New Statesman report on the housing crash in the UK. House prices have been decreasing for four months and interest rates went up again yesterday. "The end of the Ponzi scheme". Will Dunn says "Britain's property boom is a national exercise in self-deception, the biggest lie in the UK economy".
The cost of buying property in the UK has been overpriced for a couple of decades while interest rates were so low. People that couldn't really afford to buy have increased their debt beyond their means now that interest rates have increased. When interest rates are low, people tend to overstretch themselves financially, then when the property boom is over, it leads to bust and negative equity. I lived through the 90s recession and saw the sheer amount of heartbreak that it caused people that had their homes removed from them by the banks and building societies.
When interest rates are higher, people tend to be more cautious.
In the late 90s, I delivered "Millennium Prophecies" on the MBS exhibition circuit, I warned people that property was not going to be the best investment in the long term. Short and medium term they would be alright, but in the long term, no. I look at new properties that have been built, new houses that are on the market for £375,00 and they're tiny. Biblical prophecy foretold that the time would come when people would say, "This place is too small for us, give us more space". Isaiah 49:20.
People in the UK, live in the smallest properties in Europe. New houses have become rabbit hutches and their flimsy too. I can't take the British government seriously when for 23 years they've allowed a mass of property developments without solar panels being installed by the property developers. If they'd been serious about being energy and environmentally conscious, property developers would have had to build to an ecologically high standard and they don't and they haven't.
Solar panels on new properties should be standard and so should decent sized gardens. They locked people down into their homes and many of those people didn't have anywhere to go.
Now they're talking about 15 minute cities and that's like more lockdowns. Alan Miller on GB News sharing what Oxford Council is planning and how it would restrict people. 93% of residents were against it, but they're still going ahead.
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