Quote:
Originally Posted by Traduk
The wealth part is flawed.
IMO an individual is worth the sum total of their assets minus debts. I own my own house having paid the mortgage off 20 years ago. There is a lot of difference between outright ownership and the fractional ownership that some people have.
You can moan about house inflation from now until eternity but at some point lack of activity will come back to bite you big time. I struggled for years with a young family to raise a deposit and become encumbered with a draconian mortgage. Now in retirement it has paid off because judging by an identical house ( 6 doors away) I would have to pay £21,600 in annual rent to live in what I own. That would hurt  IMO retirement planning involves a cost free roof over the head as a number 1 priority.
We always have and from what I perceive will always have an imbalance in the demand\supply ratio of housing and other than relatively short term setbacks, that will always drive prices upwards. |
Was you working during periods of high wage inflation?
My dad brought our old house in the 70s, and wages shot up and he said it was very easy to pay off after that.