Its about more than just money

I am fascinated by the debate about house prices and their significance. They are a crucial barometer for the economy, of that there is no doubt, but given that they are unlike virtually any other purchase we make, they can also justifiably be taken out of economy analysis. But they are significant and problematic in a very different way.

Although many Tory council had sold council housing prior to her legislation, Thatchers “right to buy” had a deeper significance than simply the increased moving of public equity into private hands. It placed owning our house at the heart of what we began culturally to understand as success; that it was about what you owned and in particular that you owned your own house.

So anything that is seen as cutting the value of our houses (even though its an estimated value and not “real” money unless we are selling) is perceived or felt to be a challenge to our sense of success. Thus sadly it gains a significance far greater in our minds than simply the possible pounds and pence value of our houses. And that is one of the most damaging of all Thatchers legacies//