Active discussions

Meet the Other Phone. Flexible and made to last.

Meet the Other Phone.
Flexible and made to last.

Buy now

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

A generation waiting to inherit

373 replies

Okaydoklay · 10/07/2019 16:43

With house prices being so high, are we creating a generation of people who home ownership is out of their grasp, and those who have wealthier parents , they are all waiting for their parents to pass to ever be able to afford their own home.

OP posts:
MyOpinionIsValid · 10/07/2019 16:44

That is unlikely to happen now - that money will go to fund care homes

Original poster
Okaydoklay · 10/07/2019 16:47

Yes, I agree. And its not fair that those who inherit can buy and those that don't can't. Creating such massive social divides! Maybe it will level the field, but everyone will be worse off.

OP posts:
user87382294757 · 10/07/2019 16:48

Yes this is a thing and mentioned quite a lot, it seems the baby boomers are all coming up to age of dying and will leave lots of homes - but for the ones who do inherit of course

caringcarer · 10/07/2019 16:48

Not all parents are the same. I have given my dc a good chunk of money as a deposit on a house from the settlement I received from sale of the family home after my divorce. I think it is better to give whilst I am still alive to see them enjoy it. Not all parents are in a position to do this though.

user87382294757 · 10/07/2019 16:49

www.bbc.co.uk/news/uk-42519073

Original poster
Okaydoklay · 10/07/2019 16:49

Is the generation waiting to inherit, because they thing think they will be ok, stopping a revolt about housing? Too many I'm alright Jacks

OP posts:
user87382294757 · 10/07/2019 16:50

Apparently they think they will inherit earlier and more than they will- on average they will be in their 60s themselves.

TheHandsOfNeilBuchanan · 10/07/2019 16:51

Which generation/age group are you referring to? I certainly don't know anyone waiting to inherit

caringcarer · 10/07/2019 16:51

If Corbyn gets in he is likely to introduce lifetime gifts for children so less children likely to inherit as a lot of parents will decide to spend money on themselves if can't leave to children.

BettyBooJustDoinTheDoo · 10/07/2019 16:51

They could be waiting a very long time, average life expectancy is 81 years in the UK, the average age to inherit in the UK is 61 as as the poster above says some of that inheritance may need to go towards care.

Proteinshakesandovieshat · 10/07/2019 16:52

For some it will be the only way to buy.

For me to buy I had to move areas. So that what I did.

If I got any inheritance, i would probably sell this and move back to the area i am from.

But you cant guarantee that money will come. So it made sense to me to save up 14k and use that as a 15% deposit and legal fees and buy when I could.

TheHandsOfNeilBuchanan · 10/07/2019 16:54

@caringcarer and this is why even with a laughable Tory mob in power we won't see a labour government anytime soon. I'm from a working class background and even my died in the wool left leaning parents and their friends don't agree with him.

BooksAreMyOnlyFriends · 10/07/2019 16:54

People are living longer. Still have grandparents here and we are pushing 50.

letsrunfar · 10/07/2019 16:56

It's not a very sound financial tactic!

Having said that, give that over the past twenty or thirty years people are having children much later. ie in the mid thirties to early forties, there are going to be a generation coming up who don't have to wait quite as long for inheritance.

Bit morbid to think about it to be honest though!

Babdoc · 10/07/2019 16:57

Not all of us baby boomers are hanging onto our wealth. I gave my entire pension lump sum, plus my own inheritance from an aunt, to my DC as mortgage deposits - a total of £200,000. They are both now home owners in Edinburgh, which has a horribly expensive housing market. They could not have saved up deposits fast enough for the rising prices otherwise, and I didn’t want them stuck in rented flats until my eventual demise.

BullBullBull · 10/07/2019 16:57

Not everyone is waiting on an inheritance. I know no one who is. Not all baby boomers are rich

MyOpinionIsValid · 10/07/2019 16:57

I have wry amusement at my local FB group, which has a very large ex-council estate catchment. There is nan/grandad (70's) constantly moaning about no social housing (they bought their council house and sold it with much profit and buggered off to Herne Bay); mum/dad will be moaning about all the immigrants stealing our jobs and houses (they had a bit of back hander from M&D (late 40's) re the sale of the aforementioned council house) but primarily moaning how the kids (20's) cant get on the ladder and why rent is exorbitant.

It's exorbitant because nan and grandad were greedy, mum and dad benefited, and there's nothing left for the kids.

BettyBooJustDoinTheDoo · 10/07/2019 16:57

Also not everyone will leave their estate to their children, it seems the thing to leave it to grandchildren now and also many people will release equity so they could gift that to their children or spend the lot on themselves, I think many could be in for a shock when the time comes.

TrendyNorthLondonTeen · 10/07/2019 16:59

My parents don't have anything to pass on so I'll inherit the square root of fuck all 🤷‍♀️

Everythingnow12 · 10/07/2019 17:00

DH and I are in our late 30s. We have our own home and mortgage should be paid off in our early 50s. We won’t inherit from my parents (they are not homeowners) but DH May from his parents. I sincerely hope our mortgage is paid off long before DHs parents pass, and if there is an inheritance, then some goes to our son (if they wish). However j have a colleague early 30s who has no deposit for a house yet (despite a fairly well paid job), but is rubbing his hands at inheriting from his parents (who are just early 50s)

MarieG10 · 10/07/2019 17:02

And If. It care homes, then if Labour get into government they will tax the hell out of it.

BettyBooJustDoinTheDoo · 10/07/2019 17:03

Is he planning a grisly end for his parents then Everthing ? He will probably have to wait another 30 years!

SilverySurfer · 10/07/2019 17:03

Obviously there are people who don't rely on money from their parents who have bought their own home. They have prioritised different things - ie living with parents to enable them to save for a deposit, not spending thousands on a wedding, no overseas holidays, no car or an old banger, no children so it is possible to do. If your priorities are different, ie some of those listed, then it's not difficult to understand why buying a property appears to be unattainable.

Either way, being jealous of people who do get money from parents is not going to do you much good is it?

MyOpinionIsValid · 10/07/2019 17:05

@TheHandsOfNeilBuchanan - mid 50's here - all of our friends have inherited or will inherit. Houses here are around the 450-550k mark, usually 2 siblings to a family. It's a sizable chunk. All our friends are owners in their own right. That money will largely go to grand children (all in their 20s) in the form of house deposits

Our friends are all our age (53-57), all the surviving parents are all mid to late 80s, all the children are mid 20's. All are financially savvy enough not to all into any inheritance tax traps.

Whatthefoxgoingon · 10/07/2019 17:06

I am in my parents’ will to inherit a very large amount of money. However, even if they don’t change their will and leave it all to a cats home, I will be at least 60 in all likelihood when I inherit. They will be around 85 years old. Seeing as some in our family have lived to over 100 years, it could be even longer.

So I’m not really sure this is a bonus worth banking on Grin Certainly couldn’t depend on this money to buy a house (luckily we managed on our own)

Swipe left for the next trending thread