GARVIN BARWELL, THE HOUSING MINISTER SUGGESTED THAT PARENTS SHOULD LEAVE THEIR HOUSES AND SAVINGS TO THEIR GRANDCHILDREN
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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