Join Me in My Time Machine For a Trip to 2017
Let's hop into our time machine and go to the year 2017, 8 years forward from now.
There are now only 3 or 4 recognised high street banks.
After the worst of the Credit Crunch was over the government sold off the banks all the banks they had nationalised.
An insepid fear of the past mistakes means that a 20% deposit required to purchase a house.
This mountainous obstacle has cut off the flow of new entrants into the private housing market.
There seems to be a divide across the UK more deep cutting that Protestants v.
Catholic, workers v.
management or north v.
south.
The new divide is homeowners v.
renters.
They are stuck between a rock and a hard place.
The slowdown in new home creation combined with David Cameron's economic policies ensured that house prices soon returned and then surpassed their pre- Credit Crunch levels.
The influx of millions of immigrants from Turkey and Bulgaria meant that rental demand was higher than ever but due to the absence of BTL mortgages, supply was turned off at the tap.
This also caused rents to go through the roof.
It actually became much more expensive to rent than to buy.
Nothing could be done though, how could anyone buy themselves out of this trap when a 20% deposit was required.
Rahman-like landlords made a fortune renting out rooms to whole families at extortionate rates.
The above may seem a bit "1984" but I'm sure many of these predictions will come into being.
It may seem crazy to get on the housing ladder now, when it seems that houses can't be given away, but the reward actually comes in 5 years time.
There is nothing as sure in life as death, taxes and the fact that UK house prices will start rising again in the not so distant future.
It's our national sport!
There are now only 3 or 4 recognised high street banks.
After the worst of the Credit Crunch was over the government sold off the banks all the banks they had nationalised.
An insepid fear of the past mistakes means that a 20% deposit required to purchase a house.
This mountainous obstacle has cut off the flow of new entrants into the private housing market.
There seems to be a divide across the UK more deep cutting that Protestants v.
Catholic, workers v.
management or north v.
south.
The new divide is homeowners v.
renters.
They are stuck between a rock and a hard place.
The slowdown in new home creation combined with David Cameron's economic policies ensured that house prices soon returned and then surpassed their pre- Credit Crunch levels.
The influx of millions of immigrants from Turkey and Bulgaria meant that rental demand was higher than ever but due to the absence of BTL mortgages, supply was turned off at the tap.
This also caused rents to go through the roof.
It actually became much more expensive to rent than to buy.
Nothing could be done though, how could anyone buy themselves out of this trap when a 20% deposit was required.
Rahman-like landlords made a fortune renting out rooms to whole families at extortionate rates.
The above may seem a bit "1984" but I'm sure many of these predictions will come into being.
It may seem crazy to get on the housing ladder now, when it seems that houses can't be given away, but the reward actually comes in 5 years time.
There is nothing as sure in life as death, taxes and the fact that UK house prices will start rising again in the not so distant future.
It's our national sport!
