For those of you wondering what the heck that headline means, they call the Housing Ponzi Scheme over here the "Housing Ladder".
As in "Get on the Housing Ladder" - because once you get on, however you can, you get rich rich rich!!! It's a ladder, and you know ladders only go up and up and up!
Guess what UK - they don't. You can fall off a ladder real easy. You can go back down the ladder as easily or easier than you went up. And your ladder went way way way too high. And when no more suckers, I mean buyers, can get on the ladder, the people on the ladder will have to go down a few rungs to go get them.
Got it?
THE housing ladder is in danger of becoming permanently out of reach for many young people in Yorkshire, according to a new report from housing charity Shelter.
Director Adam Sampson said the research published in the charity's magazine ROOF shows that first-time buyers are finding it "virtually impossible" to take the first step on the ladder unless they have substantial financial support already in place.
The annual ROOF Affordability Index, which assesses affordability by comparing mortgage costs against household incomes, reveals that it is now 52 per cent harder for first-time buyers to get on to the housing ladder than it was in 1994. Mortgage costs climbed to 17 per cent of the average income in the region, compared to 13 per cent in 2000.
March 13, 2006
From the UK: Homes ladder 'like rockface for the young'
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2 comments:
Buck-tooth Nigel should forget about the house and spend his down payment on some decent dental work.
This is the lamest article...when all these boomers begin to retire (or die), just who do they think are going to buy their homes??? The next generation. Do you mean to tell me that from now on in the history of time, no one will ever be able to buy a house again unless they do it right now?? What a load. It's all a scheme to keep this ridiculous bubble inflated.
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