Will continued house price rises kill us off?

From: Laurence KeeleyFairfield, Herstmonceux
By Letter by a Reader
Published 23rd Jul 2021, 10:12 BST
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Most institutional companies, will have premises to rent, Is it written in the contract, when rents are reviewed, rents can only go up?

They are expecting every business to have a bigger income than the previous review,hence,the renting company can only increase their prices of their goods if there has not been any real growth.

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We are building houses as if it’s a good thing for employment and growth,but it’s creating debt and despair. Also, it’s having an effect on the environment. It was said in one report, the building industry accounted for 38 per cent of emissions last year.

File photo dated 14/10/14 of sold and for sale signs. House prices across the UK are expected to increase by 4 percent this year, according to a property group's forecasts. Issue date: Tuesday March 9, 2021. SUS-210527-165735001File photo dated 14/10/14 of sold and for sale signs. House prices across the UK are expected to increase by 4 percent this year, according to a property group's forecasts. Issue date: Tuesday March 9, 2021. SUS-210527-165735001
File photo dated 14/10/14 of sold and for sale signs. House prices across the UK are expected to increase by 4 percent this year, according to a property group's forecasts. Issue date: Tuesday March 9, 2021. SUS-210527-165735001

Many of us will remember £10 a week as a good wage.

Now we have £10 an hour considered a lower wage. Most workers are getting more than £10 an hour. If that was to continue,in 50 years time 2070, will we be having £400 an hour?

It is true, those who purchased a house in the 60/70s, have paid for them, and can use that as a security against another house, then rent it out. By the time they retire they have a second income,but what about those who are paying the rent? They end up with nothing. Is it right for one to pay rent to another? I think not. Those rents should be put towards the occupier’s home,not pay for someone else’s house?

If present incomes remain the same and house prices continue to go upwards, young people won’t be able to buy a home,while some retired people have bought two. Growth will kill more of the population than this virus, which was meant to destroy the world economy anyway.