From a nation of shop-owners to a nation of homeowners. A property-owning democracy has been a seriously determined policy of all British Governments since Thatcher. While some may be making huge profits from the under-regulated and unsustainable housing industry, many other ordinary people are over-burdened with debt, and yet others have no hope of ever owning their own home or even finding somewhere secure and decent to rent.
Looking at the state of housing in Britain today, it is wise to ask - if homeownership is a universal good why is it that:
- Half of Britain’s poor live in owner-occupied homes?
- One-third of owner-occupied homes in England fail to meet the Decent Homes Standard?
- Average debt owed by every UK adult is approximately £26,525?
- Homelessness has doubled since 1997?
In addition Government subsidies have encouraged home-ownership at the expense of investment in council and other affordable rented homes. An estimated £40 billion has been siphoned off from the sale of local authority housing, and has not been reinvested in homes. For many people the lack of alternative housing means that there is no choice but to take on mortgage debt, whatever the cost.
Britain is fast becoming a country whose people are increasingly divided by housing wealth, with the gap between rich and poor greater than Victorian times. Is this the Britain we want?
For individuals, the impact of housing debt (mortgage), is leading to longer working hours, longer commuting, increased stress and damage to personal well-being and family life. This isn't good for individuals, for families or for society.
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