Aaron Bastani: I’m a Millennial Homeowner and I Want Property Prices to Fall

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I'm a Millennial Homeowner and I Want Property Prices to Fall Aaron Bastani: Just over two years ago my wife and I bought our first home. We did so in a buyers market, as the opening phase of the pandemic frightened landlords into selling property they worried would remain empty. Faced with looming uncertainty, other sellers, too, favoured a quick deal over a fair price. It wasn't to last. While we were approved for a mortgage before Covid hit, we made an offer on a house just as its consequences came into focus. We got a bargain from a seller keen to clinch a deal before the crisis unfolded. Because of changes by the government that July (a month before we completed), we didn't pay any stamp duty, saving us thousands. Then, early the following year, as the third lockdown kicked in, we were granted a mortgage holiday. Like millions of other homeowners, we felt it made sense to defer any payments given the potential risks ahead. In the end, nothing dramatic happened, so we saved half the cash and put the rest toward decorating our front room. There was no payment holiday for my friends and colleagues who rent.  It should come as no surprise that throughout that period – and even now – I felt a combination of relief and guilt. We bought a place because of luck and yet only seemed to be further rewarded for that initial good fortune. Meanwhile, friends who rented, and who worked just as hard (or harder), endured rising costs and insecure tenancies. Forget opening up about my feelings (though that's useful too), leaving behind the world of landlords and letting agents was a better antidepressant than any pharmacist could dispense. CONTINUE READING ➡︎ Picks of the week... FEATURE Brazil Election: Lula May Be in the Lead, But He's Up Against a Powerful Ideology by Joana Ramiro While Lula came out on top in the first round of Brazil's election, he didn't win outright. To take back the presidency, he must now challenge Bolsonaro's powerful ideology with both charisma and policy, writes Joana Ramiro from São Paulo. Read more... ANALYSIS Liz Truss Doesn't Care About Stopping the War in Ukraine by Oliver Eagleton By preventing peace negotiations between Russia and Ukraine, Liz Truss is dragging out a devastating conflict. But that's a price she's willing to pay for preserving Britain's interests, argues Oliver Eagleton. Read more... READ MORE ON NOVARAMEDIA.COM ➡︎ Support independent journalism. We've got big plans for our written journalism, aiming to bring you even more analysis, opinion and reporting than we've been able to before. Setting up a regular monthly donation is the best way to help us sustain our work, grow our output, and expand our reach. Support us with a monthly donation from just £1 per month to help us to plan our future, and be more resilient in the media space.  Alternatively, you can support us with a one-off donation. We know times are really tough, so any support you give does not go unnoticed. Thanks so much – we couldn't do this without you. Copyright © 2022 Thousand Hands Ltd. All rights reserved. Thousand Hands Ltd is a private company limited by guarantee registered in England and Wales #11245029. Its registered address is 10 Bridge Street, Christchurch, BH23 1EF. Novara Media is a trading name of Thousand Hands Ltd and, as such, the individual shall have no personal liability arising out of such communication, and liability or obligation rests solely with Novara Media. Opinions or advice contained in this email are subject to the terms and conditions set out in the relevant terms of business and are not necessarily agreed or authorised by Thousand Hands Ltd. We have taken all reasonable precautions to ensure that no viruses are transmitted from Novara Media to any third party. Novara Media accepts no responsibility for any loss or damage resulting directly or indirectly from the use of this email or the contents. Novara Media is regulated by IMPRESS, the independent press regulator.

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