monabri wrote:Tara wrote:CliffEdge wrote:Tara wrote:monabri wrote:I'm afraid it's called Capitalism...some folk have more than others either by luck, by birth or by hard work...sometimes all three. As long as the wealth is acquired honestly and " does no harm " then one should be free to spend it as one choses.
But that is the problem. The acquisition of housing wealth over the last 20 or 30 years has done enormous harm to society as a whole and the younger generation in particular. A single person on average UK earnings could easily afford an average price house in the 1980s. But now it is impossible. If your idea of Capitalism means that a person on average earnings can no longer afford a decent home, then what use is it?
Rubbish. A single person on average earnings could not ever easily afford an average price house. They would have to scrimp and scrape and save like we all did to buy a starter home or flat. Nowadays young people seem to feel entitled. I wonder why.
Your ideas are so wrong that I find it frightening that someone can be so misguided. What's worse is you are certainly not alone.
Yes I am certainly not alone, and you will probably find that my views are shared by the majority of the UK public. Also probably shared by most Labour MPs and probably even most Conservative MPs.
House prices were about 3x average earnings in 1997, and they are about 12x average earnings now.
If you cannot see that there is a housing affordability crisis in the UK, and that UK house prices are absurdly overvalued, then you must be very uninformed.
https://conservativehome.com/2022/08/22 ... r-housing/
https://www.mirror.co.uk/news/uk-news/u ... ers-313276
"The average wage in 1997 was £16,500 a year, according to the Office for National Statistics.
In the same year the average house price was £75,762 - around five times people's salaries."
The link does not work.
The multiple you have quoted for 1997 is approximately 4.5x average earnings, and the multiple now is approximately 12x average earnings.