Houses: Man's Great Investment Delusion

Housing is a market unlike all others.

For a start, we all have to live somewhere and there is much to be said for the benefits of ownership rather than renting. Second, there are huge tax advantages to owner-occupation. Third, unlike virtually any other asset category, the ordinary person can borrow easily and therefore gear up their investment. Fourth, because of their familiarity with it, people think they understand property in a way that they don’t understand other assets – least of all pensions.

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