The high cost of housing is driving people to borrow money on credit cards or from family and friends in order to meet mortgage or rent payments. Research by housing charity Shelter also found more than half of households have been forced to cut back on other items in order to make ends meet.
Nearly a quarter of households said high housing costs caused them stress or depression, with one in six people saying they worried about losing their home.
Almost 10 per cent said meeting costs was a constant struggle while slightly more admitted they had to borrow money to meet their housing costs during the last year.
A Shelter spokesman said housing had become `desperately unaffordable' and called on the government to build more houses.
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Karney for head of GMPTA(formerly MC Spanner) (19/06/2008 at 09:19)
The government has let this country down by allowing mortgage providers to push unaffordable mortgages without restriction. 125% mortgages without a deposit? What's that about
If however it is just a case of people overstretching themselves in the name of greed. Tough. Put your house on the market and downsize. It's the only way the market will correct. No wonder nobody is buying at the moment.
It should not be the duty of the taxpayer to help people that have not managed their finances. The market will correct itself. Kids have no automatic right to their own bedrom. Families have no automatic right to en-suites, conservatories, utility rooms. People should live within their means.
Funky Tuna (19/06/2008 at 09:49)
I admit, I have had to adjust my lifestyle a little and I am feeling the pinch with fuel, heating costs and general living expenses, however, I didn’t go daft with a mortgage just to keep up with the Jones's!
Just a thought, but these programs illustrating how much money can be made from property may have had an affect as well. Two 'berks' in suits on TV saying what a bargain a 300K house is, telling us our current properties are not 'de rigor' in today’s market place and we should opt for the en-suite!
Makes you think, eh?
suge, mancs (19/06/2008 at 11:48)
suge, mancs (19/06/2008 at 12:10)
Mr Manchester (19/06/2008 at 13:03)
JimC (19/06/2008 at 13:14)
You hit the Bulls Eye there.
City Of Crime [AKA Scrotnig], Gorton (19/06/2008 at 13:50)
Never heard such a stupid idea in all my life.
If you're at that point, you're doomed.
Kurt Stevens, Sale (19/06/2008 at 13:55)
Never heard such a stupid idea in all my life.
If you're at that point, you're doomed."
And rightly so too, years ago folk like that would be homeless or already dead.
Survival of the fittest.
-Soothsayer+ (19/06/2008 at 16:25)
What sort of government allows this greedy behaviour to happen. It's the same with loan companies who are allowed to give credit to people with poor credit ratings, knowing full well a large percentage will default, leading to more charges, leading to destitution, leading to crime, alcoholism, drug abuse, homelessness or worse.
So I suppose some of the blame lies with irresponsible people, but, ultimately, it's the governments fault for allowing too much credit to be given out to the people.
I put high oil prices down to the greed associated with the sub-prime crisis. I think they're trading in oil to regain their losses.
And yes, it's the people that have to suffer to keep a handfull of wealthy people from losing their money.