Have you ever dreamed of drinking a cup of tea in the porch of your house overlooking River Thames? Dream no more!
It is probably easier to count the stars in the midst of daylight than to own property in the UK, let alone in London.
Recent Scans show that the average cost of property in the UK has reached £ 171,991. The UK’s owner occupation rate is lower than it is in both the EU and the US. It’s now at its lowest since the 1980s.
A study shows that if everything else’s price has increased as housing did since the 1970s, a chicken would now cost £ 51.8!
You might ask yourself why that is. Basically, it is due to two factors, first, the rapid increase in population since the 1960s. You might also ask yourself, why don’t they just build new houses? As convenient as this may sound, building new houses happens very rarely, which takes us to the second reason.
The UK’s house-building rate is 0.21% compared to its population. The reason behind the scarcity of house building goes back to the 1940s act passed by the government to make it obligatory to have a planning permission in order to start any construction.
By passing this act, the government aimed at restricting private housing. Another reason for it is the immense expansion of the green belt in the UK, places on which its completely prohibited to build property for environmental reasons.
While it’s very courageous to be ambitious, it’s probably better to have that cup of tea in the balcony of your apartment. Yes, reality can be cruel!