The Crisis in Housing
The Joseph Rowntree Foundation recently estimated that the number of homeowners in Britain under the age of 30 will drop from 2.4 million to 1.3 million within eight years, with the sittuation proportionately worse in London. Even those who can manage to buy are bing forced further and fiurther away from town centres. In addition , in many cities rent rises are eating into the wages of many workers.
Rich investors are descending on Britain like vultures over a dying cowboy, drooling over the safe haven offered. Huge areas of the centres of cities are being bought up by these investors. As a result prices are being driven higher and higher. Via offshore companies they are using loopholes to avoid tax. in addition overseas buyers often buy up property and then leave it empty or only occupied for a fraction of the year. as a result the social cleansing of central areas of British cities is being reinforced. What were once working class areas in the hearts of cities are increasingly becoming playgrounds for the rich.