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James O'Brien is moved to tears by LBC callers' stories of home ownership | LBC
May 26, 2025
The 'Bank of Mum and Dad' is dividing the housing market, with young people increasingly only able to get on the property ladder with financial help from friends and family.
James O'Brien takes calls from renters, home-owners and worried parents about the state of the UK housing market.
0:00 Caller Matt, who recently bought his first home, rails against landlords, saying he would never buy a second house to rent out as he has "moral fibre."
5:06 Caller Tina is worried about her ability to financially support her children, who both rent. She says she's "absolutely terrified" that when she dies she won't be able to give anything to her children because of the cost of social care.
10:14 Caller Chris shares the emotional story of buying his first home at the age of 52 after years of rent insecurity, moving James O'Brien to tears. He says, ‘we walked in the door and I said to my son, no one can touch us now.’
Listen to the full show on the all-new LBC App: https://app.af.lbc.co.uk/btnc/thenewlbcapp
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0:00
I think that rent prices are ridiculous for what you get for it, and they need to be regulated much more heavily
0:07
I often compare this to a friend of mine who was actually my boss at the time, so earning more money than me
0:13
And she went to buy a house two years after I did
0:19
House prices had gone up by about 50k, which is crazy. I got so lucky that I bought my house when I did
0:25
Not only that, she had a mortgage offer accepted by the bank, an offer on a house accepted by the bank
0:32
Then Liz Truss happened, and it all fell through. In the years since, she spent about £50,000 on rent
0:38
that's just been thrown down the toilet. It's crazy how much, as soon as you get on the property ladder
0:44
how much everything opens up for you in terms of the money you can save. It's so much easier to save money
0:49
It's so much easier to invest in other things. I could spend the same amount as what my friends do each month
0:57
put 500 in stocks and shares, and that 500 turns into 1,000 by the time I want to spend it
1:03
Rent is actually crippling for people my age. This is a superb contribution
1:08
I'm so grateful to you. Well, in many ways, I was expecting the more powerful contributions
1:12
to come from the other side of the divide, but I don't know why, because you, in some ways
1:18
you have a much better view, don't you? And the fact that she was your boss, That's such a powerful moment, isn't it
1:24
It was almost awkward because we were friends, as much as you can be friends with your boss
1:30
Well, no, I do like her, but she was... Of course, no, I know what you mean. She could still sack you tomorrow
1:35
Well, I was invaluable. Of course. Yeah, but it led to some awkward kind of conversations
1:42
where we're going, society is just unfair. There's no point being... I hadn't thought of that because you've got that
1:47
I mean, there's always the possibility that you're going to be, you know, you're going to be the child of very, very wealthy parents and you're at the bottom of the work ladder
1:58
So that, you know, you're going to be spending your weekends or your holidays in places that even your boss can't afford to go
2:05
But you know what I mean? But that would have been so exceptional and so anomalous when I was growing up
2:10
It would have involved people who were epically blessed. You're not epically blessed
2:15
Your parents managed to find 40 grand. It's not exactly the holiday home in the Maldives
2:20
or anything like that kind of territory, is it? Do you know what's crazy now, though
2:25
Looking at it now, so I still have a mortgage. I've still got £80,000 or something to pay off on it
2:31
which is a great position to be in at my age. Yeah, sure. But if I had kids or was completely immoral
2:39
and wanted to buy a second house to rent out because I had no moral fibre whatsoever..
2:42
Okay, go on. You've upset a lot of people then. but it was Matt that said that, not me
2:47
Don't, don't, James, that was intentional to have said those people. They're evil people and people should be put to the sword
2:52
But people need landlords, Matt. You can't, I mean, obviously you're speaking metaphorically
2:56
but we may open up this line of the conversation later. I'd happily discuss that
3:01
That's a different point. The point I was going to make is, it's so much easier for me. I reckon I could get another deposit
3:06
sooner than she can get her final deposit. Yeah, you could, because you've got equity
3:11
Yeah, well, yeah, that's the other thing. I could borrow off my own house again. Where does it end, Matt
3:16
I mean, you've already given us one fairly big milestone, which is if you've got access to the bank of mum and dad
3:22
you're going to actually be more asset rich than your boss is fairly soon
3:27
That an extraordinary observation which hadn even occurred to me Where does it end I mean it a sense of an apocalypse on the horizon I got some stats for you
3:38
So there's, in the year 2000, there was 2.5 million homes that were rented
3:44
In the year 2025, it's 6 million. If it continues to go on that trend, it'll just stay at that
3:50
It's about a quarter to a third of our population that are renting right now
3:54
if a quarter to a third of our population never own a home then what happens when they retire
4:00
because their pension won't be able to cover their rent and they we're going to have about
4:04
we're going to have like a significant proportion of people so i think we're going to there's going
4:09
to need to be something done with landlords other than just throwing them in a big pot which is my
4:14
solution we you're not yeah i mean you're going to be cheered and booed in almost equal measure
4:19
on that, although probably more cheered than booed, to be fair. I mean, that
4:23
is the point. I've asked that question on the show. We've never actually dug into it. Is it
4:27
a sort of exercise in collective ostrich-ing? Are we all just... I mean, is it as obvious as you and I think
4:36
it is, that there is an absolute reckoning on the horizon? Or is it possible that the clever people know
4:42
something that we haven't quite worked out yet, you and me? I mean, I think
4:45
to think that there's some clever overlords that are thinking this far in the future is very optimistic
4:51
You're a master of understatement, Matthew. Very optimistic indeed. Isn't it? I love that
4:57
Alright, well, I'll fend off all the angry landlords that you have just..
5:01
Get me back, I'd love to talk to them in person. Yeah, yeah, no, I'd love to
5:05
tell them exactly how immoral they are. Tina is in High Wycombe, as promised
5:09
What would you like to say? I'm a parent and I'm one of the people that I could say, on
5:17
On paper, we are privileged. I own my own home. My kids went to university
5:21
They're both doing very well. Can't afford to get on the property ladder, paying fortune in rent
5:26
I feel a failure because I can't give my kids that step up that their cohort have
5:33
They've got parents that bought flats for them in London. They've got big deposits
5:38
We also have another thing, which I think is a ticking time bomb
5:42
everything that I can give my children is locked up in the house that I own yes I am terrified that
5:50
I will use any equity I have in care home fees I saw both my parents and I had to use every penny
5:59
I had they had on their care and I was fine about it because my husband and I were in a situation
6:07
where we had our home, we had a mortgage then, but we were okay
6:12
Our kids had been brought up, and we thought the social contract was
6:16
we gave them a good education, that they did their duty, whatever, that they would be in the same situation as we are now
6:23
They're not. So I'm absolutely terrified that I will not be in a situation
6:29
that I can give anything that I own to my children, because I don't want it
6:35
I don't want to live like my parents did, and, you know, live a lesser quality of life
6:42
What do you mean? What do you mean by that? I don't know what that last bit means. Sorry
6:46
It means that my parents both died in very unpleasant circumstances. My mum had a very bad stroke, lost her ability to speak and eat
6:54
My dad had Alzheimer's. So all the money was spent on their care
6:59
They had no dignity no quality of life I don want that I would rather give my money to my children but there no facility for that So you have a situation where you got parents like me who feel like an utter failure because we can help our kids
7:12
and are seeing exactly what this caller before said, that all their money is going on rent
7:19
I mean, and of course, as you will acknowledge, it is in the great scheme of things
7:26
you're not going to be at the front of the queue for anybody else's sympathy, are you
7:29
No, absolutely. And I don't want their sympathy. All I'm saying is that..
7:34
Well, the social contract should be something that we all care about. And increasingly, and in a growing number of subjects on this programme
7:40
it is pointed out from people, from a dizzying array of perspectives and experiences
7:47
that it is not working. It is being broken. The other end of the deal is not being kept
7:53
And there's no particular... I mean, I don't know whether you buy lottery tickets or not, but there's no particular light at the end of the tunnel
7:58
you're describing, is there? No, no, because everything, I can afford to live
8:04
my kids are okay, they're very lucky, and they know it, and I know it
8:08
and I know I'm in a lucky season, but what I hate is that I can't help my kids
8:13
get to the same position that I was in, and even though we're in the situation
8:18
and so I can only imagine how hard it is for everybody else, and that is the tough thing
8:23
How does it affect them? It can work hard. Yeah, exactly. Well, I mean, I think that Matt's boss not being able to get a property when he, by benefit of his wife's grandparents, he could
8:35
That's going to take some beating as a thumbnail sketch of how bad this situation is, isn't it
8:41
How does it affect the kids, Tina? I think it's the level of inequality
8:46
I mean, they're bright kids. They're good kids. They understand. You know, my youngest just said to me recently, she said, Mom, I know how lucky I am
8:54
I just don't feel it. And that means that the ground beneath her feet
8:59
is not as firm as the ground beneath your feet was when you were her age. No, no
9:04
And that's going to speak to psychology, to mental health. It's going to speak to all sorts of things
9:07
that may be largely invisible. Listen, Cathy has said something which you have prompted her to think
9:14
and you prompted me to think it as well. And I'm going to very cautiously put it in front of you
9:19
and wonder whether it's something that you've thought about as well. Because a couple of the things you've said
9:23
suggests that it might be. She says, Kathy writes, Tina, your current caller is the reason why I worry so much about them wanting to bring in assisted dying
9:35
That's not the reason why. I'm absolutely the opposite. I would and this may sound completely immoral and I don't really want to go down this, but I would rather not be here
9:46
I would rather if I didn't have a quality of life, I would like the choice because I saw both my parents in very difficult circumstances
9:53
I mean, she's speaking to that thought, but you're speaking to a slightly different one
9:58
I mean, she's imagining a parent who thinks, even regardless of quality of life
10:05
who thinks, right, I've had my time and my kids aren't going to be able to have financial security as long as I'm here
10:10
So I'll shuffle off this mortal coil now, which isn't an option. No, but that's what I, to be honest, that is something in my mind
10:18
Blimey. Chris is in Thornton in Lancashire. Chris, what would you like to say? Hi James, slightly terrified so bear with me
10:24
It's only me Chris, it's only me I know, I know, I know Just a bit of a comment really
10:30
I'm just being listening And I just wanted to add me two pennies worth As I was saying to your researcher I just bought my first house at the age of 52 Gosh
10:42
And I know. And I've got, you know, I work full-time, I've got a reasonably well-paid job, et cetera, et cetera
10:47
Yes. And my rent was, in my other house, was £750 a month
10:54
And my mortgage is £766 a month. So it's £16 a month more
11:02
Mate, I may not be the sharpest knife in the drawer, but I had worked that last bit out myself
11:06
Yeah, I know, I know. But just to give it some context
11:10
the only reason, this is a two-bedroom terrace house. It's not, you know, it's a runny-and-mill house
11:17
And the only reason why I was able to do that was because my mum passed away
11:21
and left me and my sister a little bit of money, which I used for the deposit
11:25
That was the only way I was able to buy it. And so you can afford to pay the mortgage
11:29
because you were paying exactly that for the last however many years. But in the absence of being able also to save for a deposit
11:36
property ownership would have been forever out of your reach. And it was terrifying because I'm 53 now
11:42
What happens in 15 years' time when I retire? I don't know. I don't know. Exactly. Exactly. How do I pay that
11:49
That's what's on the horizon, isn't it? That's one of the reasons Cathy brought Dignitas into the conversation
11:55
because what are people going to do when they get to it? It's a bit Soylent Green, isn't it? Can I ask you, does it feel different to be a homeowner
12:02
regardless of your age? Do you feel that your relationship with society is different or not
12:09
To be honest, James, I feel safer. I feel more secure. Because there's always that, you know, eight-week eviction thing
12:17
That's what I meant about the ground between Tina's daughter's feet being less firm than it was when Tina was her age
12:25
Yeah. I mean, you know, I've had these no-fault evictions in the past
12:28
you know we've had to move perfectly settled luckily was able to find a you know house around
12:34
the corner but it's still not ideal it's a form of hyper vigilance isn't it i mean the things that
12:38
we need most the maslow's hierarchy of needs exactly it's maslow isn't it i think it is we
12:45
we collected the keys from the space agents on the friday afternoon um and i went to pick my son up
12:50
who lives around the corner with his mum and he's here half the week so it affects as well yes and
12:56
We walked in the door. I unlocked the door and I said, Reuben, nobody can touch us now
13:01
Oh, mate, stop it. He still makes me quiver thinking about it
13:08
You know what I mean? But it's that important on my basic need level
13:13
It's that important. And, you know, it's like, you know, this is going to be yours one day, Reuben
13:19
You know what I mean? You know, and it's just crazy. And the gap is growing
13:25
and the gap is growing and you, I mean, you snuck in really on the right side of the gap
13:30
by dint of your mother being able to leave you a relatively small amount
13:34
It wasn't, you know, it was a relatively small amount. Because the lady before, my mum had a massive stroke and was in a care home
13:46
So, you know, she was self-funded and that herself. So what a surprise, you know, there was anything left at the end of it
13:52
and you know I think of this house as mum's house somehow. That's lovely
13:58
and Ruben's, that's really lovely really really, you've put tears in my eyes
14:03
Chris actually and I'm not the hardest man on the block but I wasn't expecting it this hour
14:08
I really wasn't, God bless
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