Unfortunately, there appears to be a social stigma attached to buying/renting property. People are made to feel they are somehow worth less if they do not own a property. This never used to be the case, and still isn't on the Continent. A lot of people in the UK have been taken in by the propaganda (e.g. property !!!!!! TV shows, estate agents' and other interested parties' hype) regarding owning property, house prices, et al. It's fostered considerable greed in our society.
That's one way of thinking about it. Another is that it was the single biggest redistribution of wealth toward the poor there has ever been, and that it set council tenants free from dependence on the state. Free to move elsewhere if they chose to; free to build up something to pass on to their children; free to build up something for their own retirement.
Of course, current thinking is more along the lines of "Keep them on benefits so they'll keep on voting for the party that pays the biggest, easiest benefits".
The problem is when retirement arrives and your income is less ,and your friends have paid off their 25yrs mortgage and you are still forking out for rent.Also nothing to leave to your kid's,unless you wish to adopt the philosophy of spending your children's inheritance
Not really, if I put £500 a month away (the minimum ammount I reccon I save by renting) then after 25 years (assuming a 5% interest rate) I will have £282 grand!
I've never thought of the Tories as modern day Robin Hoods. Massive tax cuts for rich people while increasing the total tax collected meant that poorer people were well and truly shafted.
They weren't even the Tories' houses to give away.
Of course the only reason I can say this is because I bought about nine years ago, when house prices were cheaper. But bloody hell, I'm glad I did!!
I believe that owning property is undeniably best in the long run but you must be patient.
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