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miércoles, 12 de octubre de 2022

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

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.
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