Monday, November 05, 2007


This show really pisses me off with it's constant scaremongering. It's gone the way of Pananory. Today's is all about property prices and being a first time buyer. I understand that I'm speaking from a privileged position but seriously, there are more important things in the world than being on the property ladder. It's not even as if first time buyer's will own their home - they'll just end up with a massive loan over their heads.

There's a lady on the show who has £35 a week left to live on after mortgage and bills. Seriously, what the fuck was she thinking buying somewhere knowing full well how much money she'd be left with?

This ridiculous situation is going to continue until we get rid of the fixation in this country with property ownership. I would say the only long term solution is to invest more in social welfare (i.e. pensions) to break the connection of homes as an investment vehicle. In the short term just rent. If enough people are renting, prices will fall. But while people keep going to extremes to get on the ladder, they'll keep going up.

Oh yes, and I don't think it surprises anyone that shared ownership is not the answer. A mortgage and rent? What a fucking brilliant idea.

Anyway, here's an interesting table. Note how all the poorer EU countries have high property ownership, and this level generally falls with economic prosperity and quality of social welfare provisions (read Scandanavia...).

1 comment:

bagelmouse said...

As soon as they found someone who was getting a mortgage of less than mine, yet whose repayments would be higher, I turned off. They were clearly basing the show on idiots...

Problem with renting though, is similar to the problem of buying, ie, there's not enough houses to go round, even if everyone rents. That's why rents are also sky high. Until we get more housing there'll be no end to the dumb merry-go-round.

You're lucky Kate's in the Lake District.