Sunday, September 7, 2014
And how do you pay rent when you retire?
Buyers who never own all their home: Soaring house prices mean generation will only be able to buy a fraction of property
Just marvellous. Think forward in time. On this course Gen Y and the Millennials will never own a house and never be able to retire because they need income for rent. With savings yielding nothing, there is no way out of this trap unless 1 - there is a large and permanent drop in house prices - possibly by requiring owners to be citizens 2 - there is giant wage inflation but not in house prices 3 - the government finds enough money to pay everyone's rent once they hit 65 4 - generations start moving in together, cramping four-to-a-bedroom Yep that's right folks, this is the wonderful UK economic "recovery" at work! Everything is fine if your an offshore oligarch washing your ill-gotten cash throughout a London property and stuff everyone else!