Thursday 29 April 2010

House and Home

A double-digit rise in house prices last year.

No joy here.

The explosion in house prices has meant that most younger middle or upper-working-class people stand no chance of living out the middle-aged peak of their powers in properties remotely resembling the ones in which they grew up.

"Bricks and mortar" do not, at least ordinarily, constitute an "investment". They constitute a place to live.

1 comment:

  1. So true. I don't know about Britain, but in the U.S. people were using their inflated home equity as an ATM machine. Now that that bubble burst, a lot of people have found themselves much less wealthy.

    I wish the media paid as much attention to wages as they do to house prices, perhaps we could then go back to a system based on real wealth, i.e. wealth obtained from labor.

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