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Friday, 8th August 2008

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Britain's homes worth £2 trillion



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HOMEOWNERS in Britain have a combined property equity of almost £2 trillion, according to research from GE Money Home Lending.
This equates to £127,455 for each home. It also found 21 per cent of Scots own their home, compared to 20 per cent in London and 26 per cent across Britain, while 33 per cent have a mortgage, compared to 29 per cent in London and 36 per cent across Britain.




The full article contains 77 words and appears in The Scotsman newspaper.
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1

tomfrom66,

Thornton Cleveleys 07/03/2008 17:42:35
Fantasy money in a fantasy economy. Figures like this offer the illusion of wealth, but the reality is much more damaging.

"Since 1970 the average house in the UK has increased by more than 35 times, from an average price of £4,874 in 1970, to £172,788 in 2004."

http://www.britsandmortar.com/UK-house-price-history

In reality it has left first-time buyers with huge problems. It has also diverted money that might have been invested in business and industry into property, and, in tandem with Maggie's "big bang" (financial, guys, financial!) it has lined the pockets of one-time prudent-mutual building societies, which became greedy banks anxious to lend, lend, lend, and hang the consequences.

The consequences have started to emerge. And are the finance wizards in trouble? Not when those awfully nice sovereign wealth funds are waiting in the wings with all that lovely oil money at $100+.

And what does wealth bring? Power! As Anatole Kaletsky put it The Times:

"... the bailouts of Citigroup and Merrill Lynch will be remembered as milestones, marking a decisive shift in the centre of gravity of the world economy towards Asia after five centuries of financial, economic and therefore political dominance by Europe and America."

http://www.timesonline.co.uk/tol/comment/columnists/anatole_kaletsky/article3200442.ece

 

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