Sunday, February 7, 2010

Consultation Paper

Investment in the UK Private Rented Sector

This is a lengthy, but necessary, read containing some interesting data. Consultation is open to individual feedback.

Posted by dill @ 04:11 PM (882 views)
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5 thoughts on “Consultation Paper

  • Some shameful argument-framing hidden in this one:

    “It has become clear that that a persistent undersupply of housing has been a key contributor to the affordability problems households have faced”

    Undersupply of housing? With over a million empty homes? Reeeaallly?

    “1.9 The fall in supply was driven to a large extent by a reduction in the supply of affordable mortgage finance. The Government has been adressing this through action to ensure competitively priced credit continues to be available.”

    Aha. But you just said …. And isn’t all the queasing and low interest rates to support businesses, not the housing market? Oops. Did you say something you shouldn’t have out loud?

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  • Desperate Young says:

    No talk of a stupid credit bubbled. No talk of helping first time buyers. No talk of the standard of living for those that rent. No talk of improved tenancy talks.

    Only talk of investments and returns. They really will stop at nothing to support this market.

    Sick.

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  • For the most part, the paper seemed quite reasonablly argued to me but as dill says, it’s quite a long read and I’m definitely not able to comment on some some of the subjects such as the best way to get more involvement by institutional investors.

    My one gripe, however, is the way that the terms of reference are set.

    “1.1 The Government’s objective for housing policy in England is simple and fundamental – to ensure a decent home for all.” Yet policy appears to be primarily aimed at pricing out the next generation. The lower end of the rental market will never provide ‘decent homes’.

    “1.2 It has become clear that that a persistent undersupply of housing has been a key contributor to the affordability problems households have faced.” Nothing to do with easy credit in the boom days?

    “1.9 The fall in [new build property] supply was driven to a large extent by a reduction in the supply of affordable mortgage finance.” In other words, bring back the boom days for speculators and we’ll be alright again!

    The terms of reference assert that more needs to be done to get private finance involved in providing rented property without any consideration of awkward questions like why property prices force so many to rent in the first place. In summary, well written but the role of privately owned rentals is unquestioningly promoted from the start.

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  • The patronising contempt that this government has for the new class of dependents and outcasts (their traditional support outside of wealthy vampires) rises to new heights of hypocrisy every week. Thousands of us now have no choice but to laugh at them.

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  • «Only talk of investments and returns. They really will stop at nothing to support this market.»
    «contempt that this government has for the new class of dependents and outcasts (their traditional support outside of wealthy vampires)»

    70% of voters are landlords, and of these the “aspirational” ones have been investing heavily in buy-to-rent to enjoy a work-free, luxurious retirement, not to the lack of affordable housing for losers. These landlords want ever rising house prices and rents,. and ever lower wages and prices for the services and goods they buy. Since most are middle aged or older they also want more repression and authoritarianism.

    Labour’s voter strategy is to support these “aspirational” aims completely, because otherwise they would be unelectable. It is not their fault — it is just that the vast majority of voters want to MAKE MONEY FAST with capital gain and rising rents, and pay less and less for good and services thanks to massive offshoring and imports and illegal immigration (because legal immigrants don’t drive wages down as much as illegal ones) driving down salaries and prices.

    Put another way, 70% of UK voters are a petty rentier class, and they elect only those who represent their interests. Of the remaining 30% many stand to inherit properties from their parents or relatives, and are even keener on capital gains and low wages, as they look forward to a gentlemanly/ladylike life of living off their inheritance.

    The main difference between Labour and Conservatives is that Labour still do something, out of tradition as well as sometimes convinction, for the small minority of losers who aren’t present or future landlors, but they are careful to avoid talking about it to avoid scaring that 70% of usually petty, mean and greedy “F*ck you! I got mine” voters.

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