Show Hide image

Squeezed middle: The housing bubble that hangs over our lives

Rising house prices are meant to pacify the UK, but they are not in the least bit comforting.

I take a detour down Frankie’s road on the way to Sainsbury’s and that’s when I see it: a clipped little tree in a slate-coloured pot. It is sitting innocently enough in the front garden of an ordinary house in an ordinary street. But immediately I get a sinking feeling in my stomach.

I’ve seen trees like this before. Years ago they spread through Islington, my childhood home, like a virulent rash. The moment they started appearing near my old flat in Stoke Newington, I knew it was all over. Shortly afterwards we moved out to the suburbs, where we live now.

Just when I thought I could relax ... now they’re here, like harbingers of doom. Because these trees – so tame, so tasteful, so not actually trees – mean property developers. They are what you do in a front garden when you don’t intend to stick around long enough to actually plant anything and watch it grow. A cursory glance at the rest of the house confirms my suspicions. The front door and the window frames are painted Farrow & Ball-esque grey. The brickwork has been cleaned up, the plantation shutters are closed. A “For Sale” sign is up outside.

“What’s going on over there?” I ask Frankie when she opens the door.

“Oh, yeah. Guess how much it’s on the market for?”

“No. I can’t bear it. Just tell me.”

“Six-fifty.”

“Piss off.” Only last year, houses on this road were selling for less than 500k. Frankie bought hers four years ago for 350. I heard a rumour that the average house price in our area has gone up by 40 per cent this year. As we own our slightly-too-small flat, I can’t deny that part of me feels greatly chuffed. It’s always nice when your net worth increases to the tune of tens of thousands of pounds without you having to lift a finger.

But during the epic journey home, as Larry stops to examine every leaf and hole in the road, I have plenty of time to mull it over. What good does this “money” actually do us? It’s not going to help us move; in fact, it will make it more difficult as the differential between flats and houses only grows as prices rise. The only way it would actually improve our quality of life would be if we moved out of the area to somewhere cheaper — north, for example. I know plenty of people who are considering it.

But I have already moved once and I am determined not to do it again. London is our home. My mum is here and so is my sister. We have friends, Larry has friends. Even baby Moe has friends, if you consider a shared love of hitting one another over the head as nascent friendship. I don’t want to start again in a new place, unless that place is a lovely terraced house on Highbury Fields.

I glance into the buggy and notice Moe has opened his eyes. I pop his dummy back in and he drifts peacefully off again. It is, I realise with grim satisfaction, the perfect analogy: house prices are nothing but a great big dummy, administered by our great leaders to keep us all quiet. And we are just sucking it up.

Alice O'Keeffe is an award-winning journalist and former arts editor of the New Statesman. She now works as a freelance writer and looks after two young children. You can find her on Twitter as @AliceOKeeffe.

This article first appeared in the 20 November 2013 issue of the New Statesman, iBroken

Getty Images.
Show Hide image

The US intelligence leaks on the Manchester attack are part of a disturbing pattern

Even the United States' strongest allies cannot rely on this president or his administration to keep their secrets.

A special relationship, indeed. British intelligence services will stop sharing information with their American counterparts about the Manchester bombing after leaks persisted even after public rebukes from Amber Rudd (who called the leaks "irritating") and Michael Fallon (who branded them "disappointing").

In what must be a diplomatic first, Britain isn't even the first of the United States' allies to review its intelligence sharing protocols this week. The Israeli government have also "reviewed" their approach to intelligence sharing with Washington after Donald Trump first blabbed information about Isis to the Russian ambassador from a "close ally" of the United States and then told reporters, unprompted, that he had "never mentioned Israel" in the conversation.

Whether the Manchester leaks emanate from political officials appointed by Trump - many of whom tend to be, if you're feeling generous, cranks of the highest order - or discontent with Trump has caused a breakdown in discipline further down the chain, what's clear is that something is very rotten in the Trump administration.

Elsewhere, a transcript of Trump's call to the Philippine strongman Rodrigo Duterte in which the American president revealed that two nuclear submarines had been deployed off the coast of North Korea, has been widely leaked to the American press

It's all part of a clear and disturbing pattern, that even the United States' strongest allies in Tel Aviv and London cannot rely on this president or his administration to keep their secrets.

Stephen Bush is special correspondent at the New Statesman. His daily briefing, Morning Call, provides a quick and essential guide to British politics.

0800 7318496