A double-digit rise in house prices last year.
No joy here.
The explosion in house prices has meant that most younger middle or upper-working-class people stand no chance of living out the middle-aged peak of their powers in properties remotely resembling the ones in which they grew up.
"Bricks and mortar" do not, at least ordinarily, constitute an "investment". They constitute a place to live.
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So true. I don't know about Britain, but in the U.S. people were using their inflated home equity as an ATM machine. Now that that bubble burst, a lot of people have found themselves much less wealthy.
ReplyDeleteI wish the media paid as much attention to wages as they do to house prices, perhaps we could then go back to a system based on real wealth, i.e. wealth obtained from labor.