Britons forced in to 'modern day slavery' by soaring house prices!!

deary65

Massive mortgages are turning a generation of parents and first-time buyers into the modern equivalent of slaves, an alarming report has claimed.

Those who manage to scrape on to the property ladder and parents with young families are like "bonded labourers" tied to their jobs, it said.

And it warns the soaring price of homes means Britain is in danger of becoming a "grossly divided" society, similar to that which existed in Victorian times.

http://www.dailymail.co.uk/pages/live/articles/news/news.html?in_article_id=458487&in_page_id=1770&ct=5

Generali

Nonsense. Nobody's forced to buy into the bubble. If you buy a house at current prices, more fool you.

deary65

You should read the whole article.
Quote:

Many will feel forced to delay getting married or having children because they want to own before making such an important commitment.

Without their own home, many will have to live with their parents, rent at vast expense or live in "student-style" house-sharing, even in their thirties.

One family involved in Dr Bone's study, "On the Treadmill"', spoke of the misery involved in renting, rather than owning their own home. They have been moved five times in four years, as their landlords decided to sell-up or start charging an extortionate rent.

andipandi_2

Generali wrote: »

Nonsense. Nobody's forced to buy into the bubble. If you buy a house at current prices, more fool you.

so you pay rent at current prices which rise as property prices rise,
what choice these so called fools have then?

Gorgeous_George

I agree that house prices are too high (I'll read the Daily mail article in a minute). Either that or IRs are too high and wages too low.

What is the answer?

(I think that I know the answer but would like some other views first).



GG

CB1979_2

well going off on a tangent I'd rather be in this modern day slavery rather than slavery during the good old days of the British Empire/Colonies!

Melissa177

Good old Daily Mail hype :rolleyes:

andipandi_2

Gorgeous_George wrote: »

I agree that house prices are too high (I'll read the Daily mail article in a minute). Either that or IRs are too high and wages too low.

What is the answer?

(I think that I know the answer but would like some other views first).



GG

warp back to 79 and stop the legislation that enabled people to purchase their council homes

Generali

Gorgeous_George wrote: »

I agree that house prices are too high (I'll read the Daily mail article in a minute). Either that or IRs are too high and wages too low.

What is the answer?

(I think that I know the answer but would like some other views first).



GG

IRs - Probably too low given that RPI is the best part of 5% and that asset price inflation is roaring ahead. [A counter-argument (that I saw very well summed up today) is that the Chinese and Japanese are creating huge amounts of money, that's fuelling asset prices and there's nothing the MPC can do about it].

Wages - Probably kept down a bit by immigration but not by much (please lets not wonder the barren off topic slopes of immigration). Perhaps by 1% pa for the past couple of years so 2-3% over all. Not that much.

My answer is to rent and hope prices come down at some point. If they don't I'll retire early to France or some such.

deary65

Quote:
The few who understand the system, will either be so interested in its profits, or so dependent on its favors that there will be no opposition from that class, while on the other hand, the great body of people, mentally incapable of comprehending the tremendous advantages...will bear its burden without complaint, and perhaps without suspecting that the system is inimical to their best interests." - Rothschild Brothers of London, communiqué to associates in New York June 25, 1863

Quote:

"I believe that banking institutions are more dangerous to our liberties than standing armies." - Thomas Jefferson

Gorgeous_George

I don't think that any sane person would say house prices are not too high and the reason is simple. There are not enough houses to meet market demand from those who wish to buy.

a. Build 500,000 new homes (proper homes, not flats) and the market will settle to a more reasonable level.

b. Build more new towns to accommodate our rising population. Building on every available space in our towns and villages is spoiling them for everyone.

c.There are too many people wanting to own their own home rather than rent. In part this is due to BTL forming a large %age of the rental market. People begrudge paying rent to their LL whereas paying it to the local authority may seem more palatable. A BTL LL is more likely to need to sell/increase rent than a LA would be. The answer is for LAs to build/buy more properties and end the ludicrous Right to Buy scam.

In brief, give people in their 20's and 30's a choice - buy or rent. Maybe LAs could provide a guarantee that, providing rent is paid on time and from the tenant's own funds (rather than by Housng Benefit) for 40 years (or less if a premium rent is paid) then rent will be reduced by 75% from the age of 60.



GG