Jump to content
House Price Crash Forum
hi5lo5

Govt's viewed housing as only for financial speculation - John McDonnell

Recommended Posts

http://www.bbc.co.uk/news/uk-politics-40401314

Speaking at Glastonbury Festival on Sunday, the shadow chancellor blamed the decision to "view housing as only for financial speculation".

"The decision not to build homes and to view housing as only for financial speculation rather than for meeting a basic human need made by politicians over decades murdered those families"

Good to see this forum's view is echoed by some and catching up with MSM.

 

 

Share this post


Link to post
Share on other sites

The issue of housing price bubble is a complex one.. one often hear political parties using it to score points..

Inflation factors

1. Mass Immigration in short amount of time - Immigration rules were loosened during Nu Labour. Once the flood gates are opened, it's very hard to close as Theresa May has found out in the last 7 years) 

2. Low interest rates - Central banks now control the interest rates, and this is world wide. governments can't really interfere. 

3. BTL - Again during Nu Labour, the government promoted the idea of BTL, this created a massive demand for properties.  

4. Incentives - In Cameron's first term, Osborne tried to stimulate the economy and tried to buy votes by establishing Help To Buy. 

 

Out of the 4 factors above, the current government is already trying to do something about 1, 2 and 4, as well as start building more social housing.. 

The government wouldn't be able to build enough social housing to keep up with immigration.. and they end up being neglected and run-down anyway.. 

Share this post


Link to post
Share on other sites
16 minutes ago, Mr Foster said:

The issue of housing price bubble is a complex one.. one often hear political parties using it to score points..

Inflation factors

1. Mass Immigration in short amount of time - Immigration rules were loosened during Nu Labour. Once the flood gates are opened, it's very hard to close as Theresa May has found out in the last 7 years) 

2. Low interest rates - Central banks now control the interest rates, and this is world wide. governments can't really interfere. 

3. BTL - Again during Nu Labour, the government promoted the idea of BTL, this created a massive demand for properties.  

4. Incentives - In Cameron's first term, Osborne tried to stimulate the economy and tried to buy votes by establishing Help To Buy. 

 

Out of the 4 factors above, the current government is already trying to do something about 1, 2 and 4, as well as start building more social housing.. 

The government wouldn't be able to build enough social housing to keep up with immigration.. and they end up being neglected and run-down anyway.. 

+1 although sadly HTB means that the Tories are partly responsible as well.

 

With regards to immigration, they could have changed the benefits for non EU migrants so there was less of a pull fact.  I know someone who has soon as she got residency claimed lots of benefits

Share this post


Link to post
Share on other sites

RE HPI:- I have always said that if it cant go on it will not go on.

 

You cant have one established generation buying up all of the housing stock as a pension, thus leaving the younger emerging generation disenfranchised and essentially homeless.

They lose their investment in the country's future and so you get to the point we are at today with massive discontent amongst the young bought on by generational unfairness.

What is the ancient Greek saying about a civilization being great when old men plant trees in the knowledge they will never live to enjoy the shade the trees provide??

Well we have been a long way from that ideal for the past decade or so haven't we!

Sooner or later the politicos will pick up on the simmering discontent and make capital out of it.

Labour think they have a vote winner here...and unless something is done to combat this perpetual HPI, they will be correct.

The trouble is that the pile of debt surrounding housing in the UK will ensure that any correction will now be catastrophically violent.

Share this post


Link to post
Share on other sites
7 hours ago, hi5lo5 said:

"The decision not to build homes and to view housing as only for financial speculation rather than for meeting a basic human need made by politicians over decades murdered those families"

"The decision not to build homes and to view housing as only for financial speculation rather than for meeting a basic human need made by politicians over decades"....has inflated prices and shifted wealth from the young and poor to the old and wealth and blighted very many lives but to say it murdered the families in Kensington is far fetched and such nonsense that its in danger of undermining the real point.

The fire in Kensington was a regulatory failure.  the spec of cladding should have been prohibited under Building Regs for tall buildings.  Nothing to do with housing being viewed only for financial speculation.  I think he's an idiot.

Share this post


Link to post
Share on other sites
10 minutes ago, Roman Roady said:

What is the ancient Greek saying about a civilization being great when old men plant trees in the knowledge they will never live to enjoy the shade the trees provide??

Ha ha - like the covenant that the old only rent the land from the young...what a joke.  I am not young (mid 40s) but I can see gross injustice when I see it...

Share this post


Link to post
Share on other sites
7 hours ago, hi5lo5 said:

http://www.bbc.co.uk/news/uk-politics-40401314

Speaking at Glastonbury Festival on Sunday, the shadow chancellor blamed the decision to "view housing as only for financial speculation".

"The decision not to build homes and to view housing as only for financial speculation rather than for meeting a basic human need made by politicians over decades murdered those families"

Good to see this forum's view is echoed by some and catching up with MSM.

 

 

So why isn't he prepared to end HTB then? Watch what they do, not what they say.

Share this post


Link to post
Share on other sites
4 minutes ago, ThoughtCriminal said:

Trouble is, McDonnell and corbyn's love of Venezuela and Cuban style living are far worse than anything related to high house prices.

Indeed...for the first time I think I can see the truly catastrophic consequences of the coming correction.

Share this post


Link to post
Share on other sites
16 minutes ago, ThoughtCriminal said:

Trouble is, McDonnell and corbyn's love of Venezuela and Cuban style living are far worse than anything related to high house prices.

Are you being serious?

Share this post


Link to post
Share on other sites
8 minutes ago, dougless said:

Are you being serious?

As they often said before 2013 that they admired Venezuela are you being serious when you ask that?  Or are you implying Venezuela is in a better place than the UK at the moment?

Share this post


Link to post
Share on other sites
8 hours ago, hi5lo5 said:

http://www.bbc.co.uk/news/uk-politics-40401314

Speaking at Glastonbury Festival on Sunday, the shadow chancellor blamed the decision to "view housing as only for financial speculation".

"The decision not to build homes and to view housing as only for financial speculation rather than for meeting a basic human need made by politicians over decades murdered those families"

Good to see this forum's view is echoed by some and catching up with MSM.

AT least one and a half of those "decades" under labour rule ....

Share this post


Link to post
Share on other sites

He's the ex housing minister, but the rest still stands... No wonder the young (and not so young) have shown they will welcome the socialism of Corbyn

DC7DqvDXYAAVpVV.jpg

Share this post


Link to post
Share on other sites
5 hours ago, iamnumerate said:

+1 although sadly HTB means that the Tories are partly responsible as well.

 

With regards to immigration, they could have changed the benefits for non EU migrants so there was less of a pull fact.  I know someone who has soon as she got residency claimed lots of benefits

They cannot, they gave up controls of judiciary to the EU. The only real power left was to set the tax rate. The rest was a good wink ;)

Share this post


Link to post
Share on other sites
Just now, iamnumerate said:

No it will be far far worse.

Doesn't matter whose in power.. the country's influential, foreign, economic presence is shifting. The interim is going to be financial shock, no one can mask the next Big Bang.

Share this post


Link to post
Share on other sites
11 hours ago, hi5lo5 said:

http://www.bbc.co.uk/news/uk-politics-40401314

Speaking at Glastonbury Festival on Sunday, the shadow chancellor blamed the decision to "view housing as only for financial speculation".

"The decision not to build homes and to view housing as only for financial speculation rather than for meeting a basic human need made by politicians over decades murdered those families"

Good to see this forum's view is echoed by some and catching up with MSM.

 

 

They were saying similar stuff in the 8os and 90s and before the 1997 general election that NuLabour/Blair and Brown won and house prices then went crazy.

Why would it be any different this time if Labour got in again.  Huge numbers of people believed in Blair and Brown in 1997.

Share this post


Link to post
Share on other sites

Sadly Corbyn never used this issue. He would have won the election.. but I guess it will come in 2 years time once the minority government has been dissolved post eu fire exits ;) 

they'll just play into the decreasing values, without having to execute the pledge.

Share this post


Link to post
Share on other sites
2 minutes ago, billybong said:

They were saying similar stuff in the 8os and 90s and before the 1997 general election that NuLabour/Blair and Brown won and house prices then went crazy.

Why would it be any different this time if Labour got in again.  Huge numbers of people believed in Blair and Brown in 1997.

He's definitely not wearing a red tie, masking a blue heart ;)

Share this post


Link to post
Share on other sites
6 hours ago, Mr Foster said:

The issue of housing price bubble is a complex one.. one often hear political parties using it to score points..

Inflation factors

1. Mass Immigration in short amount of time - Immigration rules were loosened during Nu Labour. Once the flood gates are opened, it's very hard to close as Theresa May has found out in the last 7 years) 

2. Low interest rates - Central banks now control the interest rates, and this is world wide. governments can't really interfere. 

3. BTL - Again during Nu Labour, the government promoted the idea of BTL, this created a massive demand for properties.  

4. Incentives - In Cameron's first term, Osborne tried to stimulate the economy and tried to buy votes by establishing Help To Buy. 

 

Out of the 4 factors above, the current government is already trying to do something about 1, 2 and 4, as well as start building more social housing.. 

The government wouldn't be able to build enough social housing to keep up with immigration.. and they end up being neglected and run-down anyway.. 

The tories have had 7 years now and little or nothing has changed - NuLabour had completely changed the outlook for the UK within 7 years after getting in power - in 7 years maybe for ever and with little opposition  The tories haven't even tried to scratch the surface in 7 years. 

Edited by billybong

Share this post


Link to post
Share on other sites

Corbyn wants more refugees, even more immigration (hard to believe that's possible) and hasn't met a terrorist he doesn't like.

 

I despise the state of housing in this country, but if high prices are the worst thing you can imagine then you dont have a very good imagination.

Share this post


Link to post
Share on other sites
2 minutes ago, maverick73 said:

He's definitely not wearing a red tie, masking a blue heart ;)

No from what Corbyn says apparently not - until he gets in power.  

In any event I don't really believe in the red/blue/left/right thingy these days as it's just used as a label to stygmatise whoever for whatever depending on their mood.

Share this post


Link to post
Share on other sites
4 hours ago, Wayward said:

"The decision not to build homes and to view housing as only for financial speculation rather than for meeting a basic human need made by politicians over decades"....has inflated prices and shifted wealth from the young and poor to the old and wealth and blighted very many lives but to say it murdered the families in Kensington is far fetched and such nonsense that its in danger of undermining the real point.

The fire in Kensington was a regulatory failure.  the spec of cladding should have been prohibited under Building Regs for tall buildings.  Nothing to do with housing being viewed only for financial speculation.  I think he's an idiot.

"For tall buildings".

For any building - if the cladding can spread a fire up to 15 storeys in 2 minutes like in Dubai then it;s not fit to clad any building.

Edited by billybong

Share this post


Link to post
Share on other sites
3 minutes ago, billybong said:

"For tall buildings".

For any building - if the cladding can spread a fire up to 15 storeys in 2 minutes like in Dubai then it;s not fit to clad any building.

flammable material is used to clad low rise buildings all the time, its called wood. Usually cedar for cladding. I live near a three story cedar clad office building. Warehouses are clad with composite panels...these can be flammable. I agree risk should be designed out where poss...daft not to.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   64 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.