Wednesday 7 August 2013

Letter 113: Housing crisis & housing bubble, potentially fuelled by Help to Buy

"Dear Dave,
Do you like camping? All that fresh air, sitting out under the stars, greeting the dawn - kind of romantic. Unless of course, you don't get to go home. Then the damp and no real access to home comforts start to get a bit tedious. Well, more than tedious, pretty soul destroying, I would imagine. Which brings us to an awful story I came across whilst catching up on the UK's current housing crisis. It's hard to believe, but there are homeless people in Stockport who are reduced to living in caves. How disgraceful in a country as rich as ours. Someone ought to do something to help them, however difficult it is right now, with homelessness reaching a five year high. Just not a Help-to-Buy scheme, eh? That would be madness, in so many ways. And let's not count the ways, seeing as Graeme Leach, Albert Edwards, Vince Cable and Fitch Ratings have been so eloquent in their condemnation. Surely the real problem we have is the number of houses there actually are, rather than the difficulty people find in buying one (or two).  

Yours, etc

PS, One final query: how do you think the re emergence of sub prime mortgages (in the wake of your Funding for Lending scheme) will help the homeless, housing market and taxpayer?"

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