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VanLang76
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Old 08-21-2019 , 07:19 PM     VanLang76 est dconnect  search   Quote  
Cheer up, millennials! It will become easier to buy a house
The snag? It’s because your parents are going to die


Print edition | Britain
Jan 5th 2019




Many young Britons believe that the housing market is stacked against them. And who can blame them? In the past two decades house prices have doubled in real terms, because of both tight planning restrictions, which have limited the supply of homes, and low interest rates, which have stoked demand for them. Theresa May, the prime minister, has described the scarcity of housing as “the biggest domestic policy challenge of our generation”. But the reality is that it challenges some generations more than others. Elderly folk, who bought their houses before the boom, own a huge slice of overall housing wealth relative to their share of the population (see chart). It is a different story for youngsters. A 27-year-old living today is half as likely to be a home-owner as one living 15 years ago.

Yet some economists spy a silver lining for millennials. The thinking goes that, within a decade or two, baby-boomers—the bumper generation born between roughly the early 1940s and early 1960s—will begin to sell up, as they first start to downsize, then move into elderly people’s accommodation and, eventually, to the great old-folks’ home in the sky. As their properties are put on the market, supply will rise, depressing prices and bringing ownership within reach for more people. This is much talked about in America, where a recent article co-authored by an economist at Fannie Mae, a government-backed mortgage provider, pointed to the “coming exodus of older homeowners”.
VanLang76
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Join Date: Jan 2003
Số Điểm: 1348
Old 08-21-2019 , 09:09 PM     VanLang76 est dconnect  search   Quote  
Yet some economists spy a silver lining for millennials. The thinking goes that, within a decade or two, baby-boomers—the bumper generation born between roughly the early 1940s and early 1960s—will begin to sell up, as they first start to downsize, then move into elderly people’s accommodation and, eventually, to the great old-folks’ home in the sky. As their properties are put on the market, supply will rise, depressing prices and bringing ownership within reach for more people. This is much talked about in America, where a recent article co-authored by an economist at Fannie Mae, a government-backed mortgage provider, pointed to the “coming exodus of older homeowners”.
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