Guardian: Living in a bubble didn’t make us rich
Guardian: Living in a bubble didn’t make us rich Amid the horror-struck headlines at the prospect of a substantial fall, we are in danger of missing an important point: high property prices are not a good thing. Most homebuyers have not genuinely become richer as a result of the runaway property market.
But there has been relatively little outcry because the property boom has made homeowners feel richer. While they could borrow against the equity in their houses, people have been able to shrug off rising tax bills, utility costs and paltry pay rises; their lifestyles have decoupled from their earnings.
You only have to dip into websites such as Housepricecrash.co.uk to get a sense of the resentment and exclusion felt by those who cannot afford to buy.
Original post by little professor
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