Chancellor’s housing message to rich Londoners

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The falling house prices in Pendle were highlighted in the speech made to the Conservative Party conference in Manchester by Chancellor George Osborne on Monday.

Announcing the news that the second phase of the Government’s Help to Buy was being b rought forward, Mr Osborne took on his critics by saying: “There are some people – many living in the richest parts of London – who say we shouldn’t be doing these things. I have this to say:

“Take your arguments down the road to Nelson or Colne, where house prices have fallen for the past five years. Take your arguments to Bury, or Morecambe, where young working couples are still living at home with their parents.

“Take your arguments to our great towns and cities where there are families who have saved for years, earning decent salaries, who can afford the mortgage repayments but can’t possibly afford the deposit being asked by the banks these days.

“Take your arguments to those families and say: ‘This policy is not right. You shouldn’t be allowed to get your home.’

“I tell you what they’ll say back: ‘It’s alright for you. You’ve got your own home. We’ve been saving for years. What about us?”