representation when you could just log into your online account and hit send?

Crashy_Time

economic wrote: »

theres not much debt.

The property portion of the graph is ALL based on debt...., other people`s potential future debt, it is just a wish list of debt:rotfl:

GreatApe

ukcarper wrote: »

With life expectancy of 83 most estates will go to people in their 50s or 60s so will most likely with already own. You assume that this will then be passed to children and grandchildren to buy property, but a large number of people inheriting have children who already own and grandchildren to young.

You seem to be arguing that the majority who want to buy will have access to these funds but that is not the case.

If you are arguing that this inheritance is helping to boost house prices I would agree, but it does not help affordability for the majority of people wanting to buy, in fact in the present climate in could be having the opposite effect by increase the price of available properties.

The young ones get gifts the middle age ones get inheritances

Also the housing market is primarily two transactions. A FTB at around age 30 and a second time buy at around age 55

That is roughly what happened to a friend this year, bought a much bigger house age 55 and give his old one to his boy age 28 mortgage and debt free. I think part of the ability for him to buy a larger house was that he himself got an inheritence from his parents around that time.

GreatApe

Crashy_Time wrote: »

The property portion of the graph is ALL based on debt....:rotfl:

Yet it shows the average estate with about £20k debt vs £300k value

You have lost your marbles

chucknorris

GreatApe wrote: »

Yet it shows the average estate with about £20k debt vs £300k value

You have lost your marbles

Crashy will still think that is a bad position to be in, he doesn't know the difference between good and bad debt, to him it's all bad.

ukcarper

GreatApe wrote: »

Unless I get hit by a car and die instantly its no great horror or difficulty in transferring my savings to my wife savings account. It can be done in 2 hours.

Why would I or anyone who expects to die soon not do that? What would you go through grant of representation when you could just log into your online account and hit send?

Many people don't I take it you haven't had someone close to you seriously ill the last thing you will be thinking about is transferring money around.