The chair of NatWest has claimed it is not “that difficult” to get on the property ladder, despite the number of first-time buyers with a mortgage falling to the lowest level in a decade.
“I don’t think it is that difficult at the moment,” Sir Howard Davies told the BBC.
Pressed about this assertion, he added: “You have to save, and that is the way it always used to be.”
His comments to Radio 4’s Today programme follow a report published earlier this week by Yorkshire Building Society, which found that the number of first-time buyers who bought a home with a mortgage fell to the lowest level in a decade in 2023.
I mean... He's right in the sense that you have to save and it's always been like that. But in all other senses he's a fucking moron.
I guess, personally, I just feel like a lot of these incredibly rich and obviously out of touch old men are just totally irrelevant to normal daily life for most people. It's pointless to publish news like this, because it's just obviously meant to rile people up in some vague way and I guess somehow that generates money for the Guardian?
I just don't understand why we have to hear about what these irrelevant, hopefully soon-departed losers think. Who cares?
Because these are the people who rule over us. With all the information in the world at their fingertips, they remain willfully ignorant. Apparently unable to recall what they pay their cleaners or work out what annual salary the minimum wage equates to.
How much, we asked our group, would it take to put someone in the top 10% of earners? They put the figure at £162,000. In fact, in 2007 it was around £39,825, the point at which the top tax band began. Our group found it hard to believe that nine-tenths of the UK's 32m taxpayers earned less than that. As for the poverty threshold, our lawyers and bankers fixed it at £22,000. But that sum was just under median earnings, which meant they regarded ordinary wages as poverty pay.
Mistakes such as these should disqualify the wealthy from pontificating about taxation or redistribution. And yet City views carry great weight with ministers and politicians of all parties.
Neither the Guardian nor Polly Toynbee are agitating for revolution, of course. They cling to the belief that information will solve everything. They're liberals, it's what they do.
But they're right, we should be angry. And the abject ignorance of the very wealthy should be highlighted at every opportunity. These are not credible people and their lack of credibility matters.
Well yes, but also no.
The homes on the market are all being sold, and the people that buy them can afford them. The price of houses is exactly what the market can bear.
There's just not enough homes for all the people that can't afford the current ones. And he can't see those because they're not his customers.
This is the best summary I could come up with:
The chair of NatWest has claimed it is not “that difficult” to get on the property ladder, despite the number of first-time buyers with a mortgage falling to the lowest level in a decade.
His comments to Radio 4’s Today programme follow a report published earlier this week by Yorkshire Building Society, which found that the number of first-time buyers who bought a home with a mortgage fell to the lowest level in a decade in 2023.
On Friday, the lender Halifax recorded the third monthly rise in house prices in a row in December, with the typical home costing £287,105.
“Telling first-time buyers it’s not that difficult to get on the ladder is quite simply a slap in the face to people struggling to make ends meet, never mind save for a deposit on a mortgage.”
“Interest rates have increased but house prices have yet to correct, meaning we still need to save for a huge deposit, but also would need a high income to afford monthly mortgage repayments.”
Last year, he weathered calls for his resignation after initially backing Alison Rose in the row over a media leak pertaining to the closure of the former Ukip leader Nigel Farage’s accounts with the NatWest subsidiary Coutts.
The original article contains 514 words, the summary contains 207 words. Saved 60%. I'm a bot and I'm open source!
