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I think inflation is hurting most people around the world at the moment isn't it. Food prices, petrol prices, energy prices and water prices are going up everywhere. All while wages are remaining static.|
House prices in Britain have gone up, over the past 10 years by over 150%! Wages have not matched that rise, not even close. Something has to give and over here it is a combination of first-time buyers not being able to afford property, the credit crunch forcing banks to stop lending and ultimately, a realisation that the market is vastly over-valued.
House prices are losing roughly 2.5% of value each month now.
The big worry for many, including the British government, is that the fall in the housing market will have a knock on effect and expose the British economy for the buy-now, pay-later sham it is. Repossesions are rising month on month as homeowners cannot afford to keep up with repayments.
Partly that is due to the rising costs of everything else, but mainly it is because people took on far too much debt, through greed, naivety, mis-selling or whatever, simply to 'get on the housing ladder' or just to buy lots of stuff.
We're about to find out that we're not as rich as we thought we were. Well, many are anyway. Those of us who didn't get taken in will be alright. As long as employment holds up that is...