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2008 mortgage crash in the USA was part caused by a rapid rise in interest rates.
That trickled down...to all of us in a bad way.
OK so a part the "middle class" which you have a chip on your shoulder for (judging by your posts) about loses their houses. No problem, those get bought cheap by groups with cash and then rented back out for...super high rents. Cos what are you going to do, be homeless? Oh, yeah, that will happen too.
So now barely any ordinary income band (25-75% income percentile) middle class person owns a house but all sort of funds/land lord groups do. And social houses won't be built either, the £ crashed now, tax incomes tanked.
Meanwhile there are still no social houses, and there's even less £ going around to spend.
Me as a middle class mortgage owner? Make me pay more tax (some my cash is going to stop one person going homeless atm...) and stop encouraging private property funds/improving house values pls stupid government...the economy doesn't gain much from rising property prices anyway.
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JWestland
hugo7
Is it a bad thing that this is a nightmare for most of the middle class?