Property News · January 14, 2016

Why are Brits so obsessed with buying their own homes?


If there’s such a thing as a British dream, it’s to own the roof over your head – and then sell it for a stonking profit. This seems a bit odd if you’re a foreignerWhen I arrived in London to study at the London School of Economics in the late 1990s, I borrowed £100,000 from my British bank to buy, with zero deposit, a rat hole in King’s Cross. That rat hole is now worth 10 times what I paid for it and is just a stone’s throw away from the Eurostar terminal and a host of new developments.How I wish this were true. This is what I would have done, had I been born British. But I’m French and I would have never dreamed of borrowing money and spending what I didn’t have. That’s the thing: Britain invented capitalism (and speculation). You are taught to spend and make profits; we learn to save. Two different schools of thought, two different outlooks on property ownership. The British attitude towards property, the desire to make money out of buying and selling it, is viewed as pure speculation on the other side of the Channel. Continue reading…

Source : theguardian.com
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