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tomandlu

My Parents

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All my life, my mum and dad have had two houses - a holiday home near some fishing, and a London house. Now it's down to one. They are both retired, and their income has been hit hard by the IR. Nothing appalling - they are not on the breadline - but the second house had to go.

I wonder how many more like them?

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All my life, my mum and dad have had two houses - a holiday home near some fishing, and a London house. Now it's down to one. They are both retired, and their income has been hit hard by the IR. Nothing appalling - they are not on the breadline - but the second house had to go.

I wonder how many more like them?

To have a second home with no mortgage is a good position to be in. My parents have always had a nice home and have invested wisely in their choice of houses over the years, which has kept them above water, but they are now on a basic pension and their savings are dwindling fast as they cannot earn any interest on it. They are currently living in a house which is worth a small fortune, but they don't intend selling it any time soon in order to release some capital. They have a caravan and spend many months every year travelling the country in it. They are very content, healthy, quite frugal in what they spend and are generally satisfied with their lot. That is what matters.

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All my life, my mum and dad have had two houses - a holiday home near some fishing, and a London house. Now it's down to one. They are both retired, and their income has been hit hard by the IR. Nothing appalling - they are not on the breadline - but the second house had to go.

I wonder how many more like them?

Thanks for that anec - out of curiosity - did the second home have to go in order to release capital to add to savings, or because they needed to reduce the expenditure of keeping it? I realise that it's probably a case of both in most instances, but curious which was the pushing factor for them?

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Thanks for that anec - out of curiosity - did the second home have to go in order to release capital to add to savings, or because they needed to reduce the expenditure of keeping it? I realise that it's probably a case of both in most instances, but curious which was the pushing factor for them?

A bit of both, but mostly to reduce expenditure - also, TBH, my dad got too old and infirm to fish (he liked fly-fishing).

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The advent of broadband internet to rural areas, combined with unemployment amongst higher earners has even led to the opposite scenario of the OP's parents happening more frequently - having lost their job, city slickers are selling their London homes and moving up to reside with their families in the rural 2nd home.

Thus they release capital to survive for a few years without work until things improve, while offering the family a higher quality of life and possibly doing some freelance work from home.

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The advent of broadband internet to rural areas, combined with unemployment amongst higher earners has even led to the opposite scenario of the OP's parents happening more frequently - having lost their job, city slickers are selling their London homes and moving up to reside with their families in the rural 2nd home.

Thus they release capital to survive for a few years without work until things improve, while offering the family a higher quality of life and possibly doing some freelance work from home.

Yes, to add to this, my Ma may have to sell her 'city' main home and go and live in her second home in the West Country now (despite being family I too had to get out my very tiny violin for that) that her pension is worthless due to fall in stockmarket. However, she, and most others I suspect will drag it out for as long as possible and therefore lose even more money on the sale of the main home.

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All my life, my mum and dad have had two houses - a holiday home near some fishing, and a London house. Now it's down to one. They are both retired, and their income has been hit hard by the IR. Nothing appalling - they are not on the breadline - but the second house had to go.

I wonder how many more like them?

There was a thread a while ago predicting just this. Something like why low interest rates will accelerate the crash.

This does also seem to particularly apply to the top end. There are a lot of older boomers at or close to retiring, but who aren't yet drawing a pension. They have been hit the most and some are selling up as a result.

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