London’s Insane Housing Bubble – and the Sickening Greed that is Strangling the Capital

Everywhere I look in London, monstrous new housing developments are rearing up — unaffordable to most working people, and largely bought up by foreign investors. While some take up residence, others leave their investments empty or join the frenzy of home-grown landlords in the buy-to-let market, fleecing an ever-increasing percentage of London’s workforce, who simply cannot afford to buy a property and have no choice but to cough up whatever outrageous amount they are asked to pay by landlords who have been unregulated since the days of Margaret Thatcher, the great liberator of unfettered greed.

This is the new London, in which those involved in new housing developments act as pimps for rich foreigners and for Britain’s own wealthiest property owners, and struggling British workers are preyed on by their fellow citizens, in a market driven by the greedy sense of entitlement that motivates far too many landlords, and a housing bubble kept inflated by the government and the Bank of England, whose refusal to raise interest rates is the primary driver of an economy in which profiteering on housing is seen, by far too many people, as their only viable investment.

However, the situation is now so dire that last week a YouGov poll commissioned by the Evening Standard — normally nothing more than a front for the mortgage industry — revealed that “[h]alf of Londoners want house prices to fall.” Read the rest of this entry »

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Andy Worthington

Investigative journalist, author, campaigner, commentator and public speaker. Recognized as an authority on Guantánamo and the “war on terror.” Co-founder, Close Guantánamo and We Stand With Shaker. Also, photo-journalist (The State of London), and singer and songwriter (The Four Fathers).
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