Foreclosures or as we call them "Bankruptcy buys" are purchased by the wealthy and rented back to the poor for extortionate rates. My Neighbour Rents a 1 Bedroom House for £600 per month. The Average take home Wage is £1100. So over half gone !! For this he has to cram himself, wife and 4 Children into the small space.
Whereas yes I am in debt but I pay the same for a Mortgage on a 5 Bedroom House that in 25 Years I will own and pass down to my kids. Where my friend will no doubt be paying over £1,000 by that time.
A single room in the UK is approximately £400 per month.
We are such a small Island there just isn't the capacity to house the ever growing population. This was the main reason for getting out of Europe because the huge influx of people forced upon us.
I bought a foreclosure, and I'm not wealthy. My mortgage is extremely low. There are ways to do it, but people have to live well below their means, have a lot more cash flowing in than out, and be smart about what they purchase.