Rumors are rife that the British Government is about to do something to assist home buyers, but this is surely a very controversial area to tinker with. They seemed quite prepared to stand by while the mortgage industry got itself into a proper pickle by a great deal of injudicious lending. Could they not see that the mortgage 'free for all' that preceded the present crises could not go on forever? It's difficult to guess what their intentions are so we will have to wait and see. However, they have got themselves into a bit of a mess, and have seemingly set many of the devices in their own minefields.
The trouble is that when a mess has been created is it wise to allow those who are responsible to sort it out. Unfortunately you don't always have a choice. Oh sure, you have the ballot box every five years or so, to try to make a bad situation better, but frequently all you get is more of the same. Then they wonder why so many people don't turn up to vote.
It is frequently reported in the press that UK government borrowings are at almost unprecedented levels, so where are all the billions they are to throw at the property market coming from. Is it money being spent to help desperate people, or to bail out a desperate government becoming increasingly aware of its own shortcomings. There is a world of difference in doing something to help a homeowner avoid repossession and assisting someone who saw the booming market as an easy way of making a fast buck. There is little doubt that the 'Buy to Let' market attracted many investors not particularly skilled in finance. Speculative investment has always borne an element of risk and in such instances it is not up to governments to bail out investors through the tax system.
So we must wait and see. There has been a high degree of election fever on the other side of the Atlantic. It will be followed before too long by electoral activity this side of 'the pond'. Before then there will be attempts to shore up quite a few flagging reputations. Only time will tell if that is possible!
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