UK super rich given low interest mortgages
A British economic analyst has blamed the Tory government’s policies for the country’s worsening housing crisis.
“The ordinary people are being pressed out of the housing market by this policy which gives to the already wealthy who use that money to increase their wealthy assets, none of which is tripling down to the ordinary people,” Rodney Shakespeare told Press TV’s UK Desk on Saturday.
His remarks came as a reaction to a report by the Guardian that suggests that super rich Britons receive huge mortgages to buy trophy properties in London.
Huge loans for super rich
Britain’s nationwide building society has revealed that it has 269 customers who have taken out mortgages of more than £1 million. The number of the clients shows more than 61% year-on-year rise.
Meanwhile, NatWest, owned by Royal Bank of Scotland, announced that it granted 233 mortgages of more than £1 million in 2014, and so far this year has issued another 207. It expects to finish 2015 with lending in this bracket up by 18%.
Observers say the super wealthy use the low-interest loans to buy alternative assets such as yachts or investments in hedge funds.
First-time buyers
Back in May, a research study revealed that a first-time buyer should to earn £77,000 a year to be able to buy a home in London.
According to a study by KPMG, the annual wage of nearly £77,000 that a first-time buyer needs to get on the housing ladder compare with the average annual wage in the capital of just £27,999.
Across the UK, a first-time buyer should earn a minimum income of £40,553 to become a homeowner, while an annual average wage in the UK is £22,044.
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