The sell and rent back market could boom as more people are forced to embrace the simple life and tighten their financial belts.
It's a bleak outlook. Britain is estimated to be the worst hit European country as a result of the global credit crunch fall-out. Some critics believe it could change how we spend and what we prioritise in life – for the better. Psychologists, commentators and novelists have been queuing up in the broadsheets to say how they think British culture could change. More homeowners may be forced into a sell and rent back scheme in order to stay in their homes, but these critics believe the financial hardships could be a blessing.
Sell and Rent Back Schemes – Good for the Soul?
It may sound ludicrous to those people facing up to the risk of repossession or having to opt for a sell and rent back scheme in order to keep their families in their homes, but certain critics are saying there will be an upside to the economic downturn. Yes, you may face redundancy, you may have to sell and rent back or even lose your home, your plans for retirement may be compromised and you might be thinking twice about whether you can afford to put the central heating on, but many commentators are saying the economic prudence will bring back a sense of community. One columnist even claimed it would bring families together – forcing people into communal spaces to keep warm, rather than sitting in isolation in front of the TV in a warm living room.
Sell your House and Rent it Back – The Housing Dream Shattered
There's much talk in the opinion columns of a return to old fashioned values – making do, waste not want not, and the ditching of materialism for a "new social consciousness". Novelist Ben Okri said in The Times this new social consciousness would naturally emerge after the "strange spiritual and moral bankruptcy" the material success of the last decade brought. But for those forced into a sell and rent back scheme, it may sound like a nice idea to reassess what's important in life – but a roof over our heads is surely one of the main necessities. Sell and rent back schemes offer a way for those facing repossession or unmanageable debt to keep their roofs as legal tenants and stay in the family home they've built up over the years.
The Repossession Threat
Many of the columnists however are it seems cashing in on the downturn. India Knight has a new book out on thriftiness, and writes in the Sunday Times that she's pleased children wearing designer clothes will now be dressed in hand-me downs and expensive cocktails swapped for wine and lasagne at home. But for those facing repossession or pondering a sell and rent back scheme may see her remarks as cosy and comfortable, and even offensive – cutting down on expensive cocktails is far removed from the threat of losing your home.
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