Pub Philosopher with one of the more important posts I've read in a long while. I've been watching house prices rise for 15 years or more,waiting for the crash which hasn't happened. I look at the average cost of a semi and wonder how anyone on average wages can afford it. Who keeps buying ?
We've been reading about vast city bonuses for a long time now. Each year directors of large companies get 15%-odd salary increases while shopfloor Joe gets 3%. Don't get me started on the share options.
My late mother's house was bought by an investor. So was my late father's.
Before the second world war, even middle-class people, for the most part, lived in rented property. Home ownership was only for the wealthy. In many European countries, it is still unusual for people to buy houses until they are in their late thirties. Might the rise in home ownership since the 1950s be thrown into reverse? And what will be the social impact of wannabe house buyers being forced into the rental market?
You really must read the whole thing.
Blogging will be light for the next two weeks. If I have time I'll post from Mexifornia.
Iain Dale's seat predictions.
8 hours ago