patrick.net

I don't understand, don't they have fixed rates over there?

"Yet one in six households are currently mortgaged to the hilt, servicing home loans that are at least four times the size of their annual salary, in further evidence of the intense vulnerability of many homeowners to rate hikes."

"Two-Income Trap" baby.

"The widespread use of variable-rate mortgages in the UK may amplify the financial risks of households as it heightens their sensitivity to interest rate rises."

http://ec.europa.eu/europe2020/pdf/nd/idr2012_uk_en.pdf

Funny how this is both so fucking obvious and nobody can see it.

I say it a lot, but land value really is the matrix in which we are immersed.

Like fish in water, it's impossible for us to perceive it apparently.

Early Georgists called it "Seeing the Cat" when you understand how our financial lives are so controlled by the invisible dynamics of land valuations.

UK is the home of "Buy to Let" lending, a social evil of some importance.

http://www.cml.org.uk/cml/media/press/3606

'course over here we think "buy to let" is peachy too.

Digging our own graves as we turn into a neo-feudal society.

The only solution is to overbuild supply such that redfin listings look like the toothpaste aisle at Safeway, more choices than any possible demand.

This is actually possible, just takes government stepping in.

Well, good government, I guess what the Germans enjoy.

Fuck, nevermind. See you at the doomstead.