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No, BBC, the future is not yet another generation of youngsters paying more for less and resorting to obviously impractical group mortgages in support of your r
by hanoz 8y ago
No, BBC, the future is not yet another generation of youngsters paying more for less and resorting to obviously impractical group mortgages in support of your relentless pro house price inflation agenda. The future is for them to have some semblance of security of tenure without having to "get on the housing ladder" and prop up the whole sordid ponzi scheme.
- eli_gottlieb 8y agoThe future is socially owned housing.
- merpnderp 8y agoDoesn’t the UK call those council houses? And people are usually trying to get out of them.
- stronglikedan 8y agoThat's the present, too, for those that need it, but it will never be the norm for those that don't.
- richmarr 8y agoIn the UK's case, I think the future is a massive house price crash triggered by the depression following Brexit.
- crushcrashcrush 8y agoMaybe I can buy a flat in London! Just a little pied a Terre from some disgraced Saudi...
- jasoncartwright 8y ago> relentless pro house price inflation agenda Strong accusation. Probably a reflection of a UK culture of house buying, rather than BBC bias.
- deleted 8y ago[deleted]
- matchagaucho 8y agoThere's been a considerable increase of "McMansions" built in the US. These aren't good "starter homes". This financing option seems very applicable to the overpriced/underutilized housing problem.
- oarabbus_ 8y agoAs someone who lives in the SF Bay Area I disagree wholeheartedly.
- chrisseaton 8y agoI think they're just reporting on the trend, not expressing an opinion on it.
- john_moscow 8y agoIt's really very simple supply and demand game. As the population grows, the demand follows. The globalization plays an ironic role as well - the value created in China from producing most of the physical items we consume gets parked in real estate and stocks in the West because the Chinese political system is too risky. Same happens with Saudi/Russian oil/gas money, except the typical millenial westerner is completely cut out of this loop and is wondering why does the pay from their job (that often has a near zero impact on the company's profitability) barely cover the rent. On the other hand, the supply is physically limited due to the geographic constraints. Sure, we could build more condo towers, but that would just delay the problem for a generation or two, while lowering the life quality compared to detached right now. I think, a better solution would be a wider acceptance of telecommuting to relax the geographical constraints, and trying to put more people in the loop of the economic value creation to give them more purchasing power.
- nawitus 8y ago>the value created in China from producing most of the physical items we consume gets parked in real estate and stocks in the West because the Chinese political system is too risky Really? Chinese are notorious for investing in the Chinese real estate market, and investing in stocks is avoided. That's at least what most people seem to follow. The hyper-rich have probably better investing ideas.. >On the other hand, the supply is physically limited due to the geographic constraints. Real estate is not expensive because of lack of land, since almost every country has large areas of cheap land. Real estate is becoming more (and already is) expensive for so many because the trend is to move into bigger cities, inside which supply is limited. (And the supply is typically limited by regulation, not lack of land per se).