Sir, I refer to your recent story concerning spiralling house prices here in Oxfordshire.
This situation will continue so long as prices are subject to market forces. I cannot foresee supply exceeding demand in the near future.
Realistically, the only beneficiaries of this situation are estate agents and house builders; in that order.
Existing property owners who sell will presumably be buying again, and even if downgrading will not benefit greatly; unless buying a cottage in the Outer Hebrides.
Young couples on the average income, even if both are working, have virtually no opportunity of buying a property here in Oxfordshire, as stated in your article.
A roof over one’s head is a basic human need as are food and clothing, and should not be subject to market forces.
A fair and simple method of pricing would be building cost plus, say, 20 per cent profit.
Richard Baigent
Duckington Lane
Witney
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