Downing Street has come up with another cunning plan to fix the housing crisis: 50-year mortgages, passed from parent to child. No longer will your ability to afford a home be dependent on your earnings. Once the scheme is in place, you will be able to borrow against the incomes of your future children, in a heart-warming recreation of the age-old tradition of indentured labour.
The reasoning goes something like this: young people can’t afford to buy homes. Not only can they not afford to buy homes, they can’t afford to save for deposits. While accommodation has grown ever more cramped – with space per person dropping a quarter between 1996 and 2012 – rents have continued to eat into incomes. Record numbers have are stuck living with their parents, unable to start their lives as adults, let alone start families.
In order to help them, the government is going to make it easier to borrow money.
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