Skip to main content Accessibility help
×
Home
Hostname: page-component-99c86f546-qdp55 Total loading time: 0.401 Render date: 2021-11-29T04:00:35.953Z Has data issue: true Feature Flags: { "shouldUseShareProductTool": true, "shouldUseHypothesis": true, "isUnsiloEnabled": true, "metricsAbstractViews": false, "figures": true, "newCiteModal": false, "newCitedByModal": true, "newEcommerce": true, "newUsageEvents": true }

Housing Wealth and Inheritance*

Published online by Cambridge University Press:  28 January 2010

Abstract

Owner-occupation is now an important source of wealth for many people. Housing has experienced price appreciation much in excess of most other assets over the last 20 years and, at the same time, owner-occupation has expanded dramatically. This paper first discusses the impact that this growth in popular wealth holding has had on the overall distribution of income and points to its great importance for all groups except the very wealthy. The importance of housing wealth to the individual is also discussed. Despite the importance of housing wealth, both at an individual and at the broader level, there is virtually no evidence on the transmission of wealth between generations for the mass of people with moderate wealth. This paper rectifies this by analysing the patterns of inheritance of housing wealth for a sample of estates in Glasgow. The evidence shows that wealth left by owner-occupiers is typically passed to a very small group in the close family. The amount of money received can be quite substantial, but tends to go to those in the same or the following generation, that is, people already in middle or old age themselves. Thus, housing inheritance is not likely to be passed directly to young, first time buyers, but to people who already have an established housing career.

Type
Articles
Copyright
Copyright © Cambridge University Press 1988

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Atkinson, A.B. (1980), ‘Inheritance and the redistribution of wealth’, in Hughes, G.A. and Heal, G.M. (eds), Public Policy and the Tax System, George Allen and Unwin, London.Google Scholar
Atkinson, A.B. and Harrison, A.C. (1978), The Distribution of Personal Wealth in Britain, Cambridge University Press, Cambridge.Google Scholar
Ball, M.J. (1983), ‘Coming to terms with owner occupation’, Capital and Class, 24, 1544.Google Scholar
Cullingworth, B. (1978), Essays on Housing Policy, George Allen and Unwin, London.Google Scholar
Donnison, D.V. and Ungerson, C. (1982), Housing Policy, Penguin, London.Google Scholar
Gibb, A. (1983), Glasgow: The Making of a City, Croom Helm, Beckenham.Google Scholar
Harbury, C.D. (1962), ‘Inheritance and the distribution of personal wealth in Britain’, Economic Journal, 72, 845868.CrossRefGoogle Scholar
Harbury, C.D. and MacMahon, P.C. (1973), ‘Inheritance and the characteristics of top wealth leavers in Britain’, Economic Journal, 83, 810833.CrossRefGoogle Scholar
Jenkins, S.P. and Maynard, A.K. (1983), ‘Intergenerational continuities in housing’, Urban Studies, 20, 431438.CrossRefGoogle Scholar
Karn, V., Kemeny, J. and Williams, P. (1985), Home Ownership in the Inner City: Salvation or Despair?, Gower, Aldershot.Google Scholar
Kemp, P. (1982), ‘Housing landlordism in late nineteenth century Britain’, Environment and Planning A 14, 14371447.CrossRefGoogle Scholar
Revenue, Inland (1986), Inland Revenue Statistics, HMSO, London.Google Scholar
Meade, J.E. (1976), The Just Economy, George Allen and Unwin, London.Google Scholar
Menchik, P.L. (1979), ‘Intergenerational transmission of inequality: an empirical study of wealth mobility’, Economica, 46, 349362.CrossRefGoogle Scholar
Merrett, S. (1978), State Housing in Britain, Routledge and Kegan Paul, London.Google Scholar
Merrett, S. with Gray, F. (1982), Owner Occupation in Britain, Routledge and Kegan Paul, London.Google Scholar
Grenfell, Morgan (1987), ‘Housing inheritance and wealth’, Morgan Grenfell Economic Review, 45, 11.Google Scholar
Munro, M. and Maclennan, D. (1987), ‘Intra urban changes in housing prices: Glasgow 1972–1983’, Housing Studies, 2, 6581.CrossRefGoogle Scholar
Murie, A. (1983), Housing Inequality and Deprivation, Heinemann, London.Google Scholar
Murie, A. and Forrest, R. (1980), ‘Wealth, inheritance and housing policy’, Policy and Politics, 8, 119.CrossRefGoogle Scholar
Rentoul, J. (1987), The Rich Get Richer, Unwin Paperbacks, London.Google Scholar
Royal Commission on the Distribution of Income and Wealth (1977), Report No. 5: Third Report on the Standing References, Cmnd. 6999, HMSO, London.Google Scholar
Royal Commission on the Distribution of Income and Wealth (1979), Report No. 7: Fourth Report on the Standing References, Cmnd. 7595, HMSO, London.Google Scholar
Saunders, P. (1978), ‘Domestic property and social class’, International Journal of Urban and Regional Research, 2, 233251.CrossRefGoogle Scholar
Shorrocks, A.F. (1979), ‘On the structure of intergenerational transfers between families’, Economica, 79, 415425.CrossRefGoogle Scholar
Thorns, D.C. (1981a), ‘Owner-occupation: its significance for wealth transfer and class formation’, Sociological Review, 29, 705728.CrossRefGoogle Scholar
Thorns, D.C. (1981b), ‘The implications of differential rates of capital gain from owner occupation for the formation and development of housing classes’, International Journal of Urban and Regional Research, 5, 204217.CrossRefGoogle Scholar
27
Cited by

Send article to Kindle

To send this article to your Kindle, first ensure no-reply@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about sending to your Kindle. Find out more about sending to your Kindle.

Note you can select to send to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be sent to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Housing Wealth and Inheritance*
Available formats
×

Send article to Dropbox

To send this article to your Dropbox account, please select one or more formats and confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your <service> account. Find out more about sending content to Dropbox.

Housing Wealth and Inheritance*
Available formats
×

Send article to Google Drive

To send this article to your Google Drive account, please select one or more formats and confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your <service> account. Find out more about sending content to Google Drive.

Housing Wealth and Inheritance*
Available formats
×
×

Reply to: Submit a response

Please enter your response.

Your details

Please enter a valid email address.

Conflicting interests

Do you have any conflicting interests? *