Some friends of mine have just declared bankruptcy. She started their online only business eight years ago. As it grew he quit his job and joined her. Working from home they had a successful business. Successful enough to pay two salaries and all the costs of their home, cars, bills etc.
Until recently.Where an expansion plan overstretched them. The resulting losses and disappointments and personal illness caused the pair to decide to just pack it in.
And this is where the rental society gain.
They have no house to repossess. They only have, with the business, their stock assets and some small personal funds. A business running homeowner of their size would likely have personal guarantees to the bank, secured on their property.
I saw the couple yesterday and they said they are moving in two weeks time. I was stunned. Two weeks? Just move? In two weeks? But, of course they can.
They have nothing to sell. They are in no chain. All they need is to find a new home, give notice, and move.
And they have no heavy equipment to move. No fridge. No freezer. No TV. which also means that unlike the homeowner,they have never bought any of these items. Never had to replace them.
No home insurance either.
They have never had to have a discussion about weather to put on a loft extension or a conservatory, to fit in their expanding family. And all the horrendous cost and dislocation that that causes. They just move down the road. They have never had that worrying feeling as one's spouse begins to stare at walls and then leave magazines around the house. Glossy pages featuring tiny pots of paints that cost more than tankers of oil.
Or worse. That conversation that begins with "the kitchen drawer is stuck again." Goes onto "I saw Jennifer yesterday..Her new kitchen has a boiling tap and a built in igloo" and and ends up with a remortgage.
This particular couple had one child when I first met them. They now have five. And have moved house six times during the time I have moved none.
Interest rates are of supreme indifference to them. Back in the pre-crash days the interest rate announcement had the biggest effect on disposable income of homeowners. Its only very recently that it hasn't moved for any length of time.
They have not had repair,replacement or restoration bills for exterior and interior works. No new gate or fence panels. No new shed. Never owned a lawnmower. all the myriad of small costs involved with owning anything, from a replacement shower head to a whole new bathroom, pass them by.
They have never had to engage solicitors, at considerable expense, to organise the transfer of them from place A to place B in accordance with the law. Nor the local authorities for the same. Never had a young person telling them that their fee for advertising and marketing their existing home for them would be between 1% and 4% of its value, Some £8,000 average for the UK.
And they have never had to pay the chancellor 5% of the asking price of their most valuable asset, that is also their pension, just because they wanted to relocate.
So,when we read about kids being unable to get on the property ladder, that may have some upsides for them too.