'Twas but a few years ago that the British housing market went into overdrive as everyone and his dog tried to get on the property ladder.
But this was the great British property con at it's most magnificent, fully catered for by property porn television programs that are still being re-run to this day.
I do suggestÂ youÂ look at the dates inÂ theÂ credits of these property programs, you may be in for a shock. But that alone points towards the fact that there is still plenty of demand for such programs to satisfy theÂ home-ownershipÂ dream. But the homescape just isn't there in Britain any more to justify making such programmes, or at least to make them with such certainty regarding the security of your potential property investment in la la land.
But aside from the fact that the housing market at current prices is unsustainable long term without wage inflation (or an unlikely price crash) , there are other factors involved which should make one think twice about buying or at least remaining onÂ theÂ property ladder.
Firstly residential property prices are so extortionate for first time buyers it will force them to sacrifice their best years in order to scrape together the deposit for a house in their late 30s or 40s if they are lucky. In some cases potential inheritances have to be drawn down just for offspring to be able to buy a home to live in.
To me this is utterly morallyÂ abhorrent.
What is it about owning your own house that is soÂ desirable? We have been sold the idea that home-ownership offers security. But that is aÂ blatantÂ lie seeing as the bulk of your wealth will be tied up in anÂ illiquid asset. And if you have a mortgage it will require constant servicing otherwise you don't just lose the property like you would in an eviction from a rented property, but you also lose the sizeable deposit as well.
But aside from the need for a more than healthy deposit, high property prices also mean that to make the mortgage affordable one must lock into quite a lengthy mortgage deal (25 years plus). This nowadays effectively takes up the entire back end of your working life to ensure that you will possibly pay off theÂ mortgage at the point of retirement, which will mean at the age of 70 or more in a few years time.
Then of course you will be in yourÂ twilightÂ years and the prospect of having to go into residential care is not just a possibility it is now a highly probable outcome and that will mean your assets will be seized byÂ theÂ state to fund your care. Don't believe what the current government says on this issue either, there are a lot more elections and governments who will change everything between today and when most of us retire.
Now at what point does anyone see a single iota of security in thatÂ scenario? You can of course work even harder throughout your working life to attempt to secure insurance against losing the family home but yet again you may be wasting money that could be spent on enjoying your youth asÂ opposedÂ to living in fear of an old age that you might not even live to see.
If you want quality of life you mustÂ unshackleÂ yourself from this propertyÂ madness that has gripped the country. Remember that even if you are a cash buyer there also the risk of losing so much capital in one one fell swoop should property prices fall. Just a few percent down and that's thousands of pounds lost.
The irony is, if there was a trend for people to shun owning their own homes then the lack of demand would force theÂ propertyÂ prices to the level of what most people are saving for as a depositÂ ………. and then of course house prices would go back up as everyone latched on to the 'brand new' way of making money through property ……..
*Sigh*Â There's a hole in the bucket, dear Liza, dear Liza…..