Almost a class warrior...

[almostwitty]

There is nothing like a bunch of screaming financial headlines to bring out the class warrior in me. Even though I own (half) my own home.

The headline in The Metro (a London freebie newspaper that accounts for a lot of the readership in London) screamed that house prices might drop by 30%. A small headline on page two talked about food riots caused by rising food prices. Another article in the anti-Ken Evening Standard (the only London newspaper you actually have to pay for) interviewed a couple who had to cut the selling price of their house by £100k to £400k. Even though the house only cost them £250k to begin with.

If the recent election results and screaming headlines are anything to go by, people are far more concerned about falling house prices denting the value of their investment portfolio - ie the money they could be making by doing nothing - and the inability to borrow more money than, say, rising food and fuel prices and job instability. Which says volumes about the insanely warped priorities in Britain today.

For heavens sake, a house is there to keep a roof over your head first. Sure its nice to know that its worth something but falling house prices are a good thing for all but selfish investors and those people who HAVE to move house having just bought a flat...

Then again I am (in lieu of getting broadband) trying to redecorate my slightly run down flat and can now mostly be seen in DIY centres or studying home decoration magazines and Ikea catalogues. Oh dear...

Comments

[britgeekgrrl.livejournal.com]

The major reason why I want to buy a home - eventually - is because I don't want to end up like my Granny in Luton who paid rent on her home for FIFTY FRAKKIN' YEARS, on the state pension*. For whatever damfool reason, my grandfather didn't want to be 'saddled' with a mortgage - for, um, 25 years... I don't know how that made sense to dear ol' Grandpopster...

I'm probably going to be working 'til I'm 70, anyways, I accept that, but I don't want to have to work until I'm dead because I didn't get a mortgage and build some equity. Not having any descendants to impose upon (and, at this point, I doubt I ever will), ditto extended family also increases my urge to have a tiny bit of land to call my own... I've seen what the state-subsidized retirement housing is like around here... *shudder*

But, despite all that, I agree with you that priorities are whacked. The food riots are getting a bit more press, over here, but not much...

* - which was impossible. My father and uncle had subsidize matters during the last 15 years or so...

[countessof-roth.livejournal.com]

Wow. I knew house prices were insane in England, but I had no clue they were that insane. Our 4 bedroom 2 bath 120 year old house would sell for about 110,000 your money. (I think its $220,000 in American dollars- well thats my estimate from the last time I looked @ the exchange rate). We're in a suburb of Chicago and about 45 minutes from downtown in traffic. And thats in about the mid-range. I have a friend who just bought a house for $70,000. A 3 bedroom. Mind you, she's out in the middle of nowhere.....

That blows my mind. ANd I thought it was bad here! WOW! You have also managed to dash my dreams of someday buying a house in England and retiring there. (hubby has dual citizenship)