Thursday, October 1, 2009
How much taxpayers’ money is spent on lining the pockets of landlords?
Housing benefit has become a welfare state for landlords to the tune billions of pounds. The belief that the free market in terms of rent would deliver lots of cheap, good quality rented accommodation has now been demonstrated to be false in the UK. The peculiar laws pertaining to Britain have made it a key target for overseas buyers to dabble in the property market. They have entered the UK housing market in considerable numbers, particularly in London. The problems of absentee landlords are well known and analogous to English landlords in Ireland in the 19th century. A large amount of public money is disappearing abroad and into private pockets for little return and no investment in housing stock. [Warning: it's a bit of a long rant]