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Saving For a Space Ship

Uks' Future ? 86K Subdivided Flats In Hk - Increase By 30% In A Yr

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Subdivided flats a social tragedy: Anthony Cheung

http://www.ejinsight.com/20141222-subdivided-flats-a-social-tragedy-anthony-cheung/

Subdivided flats in hong kong images

https://www.google.co.uk/search?q=Subdivided+flats+hong+kong&rlz=1C1CHFX_en-GBGB455GB455&es_sm=93&tbm=isch&tbo=u&source=univ&sa=X&ei=Shm1VMjfIoW2UebNg8AF&ved=0CCkQsAQ&biw=1240&bih=643&dpr=1.1

The government revealed in its Long Term Housing Strategy report that there are 86,000 subdivided flats, 30 percent more than in the middle of last year, the Hong Kong Economic Journal reported Monday.

Secretary for Transport and Housing Anthony Cheung said it is a social tragedy and that he felt depressed that some Hongkongers had no choice but to live in partitioned rooms.

As the Housing Authority has to build 290,000 public housing units in the next 10 years, it will face increasingly high financial pressure, although there is no imminent need for capital injections, as it has a HK$27 billion (US$3.5 billion) cash reserve.

Despite the surge in the number of subdivided flats, Cheung said the government has no intention of imposing regulations on such units or reintroducing rent controls.

He said the key to resolving the issue lies in the increase of housing supply.

Rushing out licensing policies or registration systems for these flats would only cut down on their number and push rents up, Cheung said.

Financial Secretary John Tsang said the supply of land is key in increasing public housing supply and the Housing Authority needs to boost its cash reserve to meet such needs.

Agnes Wong, the deputy secretary for transport and housing, said at an event on Sunday that the cost of building a public housing flat has increased to HK$900,000, and building a Home Ownership Scheme (HOS) flat now costs HK$1 million.

The Housing Authority’s cash reserve can support the cost of construction until 2017/2018, she said. However, it will require further funding for the period beyond 2018.......

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I dream of the day that I can live with this much space!

It seems quite clear to me that the madness will only end when rents drop, for some reason (mass unemployment, government regulation), and the viability of buy to let ceases to continue.

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This is London already. Only you get to share your studio flat with five others.

Presumably there is very little Housing Benefit or Working Tax Credit available in HK, so when that inevitably runs out in Uk I wonder what will happen to the HMO minimum size regs ?

MINIMUM REQUIREMENTS FOR H.M.O PROPERTY

http://www.moray.gov.uk/downloads/file77777.pdf

I imagine there will be a bit more plasterboard involved than in HK though, to satisfy council inspectors.

Edited by Saving For a Space Ship

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Just an ironic thought, but I wonder if the Uk's heavily indebted, could cut their rent or mortgage cost by 75%, by living in a 1/4 of their current flat.

They would then perhaps stand a chance of actually paying back their debts with the saved rent money, rather than defaulting.

Unfortunately for renters, as mentioned, some parasitic landlords will charge as much for 25% of a flat as for 100% of it

Edited by Saving For a Space Ship

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  • 406 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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