Tuesday, 29 May 2007

Massive mortgages creating nation of young 'wage slaves'

Massive mortgages are turning a generation of young couples into wage slaves, it has been claimed.

A report warned that the spiralling price of housing means Britain is in danger of becoming the "grossly divided" society of have and have-nots not seen since Victorian times.

First-time buyers who manage to make it on to the property ladder and parents with young families are like "bonded labourers" tied to their jobs.

With housing prices soaring to unprecedented levels, many young couples have been reduced to 'bonded labourers' in a 'modern day slavery', the shocking report has claimed

The bleak report by academics - called On The Treadmill - says "super-size" loans are pushing soaring numbers of parents to desert their children in order to work long hours.

Many are taking on second jobs to pay a mortgage which could be up to seven times' bigger than their salary.

The warning came as figures from the British Bankers' Association showed the average home loan is now a record-breaking £152,800 - compared with £50,000 in 1994. Read more

Read Why mortgages matter on the Ugley Vicar blog.

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