‘The housing market is looking worryingly like a pyramid sales scam’

Academic claims that it's more property pyramid than housing ladder

With prices escalating and first-time buyer numbers dropping off, the UK’s real estate market is more property pyramid than housing ladder, argues the University of Kent’s Philosophy Lecturer Todd Mei

Are you on the property ladder? You might want to look again. That comforting metaphor of an aspirational route to economic security has come to dominate our thinking, but what if it wrongly describes the phenomenon? There has been a steady decrease in the number of first-time house buyers since 1980, with the biggest drop of 47% occurring from 2007 to 2008. It may be that the British housing market now resembles the classic pyramid scheme scam that rewards those at the top and punishes the fools who dive in too late or can’t dive in at all.

You need to be logged in to see this part of the content. Please Login or subscribe to access.
Remember Me
Not subscribed yet? Click here to stay on top of the market...

- Opinion -EconomicsEditors' ChoiceThe Market
Browse by location
The Autumn Journal
Media Partner


PrimeResi Cookies Policy

Our website uses cookies to improve your experience. By continuing to use this site, you are essentially agreeing to this. Please visit our Terms & Conditions page for more information about cookies and how we use them.