Thank you, Cossy. Your point about having two incomes is well made and can make a vast difference. I'd already posted (page 13) some ONS stats on households, trying to put into context who exactly answered "yes" to the YouGov survey questions on food insecurity.
There are 8.5 million people living alone in the UK. 3.5 million of those are 65 or over so the majority will be retired. That's still 5 million working-age people having to manage on one income.
It strikes me just how little professional salaries have risen compared to house prices and rents. In the mid 80s, I had professional qualifications but was still only 30. Not junior but not that senior either. Forty years ago, I was earning more then than a band 5 nurse or an NQT does now when house prices were a tenth or less of what they are now.
And, of course, there were still reasonable priced rentals to be had. By 1985, right-to-buy had seen the sale of 665,000 local authority homes. I believe that number now exceeds two million.
Buy-to-let didn't really take off until the late 1990s and escalated dramatically following the 2008 financial crash. Following that, bank rates plummeted to record lows, fuelling borrowing and sending property prices spiralling. Just about every new block of apartments built around here since then has been littered with To Let signs as soon as the development was released. First time buyers don’t stand a chance.
One can draw a straight line linking the sell-off of local authority homes, the 2008 crash and the rise of buy-to-let to the major housing crisis we have today. And if housing costs are taking up most of your income, there's little left for anything else.
William and Catherine’s Anniversary Photo



