the corner office

a blog, by Colin Pretorius

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Never had it so good

I was at a braai last summer with a bunch of Brits and South Africans. I was the only dude around the fire who didn't own a property in the UK. Every other person (except me) admitted that their mortgages had become ridiculously cheap, thanks to plummeting interest rates. I recall that one of them was paying something like a hundred quid a month on his mortgage.

That's on top of the fact that a decade of easy credit and already-low interest rates had meant that each of them had gotten onto the property ladder in one of the most expensive cities in the world. These were regular folks with regular jobs, and we're not just talking pokey little studio flats and tenements, we're talking respectable UK family homes, some of which remain way out of our league as renters.

So Lord Young's 'Never Had It So Good' comments may have been insensitive, and it might not feel like it to people who've lost their jobs, but he had a point.

(and for balance Norman Tebbit gives him grief - although Tebbit often points out that he doesn't choose his own blog headings, and in this case the Torygraph's slapped a fairly incendiary heading onto a far more balanced column).

{2010.11.19 - 18:14}


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