383. Dead man's shoes

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I am considering moving house, within UK, and have started cursorily looking at properties. In some London suburbs, those you would like to live in, a four bedroom house with a bit of garden, relatively close to a tube station, even at the far end of the line, sells for around £2.5Mn. This is whilst the average UK salary remains stubbornly stuck at around £30,000. These houses are worth 80 times the average salary. This is difficult to comprehend, and one has to ask the question, who is buying these properties? It cannot be working people. Or maybe it can. I have been giving this considerable thought, as I am fascinated by the apparently unexplainable. I wonder whether this market is sustained by inheritance, the combined result of smaller families and of older parents owning now expensive property which was acquired cheaply and which, when passed down, is sold to fund upgrading. Living in a desirable property may be becoming a multigenerational project. Bad news if your family is poor

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Location: Hereford, UK

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