MaizieD
There is so much to unpick in AI's screed, but I would point out that it is banks that are responsible for house price inflation because the amount they can lend for a property purchase is not as restricted as Building Society loans were. Their 'loan' is newly created money, Building Socs lend depositor's funds.
A little conversation with my AI friend more or less confirms this.
Banks and Building Societies lend on secure commercial terms typically for residential homes. Nationwide is the second largest provider of loans, all rates are competitive according to the risk involved, banks are likely to take more risk than BSs.
One reason housing takes a very large amount of finance iX3 because of taxation policy all capital gain is tax free, house purchase is also VAT free so increasing the value of the house you own is best and safest investment you can make.
Combine that with housing shortage caused by government policy of allowing gross migration to increase the population faster than houses can be built.
Nationwide have just offered me a 5 yrs investment at 5% their mortgage rate is around 6.5% for a secure deal giving them a 1.5% margin plus costs of course. So potentially I and the many other small investors are the wealthy you are demonizing
Im sure the banks are offering similar investments
Seriously until the government get UK Population growth under control they have no chance of controlling house price inflation or the amount of money being borrowed for housing, or the wealth accumulated by the lenders
