If you’re retired in an £800,000 house you paid off before young people were mostly locked out of capital, you should, actually, be forced to downsize or borrow.
Why should young people stuck renting subsidise these people? Triple lock should have gone in the bin years ago. The social settlement for most young people in their 20s in grossly unfair.
No. As a household you worked to pay for it and / or if an inheritance component your ancestors did.
At the same time you paid your NI part of which is to the state pension funding. Directly yes it paid those then retired but the expectation was when you were retired you would receive the state pension with the same buying power. I don't dispute the triple lock should go. What there should also be is an index of essentials food, energy, water, council tax, local public transport which the state pension should track. Right now this would be higher than the CPI.
Looking at my parents, they worked hard to purchase a family home for £300,000 over 25 years ago. They have replaced the kitchen, balcony and toilets but not increase the size of the home. Their home is now worth over £1,300,000 for honestly not doing much. Their property has brought in a similar income, than their own income before tax!
As a result of the silly house prices, for me to purchase a family home, an hour commute from London, I am now staring down the barrel with a 35 year mortgage and over half a million in debt to pay off on top of lots of bills such as university fees which our parents escaped from. Hopefully property prices stablise over the next few decades, so our children have some chance to purchase something and not stuff the next generation.
Then, I could talk about the far better pensions that our parents had in the past which hardly anyone is able to get now.
How can a house both be lived in and bring in income ??
It has gained value but that can only be released by selling it.
Buy-to-let is different of course and the eithics of that are seperately debatable.
Regardless while housing prices have escalated this is irrelevant to the state pension.
I think there will be some form of energy price support after April next year, because if not current projections show a price increase of about 75%.
This will alienate many Conservative voters, and is therefore politically unacceptable. (to the government, that is)
Logically I concur but until they make a commitment and the point where the can make a U-turn is passed planning anything based on disposable income is a risk.