Interesting report from Mark Easton last week on political parties views on property prices. No surprises that every single one of them sits on the fence, but all financial brands need to be thinking about this given the long shadow that home ownership casts.
The Thatcherite Revolution did many things but perhaps the biggest was creating the Cult of Property. Unlike many of our neighbours, Britons believe that owning bricks and mortar is an inalienable right and will do almost anything to achieve this. Including, as is clear with mortgage fraud cases and repossessions soaring, lying and borrowing way beyond what is sensible. Of course with rents still high and public housing stock pitiful this isn’t going to change any time soon. But surely every financial business has a real interest in educating their customers as to how and why they need to control their finances?
Organisations like the IFS School of Finance are attempting to do this, but until all companies that offer credit of any time take the issue seriously they are only scratching the surface.
Client Services Director