Monday, March 7, 2011
A splendid bit of Home-Owner-Ist propaganda
"For every struggling couple stuck in unsuitable rented accommodation or bedding down on a friend's sofa, there are many dozens here in the South West who have done well out of property price inflation. And the wealth they have made has helped to underpin the Westcountry economy over the past decade, when they have borrowed against the value of their homes or down-sized to free up capital... So tempting as it might seem for home-buyers if prices crashed the overall impact, particularly here in the South West, would be catastrophic. Negative equity, a nose-dive in financial confidence and billions wiped off the value of ordinary people's biggest assets are not sacrifices worth making to enable those who currently feel excluded to buy a home of their own."