GARVIN BARWELL, THE HOUSING MINISTER SUGGESTED THAT PARENTS SHOULD LEAVE THEIR HOUSES AND SAVINGS TO THEIR GRANDCHILDREN
- 10 Oct
Gavin Barwell, the housing minister made a call for pensioners to skip a generation when writing their wills, "he suggested that parents should leave their houses and savings to their grandchildren rather than children to help them get on the housing ladder", reports, the Guardian
According to Barwell, this decision could help to reduce intergenerational financial inequities. He also said this to a fringe meeting at the Conservative party conference in Birmingham last week:
"Generally in life, we all like to think that our children are going to be better off than us. In terms of new technology and life expectancy, they are going to be.
"But at the moment, as things stand, they are less likely to own their own home and we need to do something about that."
The following are statistics of the housing market:
- The average house price in England is £232,885, according to Land Registry figures, with the average in London more than twice the figure at £484,716
- The UK has not been able to build sufficient houses to meet demand
- There were 143,560 houses in England in the 12 months to December 2015 - 6% higher than the previous year but still far less than the 240,000 dwellings that need to be built yearly
- By 2025, 7.2 million households would be in rented accommodation, compared with 5.4m in 2015 and 2.3m in 2001, according to analysis by accountancy firm PwC
Garvin Barwell's 75-year-old mother had also chosen to leave her £700,000 house in Croydon to her five grandchildren rather than himself and his brother.
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For more details, visit the Guardian
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Support Solutions 5th National Housing Support & Social Care Conference 2014 The Social and Financial return seminar was very helpful, helped me think about our approach to bidding, negotiating for funding and keeping hold of what we have! The New Technology seminar was really an eye opener- really got me thinking about potential applications for older people. P.M - Four Housing