Mortgage approvals for house purchases climbed to a 47-month high in November, figures showed today, fuelling concerns over a possible house price bubble.
This would be good news if house prices had corrected first, but instead house prices have become the economy, the bank of England have had to warn that one in six householders will not be able to make ends meet when interest rates rise and we just know that Carney would have cancelled Help to Buy at the same time as Funding for Lending if he had the power. This 2015 election bubble designed to make elderly southern property owning Tories feel good is going to turn into a very unpleasant and not so little bust.
Our land has been sequestered by the few, loaned to us in ever decreasing packages without even the surety of a fixed known repayment and we call ourselves “civilised”, discussing small rises in interest payments or amount of homes sold in a month as if we are financial sages. The money is produced from fresh air by banks we are in thrall to for a lifetime – a more misbegotten system is hard to envisage. This iniquitous system of mortgagor/mortgagee and landlord/tenant is simply the ultimate form of control of the many by the few as our land is removed from us down to the mineral rights under our homes. Even peasants in the dark ages had a strip of land to toil on by right.