Quote:
Originally Posted by Maggy J
Blame those who are property developers for the ridiculous rise in property prices and the bankers for not being circumspect in loaning out mortgages in the past to those who just couldn't repay them when interest rates soared because they over extended their resources to obtain a mortgage in the first place.
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Well I do. That's who my post was aimed at.
People who buy up many homes because it's a finite resource and have the money to hand. Even then it wouldn't be so bad if there were more places being developed but around London these are mostly high priced, luxury, flats for investors and/or rich people from overseas that see London property as an excellent place to put their money. Few people can afford that but we need homes and the only home being built are marketed towards a small but wealthy demographic. The very price of them mean they're not going to be brought by first-time buyers.
In my town a planned development is being strongly protested by the 'Residents Association' who don't want the town to get bigger and more people to move to the area. Then there are Green Belts too.
Overall though owning a home doesn't look like a realistic prospect for me or a lot of my peer group (unless I move North but manage to keep the same salary then it's more possible).
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---------- Post added at 19:23 ---------- Previous post was at 19:18 ----------
Quote:
Originally Posted by Osem
Now anyone who's managed to save a few quid by, for example, not having new cars, foreign holidays etc. etc. is being penalised with pathetic savings rates. What are people supposed to do to provide for their retirements if savings and property yield less?
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It's not hard to feel that the game is rigged. You look towards the future and figure that the pension age will be much higher and the amount a lot less if I reach pension age. You look at the NHS and increasingly wonder if more and more stuff will require you pay for it. I still have thousands of pounds to pay back for my University fees.
Then you look at what went before, better pensions at younger ages, fuller NHS coverage, free University (although this is debatable given more people go now). Then see that we're paying for some of these entitlements that we ourselves won't be entitled too when we reach the same age.
I feel like I am at the bottom of a massive Ponzi scheme.
