It’s been all over the news this past week. A worldly-wise Australian millionaire has solved the housing crisis. All ‘Millennials’ need to do to afford a house is to stop buying avocado toast.
Well, as a ‘Millennial’ who doesn’t like avocado, I should find it easy to save for a house then shouldn’t I? This time next year I’ll be blogging from my 4 bedroom house in central London laughing at my Guac-fiend friends.
Apart from jumping on the ‘Millennial’-bashing band wagon, I’m afraid this millionaire has drastically over-simplified the problems facing those seeking to get on the property ladder.
Those genuinely trying to buy a house are not splurging left, right and centre on ‘luxury’ items. Yes, a portion of their hard-earned money goes towards craft beers, cut-off jeans and the odd manicure because saving doesn’t mean denying yourself any enjoyment in life in order to put a roof over you head.
The real issue here, is not an affinity for avocado. It’s the housing crisis. (UK)
- Housing prices are up to seven times people income.
- Mortgages are forcing people to live outside of their means as they struggle with their monthly repayments.
- Private landlords are out of control. Saving to buy a house while renting is an almost impossible juggling act.
- ‘Affordable housing’ is barely affordable for most people and there simply isn’t enough of it.
- Jobs are in the cities, but the affordable houses aren’t.
The UK is facing its worst housing crisis in decades with the census showing a fall in home ownership for the first time ever. You can’t buy a newspaper without being reminded of the fact.
So, thanks for the advice Mr Gurner, but unless you have a solution for the global housing crisis you can stick that avocado toast where the sun doesn’t shine.