As soon as you start picking at the details, the entire policy begins to unravel. It quickly became the billy-no-mates of housing policy. Councils hate the government riding roughshod over any idea of localism by forcing them to provide Starter Homes instead of other types of more affordable housing. The mortgage lenders don't like it, because they don't know the true value of the assets they're being asked to lend on.
When it comes to the housing market, London has long been seen as a market within a market. After the credit crunch hit, and house prices across the country headed south, desire to buy within the capital remained robust. In seemingly no time at all, house prices within London had not only recovered but surpassed its previous peaks.
From the letters I receive I know that buying a home is a priority for most young people but the biggest rule is to only borrow what you can really afford. Clearing debts before you begin the mortgage process is vital and then you can start looking for your dream home with a clean slate. It will happen!
With a Bank of England rate rise expected late next year or early in 2016, now is an opportune time to get informed about the finer details of your mortgage. Once you've got your head around it, you will be well-placed to get yourself through the interest rate rise without too much impact, and potentially with more money to put aside for the things you love.
Interest rates will have to go up eventually, forcing people to sell when their monthly payments become unaffordable. Will the house of cards come tumbling down then? Or will London just be a sea of billionaires here for annual holidays in their London homes? Like Venice on a larger scale, a relic, empty of its original inhabitants.
When the recession hit, it wiped out livelihoods and decimated entire markets. In the face of a global slump, Britain's housing sector was no exception; buyers couldn't afford to buy and builders couldn't afford to build. Over the course of several years, the pace of the property market dropped from jet stream to tumbleweed and the UK was left with an increasingly problematic housing deficit.