Tuesday, 21 December 2010
Where have all the young ones gone?
Twenty years ago, one mortgage borrower in five was under 25. Today, that number has fallen to little over one in sixteen.
The vast majority of young people simply can not afford to buy property. Instead, the housing market has become the domain of the middle aged and retired.
I suspect that this exclusion will have dire consequences for the current beneficiaries of the UK housing scam. Those property-liberated youngsters will soon be the backbone of the UK tax base. I wonder whether today's under-25s will be willing to hand over a large part of their earnings to finance the pensions of undeserving property owners.