Hindsight
Member
- Location
- Lincolnshire
Homes became unaffordable because more than 300,000 a year were entering the UK whilst only around 100,000 new houses a year were being built so supply & demand forced up prices & rents, because of Covid & for now staycations a correction has yet to be felt but with endless new estates being built whilst fewer migrants are coming pretty soon there is very likely to be a pretty dramatic correction.
To a large extent investor landlords expecting high rents to continue are artificially keeping prices high for now but sooner or later the unavoidable laws of supply & demand WILL kick in.
Many of the East Europeans live more than one family to a house Brian. Of more importance is the increased wealth of the UK middle class such that owning more than one property is no longer the preserve of the truly wealthy but even the average family who have worked for the past forty years and paid off the first mortgage on their primary residence can borrow a bit and have saved enough to buy that holiday / second home / Buy To let.
You supply an demand will kick in - it will result in even higher rents for those who cannot afford to get started. My daughter is off down to London shortly to seek work and the flat rents have gone up £100 month since she was last their early 2020 bfore Covid.