Most debates around housing focus on young adults, the drastic fall in their rate of home ownership and ways to boost the number of first time buyers.
Far less attention, however, is given to the vast numbers of renters who are already too old to get a mortgage and face a lifetime of renting instead. As more of them reach retirement age, the state will start paying more of their rent, and faces enormous costs unless it makes some fundamental changes to the housing market. Because politicians only operate with 5-year horizons, few are fretting about the implications of lifetime renting.
But we are, and today we publish a report co-authored with David Adler of Oxford University: Life in the Rental Market.Read more
At the General Election in June, Labour won a majority of the votes of the under-40s. This was a wake-up call for the Conservative Party, many of whose members are now filled with a new urgency to address this cohort's biggest concerns - including a rather large house-shaped one.
Their annual conference has duly been bursting with new housing policies, particularly for private renters. But while they are (for the most part) improvements, the proposals fail to address the urgency of the housing crisis.Read more
The biggest talking point of Jeremy Corbyn's speech to Labour Party conference this week was rent controls. Since 2014 Labour has been proposing to limit rises in rents during tenancies, but there was something different this time around.
This is what the Labour leader said on Wednesday:
We will control rents - when the younger generation’s housing costs are three times more than those of their grandparents, that is not sustainable. Rent controls exist in many cities across the world and I want our cities to have those powers too and tenants to have those protections.
Is a new Waitrose in your neighbourhood a cause for excitement, or a troubling omen for your future in the area?
A new study reveals that the high-end supermarket is linked with rising evictions of private tenants in areas they open up in.
The analysis, conducted by Oxford University academic David Adler for Generation Rent, found that the arrival of a new store was associated with an increase in the number of evictions of between 25% and 50%.
Great cheese selection, but will you be around to enjoy it?Read more
Well, the Housing White Paper was a massive disappointment. After an exciting glimpse on Sunday of moves to "incentivise" longer tenancies, on Tuesday it became clear that those incentives were existing government subsidies for companies building new homes. Number of beneficiaries: 80,322 (not counting the companies who would have offered longer tenancies anyway).
For the 4.3 million households in existing properties? The vague undertaking to "consider what more we can do to support families already renting privately, while encouraging continued investment in the sector." Which gives little hope to people who don't live with their family and a lot of hope to property speculators.Read more
Earlier this year, Labour commissioned the chief executive of the country's biggest house builder to lead a study of the decline in home ownership - the main reason politicians are worried about housing these days.
The Redfern Review has been published today. It shouldn't be a great surprise that its conclusions don't fit completely with our views - there's very little comment on the needs of private renters - but it does make an important contribution to the debate, and there's a lot we can agree on. Indeed, it takes a more objective approach than parties and industry players have done when they've tackled the same subject - there's refreshingly little dogma or evidence of Taylor Wimpey's commercial interests at play (though it plays down builders' profit-driven reluctance to build enough homes).Read more
With a new Prime Minister and a new Chancellor heavily modifying their predecessors’ policies on the deficit, “affordable” housing and schools, the property industry is hopeful that the government will pursue similar revisionism on its landlord tax policy.
The Royal Institute of Chartered Surveyors this week called on the government to scrap the stamp duty surcharge on buy-to-let and second homes, while landlords have been in the High Court to challenge the withdrawal of mortgage interest tax relief for landlords paying higher rate income tax.
We’ve just learned that there will not be a judicial review of the government’s policy.Read more
This week will mark 50 days since Sadiq Khan was elected Mayor of London in an election that was defined by the capital’s housing crisis. Yet since that point private renters (and indeed all Londoners hit by its failed housing system) have had to wait patiently to hear the detail within the Mayor’s commitments.Read more