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LadyEllen -> RE: Any one know of vacations where you could do the whole castle times theme? (7/3/2007 5:57:47 AM)
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Hmmm. Not so sure about the quality construction over here! We dont build anywhere near enough houses (which keeps the prices high, facilitating huge profits for the financiers) and those we do build seem to feature regularly on consumer affairs TV programmes due to the faults in them.
We have the problem that with house prices so high, the majority of whats being built is one bedroom and two bedroom starter homes - which are the cheapest to buy but still well out of range for most first time buyers here. Alongside that we have the four and five bedroom, two garages and all that "executive" homes (whatever that means) which are priced so high that I fail to see how anyone could afford them at all - yet they sell. In the meantime, there is little in the way of three bedroom homes which is what formerly provided housing to everyday families. This does not help in any way with the falling native birth rate here - no room for a family - which is why we then need to bring in immigrants to perform jobs and provide tax revenues, and then this in turn doesnt help with the housing crisis.
But we're in a trap. Build the houses we need and the prices will fall because of the increased supply - and house prices and the equity in homes that people have, is what is financing the boom in consumer spending, which is what is driving the economy. The wave will crash soon though - the consumer spending is driving inflation up, which means increased interest rates to keep inflation under control, which means people cant afford to pay their debts, including their mortgages. Where all these people from repossessed homes will go to is a question yet to be answered - although the latest wheeze from the financiers is the interest only mortgage - you basically pay only the interest on the purchase, and at term you still dont own the house, the financiers do. Good, innit?
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