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Wholesale selling of social housing from the 80’s on, removal of rental cap by government to encourage more landlords and subsequent property boom and bust have created a market where only the rich with independent incomes can afford to buy houses.
Given that there is no cap on rents and only private landlords are providing housing to rent means a vicious circle for us all.
The economy in general suffers, more money is given to the banks to encourage more lending but too many people are in insecure employment so can’t get a mortgage so more private landlords buy more properties and charge higher rents as rental demand rises.
Wages are falling, mortgages are rising or will rise, other living expenses are rising and the circle goes on and on.
What does our government do ? Why of course it introduces yet another subsidy for those already rich landlords by guaranteeing their mortgages with the banks.
No guaranteed mortgage for those poor unfortunates on low wages or those disposed of by the government cuts, no affordable social housing for lower paid workers, no ! what we need is a subsidy for those who already have property in order they can gather more and follow the Tory “home owning dream”
London will once again become a “walled city” only this time the wall will be a financial one, not a millionaire ? then you can’t live in London. The dregs of society ( low paid / unemployed to you and me ) will be driven out to some shanty town yet to be built from where they will provide a steady stream of cheap domestic labour to the millionaire elite and then bussed home when their shifts end.
Sounds familiar ? Oh yes of course South Africa, which our governments despised and embargoed on the grounds it was “discriminatory” we can’t have poor Africans being discriminated against but we can have our poor, sick, disabled, unemployed, low paid citizens treated that way. (not to be construed as a racist comment merely a comment on a new type of apartheid which in fact all these welfare reforms and media attacks are eventually leading to)
What amazes me is the total disregard for very recent history by our esteemed *snorts of derision* chancellor in that the near whole collapse of the system was brought about by freddy and fanny (the government) underwriting loans to people who could not afford them and then the banks packaging up the bad debts as though they were assets that could be realised back into physical holdings if needs be… a gigantic ponzy scheme where every re-packaging of existing packages somehow added value (which it did, as does a ponzy scheme, until to many people want their payout) and now our stupid chancellor (chancer’rer?) is going to do the exact same thing as the ‘mercans did by having government underwrite loans to people to buy buy-to-let properties, and the occasional home, that they don’t have to worry about paying back as they are not exposed to the loss should they not keep up the payments….
In summary, George “clueless” Osborn is creating the MOAB of housing bubbles which will probably go off just after the elections, which I am sure the cons are hoping they loose… well it seems that way as they are doing a fire sale of everything UKPLC as quickly as possible.