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
Today's Observer declares that the "home-owning democracy", that elusive vision beloved of the Conservatives since Thatcher, is finished.
Ahead of next week's Housing White Paper, Communities Secretary Sajid Javid says, "We understand people are living longer in private rented accommodation", which is the closest the government has come to admitting that their policies to help first-time buyers can only go so far.Read more
The bank even demands that landlords get a valuation of the market rent every time the tenancy is up for renewal and then "take all steps to ensure that the review [with the tenant] takes place and leads to the maximum increase in the rent which can reasonably be achieved."Read more
A version of this article appeared on Inside Housing.
Last Tuesday, the Resolution Foundation dominated the headlines and airwaves with its report into levels of home ownership. Using figures from the Labour Force Survey, their big finding was that Greater Manchester saw the biggest fall in owner occupation from its peak at the turn of the century. It was a pattern seen across the north.
It’s no shock that the housing crisis is gripping the whole country. Our analysis of the 2011 census in 2014 found that ownership levels were already dropping in major urban areas. These figures are a bit more up to date.
While London and the South East have the most insane house prices, buying a home anywhere has become more difficult. This is because wages haven’t risen by much, and more people are in insecure employment, so it’s harder to save and to qualify for a mortgage. House prices became uncoupled from wages before the credit crunch, and didn’t revert to affordable levels after it.Read more