Proceeding the economic crisis of 2008, it began to seem as though property ownership, by regular folk in capitalist countries was/has been uncommon just as the rates of homelessness went up, and continued to do so at a speed and consistency that has become hard to keep up with. Earlier this year Richard Partington wrote an article on the Guardian addressing this very problem, stating that the chances of young adults on a middle income owning a home in the UK have more than halved in the past two decades.
A research carried by the institute for fiscal studies describes how an explosion in house prices above income growth has increasingly bereft younger generations of the ability to purchase their own home. For 25 to 34 year-olds with average earnings between £22,200 and £30,600 a year plummeted to around 27% in 2016 from 65% roughly two decades ago.
Middle income younger adults born at least in the 80s are (as of now) no more likely than those earning much less to own their property, unfortunately that’s also the case for those born in the 70s. Property ownership is slowly becoming a luxury affordable only to those higher up in the economic strata. The fact that the growing disparity between poorer and richer communities is appearing as such levels as home ownership is a disastrous foreteller.
I don’t know about the rest of you but property ownership should constitute a human right, just as affordable medical care, transportation, food and water availability. Due to mass privatization, the intrusion of money into politics, the growing indifference towards reform, the egregious scandals that have been coming out, the incessant disinformation schemes carried out by powerful media platforms promoting the non-reformist attitude of scapegoating, redirecting public disillusionment towards less, and utterly irrelevant matters, issues such as housing, student fees, debt inflation and the expropriation of human privacy will remain a thorn in society’s side until the moment of its punctual implosion.
