mrjonno wrote:Average life expectancy is what - now about 80 for women and a bit less for men? Say most people have kids in their late 20s and 30s - that means most people's "children" are going to be around 50 or more by the time they die. Most people by that age, particularly if they're from the kinds of families that have this kind of property to pass on, already have a substantial career behind them and have paid off a good chunk of their own house. These aren't fresh faced 18 year olds desperate for the chance to go to university we're talking about.
Err average age of a first time buyer in London is 35 and expected to reach 40.
With the way house prices are increasing you may will not have a deposit until you are to 50. Without high inheritance taxes we are basically looking at the only way you can realistically 'buy' a house is to at least inherit part of one.
That's already true of London, as most people who have tried to live there know.
But London in not typical of the UK as a whole, and only a minority of the UK's citizens live in it.