Property News · April 12, 2016

Why younger people can’t buy a house: money became too cheap | Dominic Frisby


Onerous planning regulations and cheap debt pushed house prices into the stratosphere – and it’s in the interests of the political elite to keep them thereHouse prices have risen by 10% in the last year, the Halifax announced last week. Whoopeedoo. What that means is that the intergenerational wealth divide just rose by another 10% – and anyone born after 1985 is going to find it 10% harder to ever buy a home.There is perhaps no greater manifestation of the wealth gap in this country than who owns a house and who doesn’t, and yet it’s so unnecessary. Ignoring land prices for the moment, houses do not cost a lot of money to build – a quick search online shows you can buy the materials for a three-bed timber-framed house for less than £30,000; in China a 3D printer can build a basic home for less than £3,000 – and the building cost of the houses we already have has long since been paid. How can it be that, in the liberal, peaceful, educated society that is 21st-century Britain, a generation is priced out? These are not times of war, nor are they, for the most part, periods of national emergency, so why should one couple be able to settle down and start a family and another not, by virtue of the fact that one was born 15 years earlier than the other? Continue reading…

Source : theguardian.com
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