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Wholly agree we are hypothesising here - and yes I have seen several comments in media along same lines - ie a slow reduction in real property prices over a period of maybe 2/3/4 decades so that whilst nominal prices do not see any sudden reduction property becomes more affordable over time for FTBs.
That said few western nations have home ownership at much more than say 2/3rds of households - and at current 63% UK is probably in a largely equilibrium state at the moment. There will always be a significant minority of the population who will never have the means - nor indeed the desire - to take on the responsibilities of home ownership.
The big issue in UK over past few years remains affordability - and for the poorest group in rentals that is largely down to the introduction of capped LHA which in much of the UK no longer covers self contained rentals - as well as significant payment delays under UC.
Just yesterday the Guardian flagged that homelessness per se is being exacerbated by Social Landlords refusing to let to households whose welfare income is not deemed sufficient to cover Rent/Bills.
That said few western nations have home ownership at much more than say 2/3rds of households
Absolutely, which is why we have a growing crisis with cost of living and consumer debt, which leads to things such as the Yellow Vest movement in France.
If this could be addressed, i.e. hardworking working class people could afford to buy at 3x salary and not get trapped in a debt cycle, people would be more content and the rise of far left/far right could be averted.
Rather than building a million in the south which is a band aid - what GOVT should do is expand economic hubs outside of London and interconnect them with efficient and cost effective infrastructure - thereby reducing the pressure on one main hub in the country and spreading the wealth across the country.
Now you're talking, although you'd need a promotion from Housing Minister to sort that one out !!
Surely as landlords we can’t start advocating price controls on one form of property tenure and not accept that we’d have to accept rent controls as well? Whats good for the goose and all that.
I'd accept rent controls.
Agreed - also depends on exactly what form controls might take - eg current rents with annual CPI/RPI increase on one hand - or some absolute cap at eg LHA level which would make rentals in London/SE non viable from a cash flow standpoint - unless owned outright.
Stop introducing new legislation but provide the necessary resources to enforce current legislation to the letter.
LETS MAKE HOMES by treating landlords as partners, tenants as customers & every property as our own."
Learn about what we actually do, and not judge us by a few rogues. Bring back tax relief, if we were farmers and bought a tractor or a field, we'd be allowed relief. Regulate not just PRS but council properties too.
Housing minister to PM
1/ Forget ‘ affordable housing’, no such thing for many. Demand, land prices, labour shortages, materials costs, high carbon foot print of new build, infrastructure cost etc. Will all mitigate strongly against affordable owner occupation for many, (even if, prices are artificially reduced.)
2/ Ensure Social Landlords actually do what they are supposed to do. Provide housing for the VULNERABLE only ie the long term unemployed, chaotic families, people with mental health/ drug/ alcohol issues. SL ‘s are increasingly housing people perfectly capable of living independently whilst making access for the truly vulnerable more and more difficult. Consider stripping out subsidy and other favourable financing from SL’s who do not correctly focus on the most vulnerable in society.
3/ Liberate the PRS from the shackles of resented success. Examine the evidence, growth, numbers housed, tenant satisfaction rates, efficiency of provision, underpinning of local economies and jobs. Reverse the section 24 tax changes, roll back the bureaucracy of poorly framed regulation. Provide incentives for the sector to grow and grow rapidly, level the playing field for investment in rented housing. Listen to private housing providers ( LL’s) and don’t be deceived by left wing think tanks and the kudos of high profile charities, their agendas are purely ideological, unachievable and blatantly political.
4/ bring back into use all empty housing, use it or loose it. Owners not prepared to rent should face purchase at 65% of market value or rent all goes to Gov.
5/ Exercise extreme caution in encouraging the ‘ institutional investor’ into the sector. How will Gov control them once established? Remember PFI and our now bankrupt NHS? Nuff said!
6/ Continue reforms of the welfare system to encourage work. Accept that Universal credit is a complete practical mess and act quickly to reform. The objective is good, it is only the practical administration that is not fit for purpose.
Easy Votes are not the basis on which to build a secure and effective housing sector.