Skipping a generation - advice for UK asset holders

Skipping a generation - advice for UK asset holders

Skipping a generation – advice for UK asset holders

by | Uncategorised

Last week UK housing minister, Gavin Barwell, revealed that he and his brother would not be inheriting the family home.  Flaunting tradition, the matriarch of the Barwell family is to leave the family home to her grandchildren.

The MP already owns a GBP750,000 home close to his mother’s property.  Both he and his brother have their own wealth.  The family home is more of an empty nest.

Furthermore Barwell highlighted the plight of his children’s generations inability to climb the housing ladder.  The next generation are living longer and advancing technology but they are less likely to own a home.  Barwell called on the grandparents of the UK to skip a generation and bequeath their homes to their grandchildren.

In leaving property to grandchildren instead of children they will be closing a generational gap.  The government has recognised the requirement to “reduce inter-generational financial inequities”.

The Guardian newspaper reported the average house price in England stands at £232,885, according to Land Registry figures, with the average in London more than double that figure at £484,716.  In addition, not enough houses are being built to meet demand.  The UK needs to build nearly quarter of a million homes a year to meet demand.

Consequently it looks like a generation of grandchildren will need to have benevolent grandparents in order to buy their first home.  Looks like Grandma will be having lots more visits!

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