This took a think tank to arrive at this decision..
The real market always corrects itself
Time for a massive crash
Doesn’t help that new housing starts have basically ground to a halt.
It’s politically impossible but we just need to remove pretty much every affordable requirement and developer contribution mandate to get things off the ground. We’re stuck at a point where input costs are too high to be recouped by buyers.
I mean, it was unaffordable before but haven’t prices barely moved for a few years now? Why is it suddenly unaffordable now?
[deleted]
Phase one of operation “post modern feudalism” now to just push this country wide.
I keep reading things like this, but then see our flat is worth basically the same now as it was in 2018. The owners before us sat about a 50% increase in five years or something.
I’m selling an empty flat which is still waiting to complete after I moved to Wales 6 months ago.
Mortgage companies keep pulling their offers for my buyer because the building management company can’t get their act together with regards to the new building safety regulations and EWS1 form requirements.
It’s only a 4 storey block and doesn’t even have cladding.
The government has put a big cack handed screwdriver into the leasehold system which has disproportionately affected London on top of everything else the market there is dealing with.
That’s bullshit. Houses (and flats) have gotten more affordable over the last 2-3 years than they used to be. Sure, it’s still very very expensive, but that ignores the fact it has, in fact, gotten better.
Real flat/house prices (i.e. inflation adjusted) have crashed.
Solved with a simple few steps – property cap, one person, one property, stop foreign ownership of houses if they do not currently reside in the country and don’t own more than one property here already and rent control through the roof so people can save for a deposit.
We won’t because our government are neoliberal cowards
There are housing problems across the UK but London is an order of magnitude worse. But its political suicide to do anything that targets London specifically so we’re stuck like this. And no, ‘just move out of London’ is not the solution.
House prices are actually down in real terms since 2020
If housing was ‘unaffordable’ (either purchase or rent) then a huge amount of for sale or rent stock would be sitting empty. This isn’t the case: property owners are asking increasingly high prices, but those asking prices are being met.
What’s happening in London is something different- the average people (in a purchase power context) that are essential to keeping a City running are being gazumped by (mainly) financial services employees that the city prides itself on attracting.
Surely it’s more affordable than it was a few years ago? Prices are way down in real terms over the past few years, and often down in nominal terms.
This is the kind of sage knowledge that can only be composed by a tank made specifically for thinking and not just by looking at an estate agent’s front door anytime during the past 15 years.
Its affordable for the people who can afford it, which is a specific class/tax bracket/BoMaD lot that have hundreds of thousands in cash ready to go.
Being a member of this Think Tank sounds like a great side-job
Renting is just as bad.
Good job we keep paying all these think tanks to tell us all the bloody obvious that the rest of us have known for years.
20 comments
No shit.
This took a think tank to arrive at this decision..
The real market always corrects itself
Time for a massive crash
Doesn’t help that new housing starts have basically ground to a halt.
It’s politically impossible but we just need to remove pretty much every affordable requirement and developer contribution mandate to get things off the ground. We’re stuck at a point where input costs are too high to be recouped by buyers.
I mean, it was unaffordable before but haven’t prices barely moved for a few years now? Why is it suddenly unaffordable now?
[deleted]
Phase one of operation “post modern feudalism” now to just push this country wide.
I keep reading things like this, but then see our flat is worth basically the same now as it was in 2018. The owners before us sat about a 50% increase in five years or something.
I’m selling an empty flat which is still waiting to complete after I moved to Wales 6 months ago.
Mortgage companies keep pulling their offers for my buyer because the building management company can’t get their act together with regards to the new building safety regulations and EWS1 form requirements.
It’s only a 4 storey block and doesn’t even have cladding.
The government has put a big cack handed screwdriver into the leasehold system which has disproportionately affected London on top of everything else the market there is dealing with.
That’s bullshit. Houses (and flats) have gotten more affordable over the last 2-3 years than they used to be. Sure, it’s still very very expensive, but that ignores the fact it has, in fact, gotten better.
Real flat/house prices (i.e. inflation adjusted) have crashed.
https://preview.redd.it/mo02r53lt1df1.png?width=1930&format=png&auto=webp&s=5f95bc5b429d694ab49fbc716c836132e3bcc4f3
Source: [https://housemetric.co.uk/analysis/region/London](https://housemetric.co.uk/analysis/region/London)
Solved with a simple few steps – property cap, one person, one property, stop foreign ownership of houses if they do not currently reside in the country and don’t own more than one property here already and rent control through the roof so people can save for a deposit.
We won’t because our government are neoliberal cowards
There are housing problems across the UK but London is an order of magnitude worse. But its political suicide to do anything that targets London specifically so we’re stuck like this. And no, ‘just move out of London’ is not the solution.
House prices are actually down in real terms since 2020
If housing was ‘unaffordable’ (either purchase or rent) then a huge amount of for sale or rent stock would be sitting empty. This isn’t the case: property owners are asking increasingly high prices, but those asking prices are being met.
What’s happening in London is something different- the average people (in a purchase power context) that are essential to keeping a City running are being gazumped by (mainly) financial services employees that the city prides itself on attracting.
Surely it’s more affordable than it was a few years ago? Prices are way down in real terms over the past few years, and often down in nominal terms.
This is the kind of sage knowledge that can only be composed by a tank made specifically for thinking and not just by looking at an estate agent’s front door anytime during the past 15 years.
Its affordable for the people who can afford it, which is a specific class/tax bracket/BoMaD lot that have hundreds of thousands in cash ready to go.
Being a member of this Think Tank sounds like a great side-job
Renting is just as bad.
Good job we keep paying all these think tanks to tell us all the bloody obvious that the rest of us have known for years.
Honestly, where would we be without think tanks?
Oh yeah, happier.
In other news, water is found to be wet.
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