5 years of coalition government smash hopes of home ownership for young

April 7, 2015

It’s more than just that banks are unwilling to lend to first-time buyers. It’s because there is a deliberate and very conscious decision on the part of successive Governments to hyper-inflate prices in the housing market, in order (ironically enough) to make banks more willing to lend to those who actually own a home to use as collateral.

The 2-Up-2-Down that my parents bought as their first house in the early-1970’s cost them around £9,000. Today, it would cost about £200,000, a total that most people haven’t a hope of making a down-payment on; indeed the £9,000 pricetag from the early-70’s wouldn’t even come close to covering the down-payment alone today. Owning a house has therefore now become a near-exclusive luxury of the well-off.

It is just one more way that the rich are able to maintain a stranglehold over the poor, by reducing the security of their home lives.

Pride's Purge

Figures out today show 79% of 20 to 45-year-olds in the UK have now given up on owning their own home because they’re convinced banks do not want to lend to first-time buyers.

And after 5 years of Tory/Lib Dem government, 21% of young people* now think it will be“virtually impossible” for them to ever obtain a mortgage.

And a devastating 82% of 20 to 45-year-olds in London say they are worried they will never be able to buy a house:

Generation rent downbeat on buying outlook

That’s what 5 years of spiv economics – designed to benefit only the very very rich and create job insecurity and falling wages for the rest of us  – does for you.

It’s not rocket science.

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* why do surveys like this always dismissively classify all people from 20 to 45 years old as ‘young’?

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