Charles Moore provides a welcome dose of reality in his article in today’s Telegraph. There will be victims of the housing recession - but Moore builds a convincing argument. Rising house prices do not create much in the way of meaningful wealth - they are simply a way of transferring wealth from one generation to another.
He writes
“The social benefit of property ownership is that it meets the human need for security and the human aspiration to rise in the world and establish oneself and one’s family. Soaring property prices kill both these things for the majority: they are a social curse.”
The remainder of his article “Why is everyone worried about house prices?” is here
Print Email Digg it Del.icio.us My Yahoo RSSmartin wolf’s FT comment this week was also (as ever) an excellent contribution to this debate,http://www.ft.com/cms/s/0/68636996-0cad-11dd-86df-0000779fd2ac.html; the great thing about these is that you can listen to him read his article via podcast.
thanks for the link - I will check out Martin’s podcast!
