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Rich people don't live in communities or have friends. Just money gangs and cronies.
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Wouldn't the same issue be there with 100% IHT. If your parents live in London there's a good chance you wouldn't be able to afford that property (or one in the area) when they died, giving the same issue of splitting up communities.
Given life expectancies these days, I'm guessing that most 40 - 50 year olds will have flown the nest by the time their folks have carked it.
You're also ignoring social mobility, which is quite possibly minimal for those in social housing.
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From my experience most people can't afford to literally inherit their parents' property. They inherit the estate with all its liabilities and sell the property to satisfy creditors, then buy something smaller with what's left.
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@aggi
It's interesting that all this came from a story re: Council homes and the right to live in them for a lifetime and pass the right on to dependents. The argument is generally that by remving that right you'll be splitting up communities and so on.
Wouldn't the same issue be there with 100% IHT. If your parents live in London there's a good chance you wouldn't be able to afford that property (or one in the area) when they died, giving the same issue of splitting up communities.