Wednesday, 10 August 2011

Housing hopes dashed

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70% of households have had a lower income than the average first time buyer since 2006. Home ownership is not accessible to middle income Britain and this is making people sick.

Mortgage advertisements for the very banks that taxpayers helped to bail out leave consumers stressed by the belief that they are failing. Despite this, around three quarters of businesses plan to invest in employee wellbeing over the next 12 months, according to the CBI. Zero-credit believes employers could be picking up the tab for lenders that certainly don't invest in business.

According to the housing charity, Shelter, around a third of tenants already spend more than half their income on rent, making them most vulnerable to price hikes and limited security. The fact that house prices have continued to rise when sales have almost halved, means that people who are not responsible for the crisis are paying for it.

This is the third time that taxpayers are bailing out the banks. The first was our cash injection, the second public service cuts and this third is the cost of increased sickness and absence due to money related stress. We simply cannot afford to keep propping up financial services.

“The Welfare Costs of Personal Debt – Who is Paying the Price?” is available as a summary for site visitors and in full to Members and Subscribers at http://zero-credit.co.uk.

 

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