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Minister says inheritance should skip a generation
17th October 2016
The housing minister has recently gone on record to say that parents should disinherit their children and leave their homes and wealth to their grandchildren to help them get on the property ladder.
Housing minister, Gavin Barwell, believes that this could ease the current housing crisis and fight against inter-generational unfairness.
The statement by Mr Barwell is very timely as October is Free Wills Month, which allows members of the public aged 55 and over the chance to have their simple wills written or updated for free.
Government plan to help first-time buyers
Those working in legal jobs in the housing sector will know of Prime Minister Theresa May’s plans to help first-time buyers, as they are at the heart of her vision and plans for the UK.
The PM has already revealed that more new homes will be built across Britain over the next few years and that a number of new measures to aid people getting onto the property ladder will be announced in the autumn statement next month.
According to an article in the Telegraph, Mr Barwell, who was speaking at a Conservative Party conference fringe meeting, said, “I don’t want to live in a country where you have to have a wealthy grandparent to have a chance of getting on the housing ladder in this country.
“We need to think about their ability to get on the housing ladder. That does not mean you have to say yes to every single scheme, but it does mean we should always be thinking about this desperate need to build more homes.”
Research by retirement income adviser, Age Partnership, also found that people over the age of 55 in the UK hold more housing wealth in their homes than the annual GDP of Italy. It found that £1.5 trillion of equity is locked in these homes, this compared to Italy’s £1.4 trillion of GDP.
Image Credit: Images Money.