EXTRACT: In reality, just like the ‘help to buy’ racket, Osborne’s pension reforms are centrally about keeping the housing bubble afloat and generating that warm feel-good factor by injecting a quick stimulus into the economy. He knows full well that pensioners will use their newly ‘liberated’ pension pots to buy property as a retirement income, especially buy-to-let investments - and, admit it, you would probably do the same. It would hardly mean you were a Rachman or property magnate. Property, when all is said and done, still looks the best investment in a country like the UK, with its obscenely skewed economy. Either that or watch your precious savings dwindle away under rock-bottom interest rates. Not very smart. Significantly, the average age of buy-to-let landlords is 53, which is 20 years older than the average age of their tenants. It is now set to get older still.
Margaret Thatcher talked of a ‘property-owning democracy’, where everyone has a stake in society. Our own front door which we can paint any colour we like. Osborne’s budget is like a zombie version of that dream, given that all measures in this direction have not had the desired end result. In fact, things are going into reverse. Thatcher’s property-owning democracy is in retreat, with first-time buyers having an average age of 37 and eight out of 10 only able to buy with family help. For the first time since the post-1945 building boom, more people now rent privately than live in social housing - the latter having shrunk by more than two million through the right to buy.