Tuesday, June 10, 2008


Mrs. Thatcher described Britain as a property owning democracy, even earlier some patriot talked about "an Englishman's house is his castle", but the harsh reality of capitalism paints a different picture. "More than a quarter of young working households are unable to get on to the property ladder because of mortgage difficulties and house prices that remain unaffordable. The worst affected areas are London and the south-west, where more than 40 per cent of young households, aged between 21 and 40, are unable to access the housing market. Overall, more than 28 per cent of young working households are unable to purchase property at the lowest level in their local housing market. The report will add to fears that young home buyers are still priced out of the market in spite of evidence of falling house prices – mostly because of the lack of available finance for first-time buyers, seen as among the more risky borrowers. The study, compiled by Professor Steve Wilcox, of the University of York, based on data from Hometrack, defines young working households as those on incomes too high to claim housing benefit but too low to access the lowest level of the property market in their local area." (Financial Times, 4 June) RD

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