UK House prices

House prices in the U.K. are now so high that a third of British people believe they will never buy their own home. This is according to a new report published by the Halifax Bank. Home ownership was once an achievable goal for generations of Britons. However, rising prices now mean the prospects of getting on the property ladder are on the decline. The report says that one in five twentysomethings has no desire to own their own home. Craig McKinlay, mortgages director at Halifax, said: "We may be heading towards the point where the aspiration to own a nice home will be replaced by the aspiration to simply live in one." He added: "It seems that people are now beginning to accept a lifetime of renting."

Britain's Office for National Statistics earlier this week stated that house prices have risen by 10.5% in the past year. It expressed concern at what it describes as "runaway train" house prices. The average U.K. house was valued at $425,000 in 2013. Things get bleaker for house hunters wishing to buy in London. Prices in the capital have risen by 18 per cent in a year to an average of $610,000. The Halifax report writes about possible long-term social problems arising from, "the division between homeowners and non-homeowners". The report warned that if there are fewer first-time buyers, "the market will come to a standstill". If this happens, prices will have to come down.

Vocabulary:

Phrasal Verbs

back down (no object): not follow a threat.

"Tom was going to call the police when I told him I'd wrecked his car, but he backed down when I said I'd pay for the damages."

back off (no object): not follow a threat.

"Tom was ready to call the police when I told him I'd wrecked his car, but he backed off when I said I'd pay for the damages."

back up (1. no object): move backward; move in reverse.

"You missed the lines in the parking space. You'll have to back up and try again."

"The people waiting in line are too close to the door. We won't be able to open it unless they back up."

back up (2. separable): drive a vehicle backwards (in reverse).

"You're too close! Back your car up so I can open the garage door."

back up (3. separable): confirm a story, facts, or information.

"If you don't believe me, talk to Dave. He'll back me up."

back up (4. separable): make a "protection" copy to use if there are problems with the original.

"When my computer crashed, I lost many of my files. It's a good thing I backed themup."

beg off (no object): decline an invitation; ask to be excused from doing something.

"At first Lily said she would be at the party. Later she begged off."

blow up (1. separable): inflate.

"We need lots of balloons for the party. Will you blow them up?"

blow up (2. separable): explode; destroy by exploding.

A: "That old building really came down quickly!"
B: "That's because the construction company used dynamite to blow it up."

blow up (3. no object): suddenly become very angry.

"When I told Jerry that I'd had an accident with his car, he blew up."

bone up on (inseparable): review / study thoroughly for a short time.

"If you're going to travel to Peru, you'd better bone up on your Spanish."

break down (1. separable): separate something into component parts.

"We spent a lot of money at the supermarket. When we broke the total cost down, we spent more on cleaning supplies than food."

break down (2. no object): stop working / functioning.

"Sharon will be late for work today. Her car broke down on the freeway."

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