Despite repeated cries by the Chancellor that “your hard work has paid off”, the Autumn Budget was underwhelming in its efforts to address the housing crisis. In brief, nothing new for renters, a mixed bag for landlords, and support for first-time buyers moving into shared ownership. Several extra pots of cash for housebuilding but well short of what’s needed and nothing radical in terms of reforming the land market to funnel the proceeds of development to local communities and build more council homes.Read more
Right to Buy was electoral gold dust to the Conservatives back in the 1980s, but since council homes were sold off unreplaced, and the social housing sector dwindled, it has lost its lustre. With housing policy the key to winning over today’s 18 to, er, 45 year olds, it’s no wonder some in the party have taken up alchemy.
Onward, a think tank peopled by former government advisers, thinks it has the answer, which is about as close to Right to Buy for private tenants as we’re likely to get. Because the property is not the state’s to sell, it’s merely Chance to Buy.Read more
The latest English Housing Survey report is out today with the highlights of their findings for 2016-17.
The private rented sector has continued to grow. The population now stands at 4.7m households, with 27% of families renting from a private landlord.
It is once again the largest tenure in London (if you separate outright and mortgaged ownership), and its doubling outside the capital in the past decade illustrates the national impact the housing crisis has had.
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
Private renters spend 40% of their income on rent, compared with owner occupiers whose mortgage payments average 20% of income, according to the Government's English Housing Survey published this morning.
That means that renters spend two days a week working to pay off their landlords mortgage - most would prefer to be paying off their own, but house prices are far too expensive. It's hard to see how this could be characterised as anything other than exploitation.
An initial set of figures for 2012-13 was published in February - today's more detailed look reveals that:
- Only half of private renters agree that living in their sector is a good way to occupy a home, rather lower than in the other two main tenure groups.
- 73% of private renters were aged under 45 compared with 37% of social renters and just one quarter (27%) of owner occupiers
- A fifth of private renters last year were couples with children - up from 12% in 2008-09
- Over half (55%) of private renters said they anticipated owning their own home in the longer-term. Around a quarter (27%) reported that they expected to still be renting from a private landlord in the longer-term.