House prices

This is an aspect of the housing shortage which is usually ignored. For every group of young couples who can't afford to buy a house, there is at least one family making a fortune because they were able to buy a house some years ago. There are people and hedge funds buying up flats and houses in expensive areas and leaving them empty so they can benefit from rising prices. My DS and DDiL could not now afford to buy the house they have lived in for the last ten years though when they bought it, it wasn't particularly expensive. I don't know what the answer is!

My parents first house was the one on the right behind the black car, it cost them £250.

Another aspect is perhaps the number on one parent families which must impact on the number of homes needed.

Lily there is at least one family making a fortune because they were able to buy a house some years ago. Are they really 'making a fortune'? They have to live somewhere so any such profit is not disposable. If someone bought a house many years ago and is still living in it I think it is rather hard to criticise them. Then there are people like us who moved around for jobs and each time increased our mortgage each time (and therefore had to live frugally for years) so now have a bigger house than if we had stayed in our first one.

It does feel at times that if you work hard, give up living in the area you were brought up in and spend your earnings on property it is somehow seen as wrong. If you buy a little house and spend your money on having a good time, cars, holidays, wining and dining etc. it is somehow seen as better.

I agree, Lilygran. You see new luxury 'apartments' being built in London. A lot of them will be bought by overseas investors and will remain empty until they are sold at a profit.

Nandalot they may well end up not being able to sell them at a profit. Markets go up as well as down! Don't they let them out? I would if I had lots of money!

One of the problems young families face when renting, is the lack of security. I'm not very familiar with the legalities, but it seems that a settled family with children in school could be asked to move at the end of a 6mth tenancy.

I would imagine that this is a very unsettling state to be living in. It is not always easy to up sticks and find another house in the same area.

Years ago tenancies were protected for a longer period.

Unfortunately houses are no longer seen as homes, by some, but as easy cash.

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Nonnie I said 'family' because I was thinking of the heirs! Unless it all goes on care. And you can always 'downsize' or move somewhere cheaper. There are schemes as well that allow you to realise the value of the house you go on living in.

Lily thanks for clarifying. Not everyone can downsize though.

I don't know a lot about those places which are just for the elderly but I imagine the service charges must be huge to provide all the facilities. I also think that for someone living on a pension the thought of selling their house, which presumably they own outright, and then paying ground rent and service charges on a flat could be quite scary.

When I suggested that we would move to a bungalow or flat if the house became too much for us a friend pointed out that the cost of doing so might well be more than paying for someone to come in and help. A very good point.

Equity release schemes have had a very bad press and would obviously impact on the heirs as would care home fees.

All very complex.

Some of you might find this interesting. I suspect this is the cheapest way to buy property in London. www.sharetobuy.com/firststeps/sharedownershipproperties

I so agree with one your point s Nonnie we live in a house too big for us but having a cleaner and an occasional gardener means we can stay here. We wouldn't gain much either financial or in comfort and we like our home.