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Monday 15th September 2008
The Liberal Democrats have made a number of observations about the UK economy which have struck a cord with many observers. They are the first party to question the UK’s obsession with property which literally rules the UK economy. Unlike many countries around the world, the vast majority of UK citizens own their homes when many countries have a culture of renting. This obsession with owning property has literally pushed many millions into financial difficulties – although it has to be said that many have done very well from the UK property market.
So is it healthy to be obsessed with property?
The UK has always been a nation where property ownership was both encouraged by society and the government with people spoon fed the idea that property is one of the best long term investments they will ever make. This has proved to be true for many people but with house prices decoupling from the average salary in the UK the situation is now critical.
While many first time buyers cannot afford to buy homes in the UK they are still trying to push themselves to the limit to capture that dream home. It is this type of action and mentality which has seen the UK economy heading south as the property market takes the lead. Something needs to be done to reduce the influence of the property market, however, quite what can be done remains to be seen! |
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