Passing on the benefit of ‘good fortune’
FOR years, arguably decades, when thinking about housing, the focus of the States and politicians has been building homes for first-time buyers.
The island’s longstanding enthusiasm for home ownership still holds sway.
An article in these pages this week from estate agent Trevor Cooper challenged the orthodoxy of that prevailing view to support first-time buyers. His argument, which has sparked considerable debate, is that the States has had hold of the wrong end of the housing telescope for a good while. And instead of ‘blaming’ the older generation for our collective problems, we could use them as a real asset, particularly in the housing market.
As Mr Cooper outlines, house-buying was tough for couples in the 1960s and 1970s – but they did have hope. By holding down two jobs, maybe more, they knew that working, saving and self-discipline would enable them to buy a house, whereas young people today often feel that all the saving they could possibly do won’t allow them to keep up with house price inflation.
Today’s trope against the older generation is that they are sitting on expensive property they no longer need, but won’t release it for younger folk to buy.
Clearly there is an attachment to the family home that nobody would ever wish to deny, but when couples or individuals wish to downsize, there is nothing there for them, Mr Cooper said.
The reverse logic at play would see older people able to move into purpose-built retirement homes, making family homes available which may help younger families intending to move on from first-time buyer property, freeing that up for new entrants to the housing market.
It’s not a solution that will suit everybody. Developing detached bungalows can devour available land, but some examples of these developments have proved popular over the past 20 years.
It is certainly a prospect worthy of consideration, not least in giving the older generation a break. As Mr Cooper said: ‘Instead of bearing a grudge against baby boomers, the younger community should look at how it can benefit from their perceived good fortune.’