A Tangled Web

House of the Rising Sum



Property prices in the United Kingdom are now at such outrageous levels that potential first-time buyers have to have an annual income akin to that of Sir Paul McCartney in order to put a deposit on the most modest of dwellings. Five years ago who would have thought that crumbling eyesores in the most deprived areas of our towns and cities would be selling for £70,000+?



Economic gurus in New Labour like to pretend that the average UK citizen is now awash with buckets of cash. The truth is wholly different. This appalling government (that wouldn't, to paraphrase Blackadder, know good economic management if it painted itself purple and danced naked on top of a harpsichord singing: 'good economic management is here again!') has simply fuelled an unsustainable credit boom of which the housing market is but a small part. Now homeowners are faced with a rise in interest rates, how many of them truly believe 'things can only get better'?