And what are the percentages of housing stock that are being bought up as buy-to-let? I'm not talking for the holiday let market, but more the buying for long-term renting. Some of the figures I've seen are truly staggering, and often are the lower end, more 'affordable' housing. And the crying shame is, that these are often bought by locals themselves, hoovering up the available residential properties as they play the my portfolio is bigger than your portfolio games.
Then there's this 'help to buy' or whatever the scheme is called, where a first time 'buyer' part buys part rents. Ooh but you can own up to 25% of the property they cry. But then you look at how much the mortgage will be, on top of the rent that also needs to be paid, making the monthly costs absurd. Often leasehold flats/apartments properties, so likely to also have to pay the ongoing maintenance charges as an added additional cost.
I may have it wrong, but in my mind, this has damaged the first time buyer market a lot more than those buying holiday homes. And the only argument they seem to want to give is, well look at the likes of Holland, Germany etc where most people tent rather than buy, so get used to it.
As a general rule of thumb, things tend to double in price every 10yrs. But I know plenty of people who have not had a single pay rise since pre-2007/8, making things less and less affordable with each passing year. Gone have the days where you work to live. You're lucky nowadays to be able to work to even exist.
Car prices is another one. What they now ask silly prices for a lump of metal, plastic and wiring. A lot of people need a reliable car to ensure the Mrs or kids are safe etc. Can't afford to buy, so why not lease it. £1,000s lining the pockets of these car companies, and after 2,3,4 yrs, what do you have to show for your efforts?
It won't be long before people won't have anything that they can call their own. It's a joke, and a particularly unfunny one. Welcome to modern day UK
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