Dis-landed, dis- housed

[james armstrong]

“If house prices had kept in line with earnings since 1950 ,
the average house price would now be £88,807 The recent house price boom
fuelled by excessive lending by the banking sector  alongside securitization  (making it possible to move risks off the balance
sheet) , has more than doubled the cost of housing relative to income. When
interest costs are factored in, this could add up to an additional  £300,000 that ach young household will have
to pay  to the banking sector,  via mortgage interest over the life-time  of the mortgage.”   p 21       
‘Critique of the current business model of the banking sector.’ p 21   NEF submission to the Banking Commission .Read it at Positive Money web site.  James


 		 	   		  
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