For as long as I can remember, property (or Real Estate for my American colleagues) has been an excellent investment. Even now, when I gather with family and friends, you can garner some rather strange looks if you dare to suggest that going forwards, the end of Real Estate as a ‘cash cow’ could be nigh.
Who can argue with decades of price rises that never seem to end, lulling the unwary young into believing that unless they buy a house now, they are destined to be poor and homeless for the rest of their sad little lives? The older ones who already own a house get richer, while the young who have yet to set foot on the property ladder and need to overstretch themselves to do so get poorer.
It is just one more example of the numerous ‘Ponzi’ schemes that currently surround us.
A rather depressing sentiment, but history tells us that when the ‘state of play’ becomes out of balance like this, a painful reckoning is on the horizon.
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