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.
- Buyer demand at three-year low – NAEAJune 29, 2016
- Ten buyers are now vying for each available property – NAEAJanuary 8, 2016
- Housing supply hits six month highSeptember 27, 2016