The Disgusting Property Scam on Britain's Youth!

Watch the final part of the video on last Monday evening's Chancellors debate from the link below from the beginning until the start of the closing statements by the three confidence trickster prospective future Chancellors of the Exchequer:



Note how none address the questioners second main point about being able to buy a house! Now watch from 1 minute into the debate from the clip below, where Osborne and Darling excruciatingly compete for the kudos of being father to the scheme to exempt first time buyers from stamp duty on homes worth below two hundred and fifty thousand pounds, that's right an incredible two hundred and fifty thousand pounds:



An old rule of thumb for affordability of property owning for first time buyers was to first save a deposit of between five and ten per cent and then commit to a mortgage of 2.5 times the husbands salary with some consideration perhaps give to the wife's earnings. (My own first purchase was a so-called maisonette for 4250 pounds with a primary mortgage of 3400 and a higher rate top up to 4000, only just affordable on my then salary and savings given the purchase costs).

Today average house prices appear to be around 160,000 pounds and average household income around 25,000 pounds.

To return to sanity in the UK housing market young people would be unwise to invest in property, based on the above figures until either average house prices had fallen to 65,000 to 70,000 pounds or average annual incomes had risen in a static house price market to about the same level. Given the warnings of dire cuts in spending and coming tax increases, (watch along to
2 minutes 15 seconds in the second video clip above to hear Vince Cable laying out the facts on the coming decade of tax increases and spending cuts) neither seems a likely scenario although a middle way will necessarily have to be found.

As if it were not bad enough that the three main parties were planning to saddle the nation's youth with such disastrous investments for the future, (presumably to selfishly protect their and their generations' own huge property equity holdings) consider also that all their other few announced policies for the coming decade will also serve to reduce the value of UK property prices.

Allowing the national debt to massively increase and ring fencing the NHS and Foreign Aid will reduce the sums available for productive job creation, policing and education. All of which will further reduce the income earning abilities of the workforce, increase crime levels and undermine the security of the housing stock, itself an essential element in the enhancement of property values.

Young people should, therefore, especially be ready to vote in the coming election and be particularly aware of the shameless characters of all those candidates in the three main parties
who have destroyed the national economy in pursuit of their own financial gain - Not just by a disgraceful manipulation of the parliamentary expenses and pension arrangements BUT by a deliberate ramping-up of the property market, which they have now given clear notice, they will all continue.

Eventually property prices must fall to a level at which they are affordable for individuals on a slightly above average salary. Remember that fact - for it is an essential economic reality!