Tuesday 14 November 2017

Weirdly, not a Daily Mash headline

" Estate agent says London's millennials should stop buying sandwiches, holidays and splashing cash on nights out in order to afford a house"
Top trolling from some gleefully callous sociopath at estate agents Strutt and Parker. Bonus points for mocking the victims of the Great British Housing Rip-Off with a virtuoso display of finger-wagging condescension.

I'm sure that millennials will just love being on the receiving end of an improving sermon from the bloodsucking  cheerleaders of the UK's dismally unproductive rentier economy:
According to the Resolution Foundation, homeowners born in the 1940s and 1950s gained an unearned windfall of £80,000 between 1993 and 2014 alone. In the early 2000s, house price growth was so great that 17% of working-age adults earned more from their house than from their job...

...As house prices have continued to increase and the gap between house prices and earnings has grown larger, the cost of homeownership has become increasingly prohibitive. Whereas in the mid-1990s low and middle income households could afford a first time buyer deposit after saving for around 3 years, today it takes the same households 20 years to save for a deposit. Many have increasingly found themselves with little choice but to rent privately. For those stuck in the private rental market, the proportion of income spent on housing costs has risen from around 10% in 1980 to 36% today. Unlike homeowners, there is no asset wealth to draw on to fund new cars or holidays.
Laurie Macfarlane

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