Maybe right now that's true. But just a few short years ago they were throwing mortgages at anybody who was still warm, because the house prices were rising so fast, they were in positive equity in no time at all.The Red Fox wrote: The middle class are big enough to drive house prices up. They've risen over 100% since the mid 90s, long before the polaks came here taking minimum wage jobs. You honestly think most immigrants will ever own a match box house here? I'm a second generation brit. The only hope of me ever owning property is if I move abroad. To quote the yanks: go figure.
Now it's harder, and less attractive. But most immigrants still live in houses. If they don't buy, they rent, and this still keep the prices up, as renting keeps houses off the market, and you can still buy one and make money renting it out.
It's supply and demand. Slightly more demand than supply means prices rise.
And vice-versa.
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