Tuesday, 6 September 2016

Reader's Letter Of The Day

From yesterday's Evening Standard:

Chris Roberts dismisses Rohan Silva's piece on housing costs by saying that "there are plenty of cheaper places to live than London" which misses the point.

Of course there are plenty of towns where the cost of living is £10,000 a year lower but in those towns wages are also £10,000 a year less. Any apparent saving in rent would be matched by a fall in wages.

To put it another way, half of all UK graduates move to London, attracted by the higher wages and better job opportunities, but landlords have simply increased their rents to soak up those extra earnings. Most of the official growth in the London economy ends up in the pockets of landlords or those who sell up and move away.

Younger people like Rohan Silva are caught between a rock and a hard place, and lucky Baby Boomers who bought their homes for a song 20 or more years ago should be thanking their lucky stars, not sneering at people who will have it so much harder.

Mark Wadsworth, Young People's Party

6 comments:

DBC Reed said...

Excellent: nothing more to be said on subject. (No maths!)

Lola said...

Nice, but not quite caustic enough, IMHO.

Sackerson said...

Good.

Piotr Wasik said...

very good, you can't imagine how many times I tried to explain this point to my colleagues

Mark Wadsworth said...

Thanks all, funny thing is that nobody denies the facts, not even the Daily Mail. But when it comes to explanations…

Piotr Wasik said...

Wasn't your comment removed? Got a direct link pls? I can't find it.