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
This week has been the Conservative Party's conference, and their chance to match Labour's pledges to abolish Section 21 and seed-fund renters' unions.
There is a lot of worry among the party faithful that they are not doing enough about housing - the defining political issue of a generation. But with consultation responses on security being scrutinised by officials back in Whitehall, and Help to Buy facing negative attention, their options were narrow.Read more
A few weeks ago, the London Borough of Newham revealed that 13,000 local landlords had failed to declare their rental income, prompting estimates that £200m of tax was being evaded in London alone.
Today, Parliament has published an answer from the Treasury Minister Mel Stride to Frank Field, who asked what assessment the government had made of this. The Minister directed him (and us) to this information on tax gaps (pp54-5).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
There's a lot of muttering right now from the landlord lobby that they'll be putting up rents because of changes to the tax regime and expected increases in interest rates.
The threats would sound scarier if rents weren't already going up faster than inflation. The fact is many landlords will use any excuse to put up the rent when they get the chance. Many others value their tenants, and won't.
If you face a rent hike, you don't need to accept it. We've put together a 3 minute video on what to do to avoid paying too much.Read more
Having won the election, George Osborne used his first Budget of the parliament to rifle through the pockets of his vanquished political rivals. He abolished non-dom status for permanent UK residents and announced an increase in the minimum wage, dubbing it the Living Wage in the process - both more or less Labour election policies.
And he nicked a Green Party policy by cutting tax relief for landlords.Read more
The buy-to-let ‘boom’ that has occurred over the last twenty years, coinciding with the huge growth of the private rented sector more generally, has meant this kind of mortgage has been normalised within the British psyche, but without perhaps enough analysis of what it means for the economy and wider society.Read more