Wednesday, January 14, 2009

Ministers are looking at wasting taxpayers’ money to kickstart the ailing property market

Blue sky thinking to revitalise affordable homes market

Ministers are looking at detailed plans for a multibillion-pound infrastructure fund to kickstart the stricken housing market. Against the worst conditions for housebuilding for more than 30 years, senior Whitehall officials are drawing up a groundbreaking scheme [massive money pit] that would see the public sector inject equity [i.e. taxpayers' money] into social housing developments in an attempt to "lever in" [great, more leverage] insurance and pension funds investment. A decision on whether to proceed with the new fund is expected to come next month. The scheme would in all likelihood be administered by the newly formed Homes and Communities Agency [another quango with gold-plated pensions for its do-nothing employees]. [IT'S ALL about land values! What a bunch of muppets.]

Posted by drewster @ 04:18 AM (704 views)
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2 thoughts on “Ministers are looking at wasting taxpayers’ money to kickstart the ailing property market

  • mark wadsworth says:

    I don’t get it, I just don’t get it.

    Assuming that ‘affordable housing’ is A Good Thing (and I agree that it is), why doesn’t the government stop meddling and allow prices to crash to mid-1990s levels, 3 times income or whatever, problem solved?

    Yes, in the long run liberalising planning laws (carrot) and Land Value Tax (stick) will prevent future bubbles arising, we can worry about that it two years’ time.

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  • voiceofreason says:

    Mark,
    Yes, it seems obvious to me that making homes affordable means dropping the prices.
    But the govt seems to think it means giving money to people to afford the high prices.

    Doh !

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