October 25, 2007 Sharp drop in mortgages increases housing gloom

demand for unsecured borrowing remains very weak. Have your say Surprise surprise! People who work in this country are taxed to the hilt, and house prices are so ridiculously high that the ordinary wage will not be enough to pay a mortgage. My 2 bed semi cost 1.8 years’ gross salary in 1963, and there was tax reduction on the mortgage interest. Today the same house would cost well over 8 years’ gross salary for a person doing the same job as I had then.

This follows ten years of Labour’s incompetence at the helm. Anil Chatterjee, Bury, Lancs, Please don’t refer to this as something bad, we are in desperate need of a correction in the property markets. The real error was Gordon Brown’s in not precipitating a correction several years ago when the effects on the economy in general would have been far less severe.

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