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Saving For a Space Ship

Warning On Effect Of House Prices- Ft Artilce

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Edit: I think it's based on this report here, with download link at page end.

"A discussion paper accompanying the publication of Asset Accumulation across the Life Course"

http://www.ilcuk.org.uk/record.jsp?type=pu...ation&ID=20

"Warning on effect of house prices"

http

://www.ft.com/cms/s/0/e8e5a458-64b5-11...0779fd2ac.html

Published: September 17 2007 03:00 | Last updated: September 17 2007 03:00

Rocketing house prices threaten the solidarity between generations that underpins the state pension, the National Health Service and other collective forms of social provision, a report by the International Longevity Centre warns today.

The ever bigger mortgages that younger people are having to take out, at the same time as they are likely to be having children, also threaten the government's family-friendly policies, the study, sponsored by Prudential and undertaken with the National Centre for Social Research, concludes. Data from the British Household Panel Survey are used to determine what has happened to the wealth of households during the decade from 1995 to 2005. It shows fewer younger people contributing to personal pensions and more of their cash going into property.

But as the cost of buying a home increases "there is a clear risk that these trends will undermine the government's family-friendly policies such as extended right to paternity leave, and flexible working" as families need cash from work to pay the mortgage.

Older people have seen substantial increases in net wealth from the same house price rises. "A transfer of wealth has taken place" as the young take on bigger mortgages but the old see their houses rise in value.

Edited by Saving For a Space Ship

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I read this and say to myself, "Yeah we all know this, we've discussed it to death a million times already." Then I realize that it hasn't been discussed in the wider population at all.

Someone said this site looks like it is foaming at the mouth. Well, it is a lot to take in at once. The effect on the collective psyche of more reports like this will be huge (sentiment).

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