I fear that you fellow peasants are failing to appreciate the direction of travel insofar that the housing market and property ownership is concerned.
At the moment, roughly 5% of the UK population are in the £1m asset/savings category and about 2% in the super-rich category. These 2% derive vast incomes from their multi-million assets. I see us moving towards 100-year mortgages (as in Japan) where a person hands down his home and associated mortgage at death.
Beyond that, ultimately, I see that all property will be owned by the top 2%, thus securing relatively high and stable long-term returns whereas we peasants (the masses) will be long-term tenants. Welcome back Victorian demographics.
Rees-Mogg dresses as he does knowing our and his destiny!
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