...report this as bad news? In the UK, from 1997 to 2007 the average price of a house increased from £58,000 to £188,000. From this period, wages only increased by 40%. This had the disastrous effect of putting the price of property out of the reach of most ordinary people, with house prices over 7 times the average salary. This also had the appalling effect of people only being able to buy property on the basis of their family wealth rather than their income, a situation which could have a highly damaging effect on society for decades to come, exacerbating the gap between rich and poor and sounding the death knell for a meritocratic society. Should house price falls therefore be celebrated, and reported in a positive light?
Falling house prices are fantastic news for many people, so why do the media always...
- Thread starter W. Rostow
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