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Inheritance, not work, has become the main route to middle-class home ownership


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Hi, once again, to the lurking Guardian reporters :) 

 

https://www.theguardian.com/commentisfree/2020/nov/09/inheritance-work-middle-class-home-ownership-cost-of-housing-wages

In many of the world’s largest and most expensive cities, young people find themselves in a strange predicament. Although their educational credentials and employment prospects put them in the “middle-class” category, many have virtually no chance of ever making it on to the property ladder.

For almost four decades, property prices have increased at a much faster rate than wages. Although this trend has hardly gone unnoticed, what has received less recognition is how it has fundamentally reshaped both class and inequality in western societies.

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Couldn't agree more but they've got the reasoning totally wrong.. Hopefully mummy and daddy kick the bucket before 70.. When I have kids they're getting a net worth figure + inflation each year before they get anything 🤣.. 

The amount of parents I see in 'decent' jobs saying oh my kids are free to do what makes them happy not what makes them money... Erm, what... 

My parents do fine, but without work ethic what the hell is your child.. An entitled do-gooder? Just how my parents never took money off of me when I went home the third year of uni due to relationship breakdown.. I would never (key) EXPECT them to sort me out. I was gone within a year. Happy childhood but being told 'no' a lot and seeing them prioritise really gives you the work ethic and stimulates your mind to adapt to rely on how YOU can solve a problem not how mummy and daddy can.. The amount of entitled and babied idiots out there 26+ still living with their parents (IN THE NORTH) is astounding. Your parents are your last resort ASSUMING they can help you. Grow up and make your own way..

Disclaimer: If southern, none of the above applies.. :D 

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When more and more property is realised......fewer will actually work......the age of affluence for those that happen to tumble into a wealth they didn't create.;)

How are they going to afford the upkeep on the aging UK property stock.

I've viewed houses in some well to do neighbourhoods and the state of the upkeep of the houses is hilarious.

Must be a lot of poor rich people out there

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How are they going to afford the upkeep on the aging UK property stock.

I've viewed houses in some well to do neighbourhoods and the state of the upkeep of the houses is hilarious.

Must be a lot of poor rich people out there

All depends what you mean by upkeep?......does the rain come in? Do the windows fit?......decor inside is a matter of personal choice, not everyone wants chip fitted kitchens and fibreglass baths.....or is it the grass not cut in a timely manner?......;)

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How are they going to afford the upkeep on the aging UK property stock.

I've viewed houses in some well to do neighbourhoods and the state of the upkeep of the houses is hilarious.

Must be a lot of poor rich people out there

Here we go again agreeing  🤣 I STR'd in 2007 -2009 and rented a nice house in a good area Plenty of £600k semis and £1million detached

My old man with his global view called it land of the small cars - he couldn't fathom why people would beggar themselves to get a house they could barely afford 

Not saying  should have a big car at all but rather a clue to their finances (also apparent in their dress and the state of many of the places) 

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Not saying  should have a BENTLEY at all but rather a clue to their finances (also apparent in their dress and the state of many of the places) 

fixed it for you Greg :)

 When I was selling windows around Oxford in the late 90's I noticed lots of 1 million plus houses bought by school teachers and librarian type professional mid-earner types, bought in the 70's who today would struggle to buy a starter home ten miles out of the area now. 

 This explains some of this rich/poor apparent wealth discrepancy, mostly over-occupied after the kids started renting but being reluctant to downsize.  This equity will fund most NHS elderly care in time.  

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There isn't a clearer sign that the Western Economic (and political) model is dying.  With no emerging middle class, you risk ossification and obsolescence.  You ignore this sign at  your peril

 

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There isn't a clearer sign that the Western Economic (and political) model is dying.  With no emerging middle class, you risk ossification and obsolescence.  You ignore this sign at  your peril

 

The middle class is shrinking........how many do we all know who are actually working or working full time, fewer and fewer either by circumstances or by choice......does work pay or wealth pay?;)

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Here we go again agreeing  🤣 I STR'd in 2007 -2009 and rented a nice house in a good area Plenty of £600k semis and £1million detached

My old man with his global view called it land of the small cars - he couldn't fathom why people would beggar themselves to get a house they could barely afford 

Not saying  should have a big car at all but rather a clue to their finances (also apparent in their dress and the state of many of the places) 

Greg, stop it, you're killing me here.  Either you're a different Greg Bowman or i'm a different TCON 😉 

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The middle class is shrinking........how many do we all know who are actually working or working full time, fewer and fewer either by circumstances or by choice......does work pay or wealth pay?;)

I have a very different metric of "Middle class", to me to be in the Middle Class means you can work, but you dont need to, you should have enough income from assets, investments or business ownership that you dont need to work, unless you want too. My old boss was true middle class, owner and MD of a SME worth £8m, 50ish staff, board of directors, of which 2 were his sons in their early 30's. Both kids went to private school, has a Range Rover and a TVR, and owned the business unit of one of the business branches, held in a trust, so was that branches landlord. £1m+ big detached house bought for £250k in 1996.

Truthfully has not needed to be around for the business to be succesfull since about 2010, he could have retired early, become Chairman and took a nice wage for doing nothing. 

If you need to work for a living every month to pay the bill's no matter what you earn, you are working class, upper working class maybe (what i consider my family), but no work, no income. 

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So I'm basically screwed then?  No matter how hard I work and how much I save...since there's no family estate to carve up on my fathers death I can't ever improve my lot in life?

This is what happens in third world countries, now it is happening here, what goes around comes around

Edited by shlomo
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I have a very different metric of "Middle class", to me to be in the Middle Class means you can work, but you dont need to, you should have enough income from assets, investments or business ownership that you dont need to work, unless you want too. My old boss was true middle class, owner and MD of a SME worth £8m, 50ish staff, board of directors, of which 2 were his sons in their early 30's. Both kids went to private school, has a Range Rover and a TVR, and owned the business unit of one of the business branches, held in a trust, so was that branches landlord. £1m+ big detached house bought for £250k in 1996.

Truthfully has not needed to be around for the business to be succesfull since about 2010, he could have retired early, become Chairman and took a nice wage for doing nothing. 

If you need to work for a living every month to pay the bill's no matter what you earn, you are working class, upper working class maybe (what i consider my family), but no work, no income. 

That would be upper middle class; don't have to work and have economic freedom with roof, utilities, food (standard), clothes and transport costs covered if you sat on yer rse.

Middle class is you are working but could retire earlier if you wanted and have access to better lifestyle services and goods.

Many kids born to middle class parents, if you include their inheirtence of properties et al could be upper middle class.

Rich is where you and your entire family individually never have to work ever.

Wealthy is where you have so much money you forget where it is

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Middle class means you have more than 4 staff on your yacht,  and you pay others to make money for you.

 

The obsession with class is always a surprise, there are plenty of people with money and no class at all, Trump is one.  I do think in England people are screwed unless they inherit money.  Not just because inherited money is a boost, more so because the class system is used to give special treatment and access to opportunity.  

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Actually class is not all about money, some working class are very wealthy, some middle class are not.......my point is does work pay, or does equity pay......equity that grew on trees.;)

So what makes you middle class then? We are the only family i am aware of amongst friends and peers who have specific "soup spoon" ,"fish knives" and "steak knives" sets, a HAM carver, snail tongs and forks, 3 shelves of every type of dinking glass you could imagine, including a set of Vera Wang goblets in a display cabinet, and a full 8 piece setting Royal Doulton crockery set with everything, plates, desert plates, side plates, starter plates, desert bowls, serving dishes, tea and coffee cups and saucers, teapot, serving dishes, milk and cream pots, sugar cube bowl, gravy boat, meat plate. 

But i say we are working class! 

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So what makes you middle class then? We are the only family i am aware of amongst friends and peers who have specific "soup spoon" ,"fish knives" and "steak knives" sets, a HAM carver, snail tongs and forks, 3 shelves of every type of dinking glass you could imagine, including a set of Vera Wang goblets in a display cabinet, and a full 8 piece setting Royal Doulton crockery set with everything, plates, desert plates, side plates, starter plates, desert bowls, serving dishes, tea and coffee cups and saucers, teapot, serving dishes, milk and cream pots, sugar cube bowl, gravy boat, meat plate. 

But i say we are working class! 

You are, she is a yummy mummy

 

claudia-shciffer-yummy-mummy.jpg?resize=

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  • 439 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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