Should older people give up their family homes?

Should older people give up their family homes?

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Type R Tom

Original Poster:

3,859 posts

148 months

Friday 5th November 2021
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I know this won’t go down well with many, but the recent property price jump has seen a decent pay rise I got recently disappear in the space of a few months. In my area what would be regarded as the next step on the ladder from a starter home is now £500k+. Those that are more affordable then require £100k of work as many haven’t been decorated in decades.

Many in my area are also dead against new developments which often have bigger detached places, these tend to be older people and to me most likely to be living in a larger family home probably with children my age who have long since moved out.

My issue is that if we can’t build more houses to decrease demand for larger family home, thereby freeing up starter homes, is it right that older couples live in big 4 bed places alone, sometimes neglecting them for years when they could downgrade.

If I wanted I could be mortgage free before 50 staying here and enjoying lots of holidays and meals out. As a “professional” I kind of always imagined the typical PH house but as the months go by it gets less and less likely and the potential for a bigger family. I also imagined moving out to another couple starting their life together moving in.

It’s probably an over simplistic view and not fair on people who have worked hard for their home but also many have made money from nothing other than time and luck. I’ve got no idea how to solve it.

BritishBlitz87

655 posts

47 months

Friday 5th November 2021
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They'll all die eventually and then the next lot will move in. It'll just take longer than usual.

If you don't have an inheritance you're screwed in the south east, I can see the future structure of the haves and have nots for the next centuries formed entirely on the basis of whether your family managed to get on the property ladder at some point in the late 20th early 21st century. Aside from housing costs everything else is cheaper than ever.

Edited by BritishBlitz87 on Friday 5th November 09:39

anonymous-user

53 months

Friday 5th November 2021
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When you say “give up” do you mean “sell and vacate” or “give away”?

If the former, how is that going to help you? From what you say you won’t be able to afford the market price of these big houses.

If the latter, hahahahahhaha. Because there will then be someone worse off than you who will be asking you to give away your house.

It sounds like you’re in an area which has outstripped your income. Either you sit tight and enjoy watching your property value rise, or you move to a different area where you can buy a bigger house for less money. It’s not rocket science.

Type R Tom

Original Poster:

3,859 posts

148 months

Friday 5th November 2021
quotequote all
BritishBlitz87 said:
They'll all die eventually and then the next lot will move in. It'll just take longer than usual.

If you don't have an inheritance you're screwed in the south east, I can see the future structure of the haves and have nots formed entirely on the basis of whether your family managed to get on the property ladder. Aside from housing costs everything else is cheaper than ever.
Yep and the people who inherit want to max the price out to help them progress.

What isn't helping the SE (and has been the same for years) is people moving out of London, especially now WFH is more acceptable. Flat in zone 3 is the same as a big family home.

anonymous-user

53 months

Friday 5th November 2021
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We are in our second property, we are just going for planning now for an extension which will increase its value in line with the cost so net zero really, the trouble is even extended to make the next jump we need to add almost the house value again to our budget

Technically we can afford to do this but much like you its weighing up the odds of being mortgage free at a relatively young age or saddled with a just about serviceable mortgage for the next 25 years

We are going ahead with the extension as although I would like a detached house, I'd also like to be on 3 days a week at 55

Type R Tom

Original Poster:

3,859 posts

148 months

Friday 5th November 2021
quotequote all
BlackWidow13 said:
When you say “give up” do you mean “sell and vacate” or “give away”?

If the former, how is that going to help you? From what you say you won’t be able to afford the market price of these big houses.

If the latter, hahahahahhaha. Because there will then be someone worse off than you who will be asking you to give away your house.

It sounds like you’re in an area which has outstripped your income. Either you sit tight and enjoy watching your property value rise, or you move to a different area where you can buy a bigger house for less money. It’s not rocket science.
So what happens to first time buyers? fk em? My point is I'm sitting on a starter home when by now I should have moved on. How do you solve without moving 100s of miles away which isn't really viable with work.

dingg

3,974 posts

218 months

Friday 5th November 2021
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The issue needs government intervention to spread employment and businesses throughout the UK rather than concentrated on the South East of England. Until that happens you'll be stuck with it. It really is that simple....

anonymous-user

53 months

Friday 5th November 2021
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Type R Tom said:
So what happens to first time buyers? fk em? My point is I'm sitting on a starter home when by now I should have moved on. How do you solve without moving 100s of miles away which isn't really viable with work.
You sound a bit entitled TBH.

Type R Tom

Original Poster:

3,859 posts

148 months

Friday 5th November 2021
quotequote all
BlackWidow13 said:
Type R Tom said:
So what happens to first time buyers? fk em? My point is I'm sitting on a starter home when by now I should have moved on. How do you solve without moving 100s of miles away which isn't really viable with work.
You sound a bit entitled TBH.
If you think so, that's your prerogative. You sound like someone who is probably profiting of the status quo and doesn't want things to change.

Chainsaw Rebuild

1,997 posts

101 months

Friday 5th November 2021
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OP imagine the boot was on the other foot: you have got yourself and your wife into the position where you are nicely retired, the kids have left and you now have a couple of guest rooms. Your grandkids can come to stay anytime you like, as can your friends. You could even take in a lodger to boost your income.

Then some guy who wants a bigger house but can’t afford it ways you have to sell so he can put his family in your house.

blueg33

35,577 posts

223 months

Friday 5th November 2021
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In social housing it is becoming a thing, to move older people into smaller newer homes, but the build rate is really low so the freeing up of family houses is glacial at best.

In terms of market property, there is a distinct lack of provision for older people. My mum has been looking to downsize for 2 years, she needs to move to a place that will last her until the end (there is no point in moving repeatedly, especially when the costs of doing so are very high). In 2 years nothing has become available in her area that fits the bill, until last week. Offer is now made and accepted.

I am still looking into it, but there is also an issue regarding care costs. If the move releases capital then the care costs are dealt with differently than when the capital is tied up in someones home. This can be unpalatable for people who have significant value in the asset.

You then have the psychology, the big house is something people have aspired to. The older generations often measured their success by size of house. Downsizing therefore equates to a loss of that success. When we were building open market extra care apartments, many people chose not to downsize because they see it as a downgrade.

hotchy

4,454 posts

125 months

Friday 5th November 2021
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As rates rise, values will fall or atleast slow current increases.

Type R Tom

Original Poster:

3,859 posts

148 months

Friday 5th November 2021
quotequote all
Chainsaw Rebuild said:
OP imagine the boot was on the other foot: you have got yourself and your wife into the position where you are nicely retired, the kids have left and you now have a couple of guest rooms. Your grandkids can come to stay anytime you like, as can your friends. You could even take in a lodger to boost your income.

Then some guy who wants a bigger house but can’t afford it ways you have to sell so he can put his family in your house.
Yep, I completely except that. But then is it fair for you to object to a new build estate built near you with exactly those types of homes?

This is what is happening around my way.

I also have a slight issue with the afford bit, we all know that the reason the houses aren't affordable is nothing to do with anything they did.

phazed

21,844 posts

203 months

Friday 5th November 2021
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Just reduce the population and the problem is solved. I don’t know why anyone hasn’t thought of this before scratchchin

anonymous-user

53 months

Friday 5th November 2021
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Type R Tom said:
Yep, I completely except that. But then is it fair for you to object to a new build estate built near you with exactly those types of homes?

This is what is happening around my way.

I also have a slight issue with the afford bit, we all know that the reason the houses aren't affordable is nothing to do with anything they did.
It's not just old people objecting though, no one wants a new build estate with all the issue that brings right on their doorstep

eldar

21,614 posts

195 months

Friday 5th November 2021
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Type R Tom said:
BlackWidow13 said:
When you say “give up” do you mean “sell and vacate” or “give away”?

If the former, how is that going to help you? From what you say you won’t be able to afford the market price of these big houses.

If the latter, hahahahahhaha. Because there will then be someone worse off than you who will be asking you to give away your house.

It sounds like you’re in an area which has outstripped your income. Either you sit tight and enjoy watching your property value rise, or you move to a different area where you can buy a bigger house for less money. It’s not rocket science.
So what happens to first time buyers? fk em? My point is I'm sitting on a starter home when by now I should have moved on. How do you solve without moving 100s of miles away which isn't really viable with work.
You want someone to give you a bigger house? Shouldn't it go to a homeless, but bigger, family than yours?

Type R Tom

Original Poster:

3,859 posts

148 months

Friday 5th November 2021
quotequote all
phazed said:
Just reduce the population and the problem is solved. I don’t know why anyone hasn’t thought of this before scratchchin
Ironically, for is this is the case, can't have a bigger family as don't have the space biggrin

blueg33

35,577 posts

223 months

Friday 5th November 2021
quotequote all
Type R Tom said:
So what happens to first time buyers? fk em? My point is I'm sitting on a starter home when by now I should have moved on. How do you solve without moving 100s of miles away which isn't really viable with work.
Some people will always have more than others, that is a fact of life, a fact of human nature.

IMO its up to the individual to better themselves and prosper, not to expect to be "handed stuff on a plate"

I have mates who have stunning houses, great cars etc. They have all made personal sacrifice and taken financial risk. They have all been better at it than me. Do I expect them to give me their stuff ? - of course not. Why do you feel you are entitled to the results of someone elses risk and effort?

The best way to combat the green eyed monster is to rely on yourself not expect charity

Type R Tom

Original Poster:

3,859 posts

148 months

Friday 5th November 2021
quotequote all
eldar said:
Type R Tom said:
BlackWidow13 said:
When you say “give up” do you mean “sell and vacate” or “give away”?

If the former, how is that going to help you? From what you say you won’t be able to afford the market price of these big houses.

If the latter, hahahahahhaha. Because there will then be someone worse off than you who will be asking you to give away your house.

It sounds like you’re in an area which has outstripped your income. Either you sit tight and enjoy watching your property value rise, or you move to a different area where you can buy a bigger house for less money. It’s not rocket science.
So what happens to first time buyers? fk em? My point is I'm sitting on a starter home when by now I should have moved on. How do you solve without moving 100s of miles away which isn't really viable with work.
You want someone to give you a bigger house? Shouldn't it go to a homeless, but bigger, family than yours?
Who said anything about give? My point is there needs to be a way to make the next run of the ladder more affordable, so we built lots more bigger houses and free up existing starter homes.

Type R Tom

Original Poster:

3,859 posts

148 months

Friday 5th November 2021
quotequote all
blueg33 said:
Type R Tom said:
So what happens to first time buyers? fk em? My point is I'm sitting on a starter home when by now I should have moved on. How do you solve without moving 100s of miles away which isn't really viable with work.
Some people will always have more than others, that is a fact of life, a fact of human nature.

IMO its up to the individual to better themselves and prosper, not to expect to be "handed stuff on a plate"

I have mates who have stunning houses, great cars etc. They have all made personal sacrifice and taken financial risk. They have all been better at it than me. Do I expect them to give me their stuff ? - of course not. Why do you feel you are entitled to the results of someone elses risk and effort?

The best way to combat the green eyed monster is to rely on yourself not expect charity
Again, who said anything about give? If we can't build new larger family homes (blocking applications) then we don't free up starter homes for kids