Sharp End:
Ah ha, I thought that my comment would generate more than just a few lines about mould in MQs
Of course, one should never borrow more than one can repay. But greedy bankers twisted our arms to do just that, then winged to HMG to bail them out when their customers fell on bad times.
But there are always silver linings.
1. Houses have never been so affordable nor so easy to purchase. But they will not always be.
Vin Rouge was correct - baby boomers over heated things. What you are doing, with respect, is advocating why prices rose so quickly and so artificially. Someone in their early/mid 20s these days have a different, far harsher climate to buy into.
New homes are not 'more affordable' because income hasn't gone up and the prices haven't dropped any further. However, very recently, new subsidies and underwriting possibilities make them attractive for key workers. Thankfully, New Buy and SPACES are steps in the right direction.
NewBuy - Housing - Department for Communities and Local Government
Ministry of Defence | Defence For... | The Service Community | Housing | Joint Service Housing Advice Office (JSHAO)
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Finally, its easy to blame bankers (I'm not an apologist for them at all - I despise their personal greed and incompetence as much as I despise the state spendthrift mentality that got us in this pickle). But who shoulders the blame for simply forgeting the basics about financial common sense, and simply spending for today and not saving or investing for tomorrow?