Exactly Housing prices not just in the UK but practically everywhere have gone through the roof . People are reluctant to solve the dilemma of Housing being an asset class or a fundamental right .
We're an unfunded, nonprofit homeless outreach group in London delivering food and other much needed essentials to help make the lives of those on the streets that little bit easier, and am seeing more and more people becoming recently homeless due to covid arrears. The housing situation isn't going to get better for a lot of people, any time soon I'm afraid. In fact the total opposite.
@@cellbiologyshorts9105 Exactly. Housing is expensive in most places but London is on another level. Move out of London and most people with a full-time job will be able to buy a small house/ flat, and a couple will do it no problem! You cant expect to live in London and own property on a poor wage it's just not realistic is it.
In late 80s my dad paid for his housing deposit by selling his motorbike. The house cost £22,000 and he had a wife who was a full time mum to 3 boys, and supported everything financially with a factory job.
Almost identical purchasing situation to me: I sold my motorbike to raise the deposit for my place in '94. House cost £28k. I was on a very basic wage and it was v easy to cover the mortgage.
This should be in the top 3 discussions and top priority in the social development of this country! But some amongst the British society are busy causing distrubtion to the public and affecting day to day operations... By blocking the public transportation networks and illegally cutting off the routes on public roads for commuters (heading to work, running errands )!
There's a solution to this once people realise the fact is that there's enough housing for everyone, all the governments has to do is just make it illegal to rent. Rich people can find other ways to make more money than they need while leaving the rest of humanity the fuck alone. Once people have their housing and food sorted, they'll have more time to create and help others
0:48 this is what I've been saying for years. It's rediculous that banks refuse mortgages at monthly repayments that are half what I'm paying in rent on the claims that people can't aford the mortgage repayments.
A lot of savvy people are buying 4 & 5 bedroom pads and renting out all the spare rooms, I kid you not, these owners are retired at 30 and down the pub all day living like kings
I study Industrial Economics. One key issue that nobody in this video brought up is the impact that ultra-low interest rates have on house prices. It reduces the cost and the risk of borrowing so much that it is basically non-existent. If interest rates went up to say 7% tomorrow (which, historically speaking, isn't that high but is by today's standards), then house prices would go down significantly since banks would be lending out less money and more people will default on their mortgages. Low interest rates also impact first time buyers in the sense that the reward for saving is much lower, 7% interest compounding in a savings account is a lot more than 0.1%! There is also the issue of wage stagnation and overcrowding. It is a complicated issue but an important one which is having a massive impact on millions of people's lives, we need to do something about it.
@@wildsurfer12 Good question. It's a sticky one because many of the options might crash the housing market, and if that happens it'll be first time buyers that lenders will stop lending to first. So, it could take years to solve the problem smoothly. The Bank of England could give more weighting to property prices when they calculate the rate of inflation, which would mean we might see slightly higher interest rates. Improving rights for tenants in rented property could reduce demand for property ownership too, since the UK doesn't have the strongest renter's protection when compared to countries such as Germany (where a larger portion of the population rent, because it's less stressful and more secure relatively). There are a number of other potential solutions but I can't be bothered to type them out since I'm on my phone and it's not likely that anyone will see this anyway. But yeah it's an interesting problem.
A start would be to define affordable housing properly: The Tories have defined 'affordable' as 80% of the market rate. Well the market rate is in the heavens, that's not affordable.
We also need to ask why New Labour never did anything about it. Blair could have built more council houses but choose to waste our money in Iraq instead.
Set council tax for non-domiciled property owners (Russians, Chinese, Saudis etc) at 10 x the standard rate and force councils to spend it on social housing. Unfortunately the government won't go for that because a lot of them make a lot of money schmoozing foreign billionaires.
But restricting supply will make their voter's property appreciate more. it is an indirect subsidy, redistribution of wealth. what might come back to bite them is the shrinking population of people being able to afford it the asset in the first place.
They should bring in a new law where huh to live in the U.K. for 3-5 years before you can buy a property…but Tories actively make money from housing developers and as landlords/ landowners George Osbourne the landowner is the reason HS2 is being built
I was at a party last week and heard people boasting of how much their house was worth. It is only worth if they can find someone who can afford to buy it. With prices 8 times average earnings we are in the bubble of all property bubbles. Greed will very soon to fear when this one pops.
It's not a bubble when there is way more demand than supply. It's only a bubble when there is limited or no demand and prices still go up astronomically. High prices is also not due to greed. It's due to inflation. Land costs, building costs, material costs, utility costs, labour costs, transport costs are all going up and you expect property prices to go the other direction? Developers don't do what they do for charity - they too have families to feed - they need to be making profits. Imagine if all the developers stop building and investors stop buying and refurbishing their properties to let, then what would happen? There woul;d be a price war to get a leg into remaining supply, and some people will be left out in the streets. Today's crisis is but a small indication of the massive problem facing UK if they think investors and developers run on greed and decide to put a lid on them. Then the mayhem begins.
Go check on prices in other parts of Britain. The North/South divide is so great, you can live cheap in rural areas, but you'll need a car and a job on the internet to live there.
We make a lot of money from rich foreigners. I think your king literally owns homes here and he needs to pay a yearly fee if he doesn't use the property.
Guy that nailed it is the one who spoke about foreign investors. 2% stamp duty increase for foreign buyers is a joke for millionaires and billionaires.
why would they when the majority of their voters want house prices to go up? they are redistributing wealth to their voters, there is no change under a tory government.
We need a government who are genuinely commited to building more affordable housing and implementing measures like rent controls. At the 2019 election we had the option to vote for this however unfortunately a large enough number of people thought that blue passports were more important.
Which party? Show me one. All of them are run by greedy crooks, corporate puppets. Don't you remember the MP's spending on own home toilets. Unless this is not available any more to read or watch it.
Building more affordable housing makes housing more expensive because you have to buy land at a certain price and then dictating a certain amount of affordable housing units reduces the return on the development, meaning less incentive to build, less housing units and higher prices. Rent control is an issue for similar reasons. Caps on prices, in general, are not a good thing.
New builds are overpriced by developers. Rents should be forced to be as low as social rent levels! Private rentals in the U.K. are a rip off with poorly maintained damp housing!
Exactly, can’t save to buy as new builds are so expensive. We currently rent for an ex council property that is double the price as a private rent than our neighbours who’s are housed off of the council 🤦🏼♀️
I think the problem is down to several issues that have happened over many years, rather than one cause. Interestingly if you count the number of bedrooms in the UK, there are enough for the population, so maybe it is not a housing crisis, but poor/inefficient allocation of a finite resource that is the problem (e.g. a single person living in a five bedroom house). Another problem is developers who buy land then only build houses that are priced above first time buyers because they want to maximise profit.
There are ghost towns in rural Wales and Scotland that used to be mining economies. In Liverpool they have houses but they're sub standard. We need adequate homes, in locations where people need them.
Put incremental tax on the number of housing units owned by one individual. The more an individual owns the higher the tax rate should go on each new purchase. The tax should be annual and based on the property value and should also consider the rental value of that unit. The higher the rent, the higher the annual property tax on it.
So you think by taxing someone even more because they have a few pr,operties is the answer, i own a few properties and if that happened i would sell most of them to avoid the tax then as would most investors then that creates even less housing to rent out.
@@therepublic7708 exactly. Sell them! Housing is a necessity not a way of accumulating wealth. Sell them and we can end this greed. Unregulated capitalism
The property ladder is being pulled higher and higher off the ground - of those not already on-it, only a tiny percentage will grab it in-time. Of course, those from wealthy families will be ok too. Inflation (ignored by the media) is getting worse as a result of ‘money printing’ through the pandemic, people have less spare income than ever. Couple this with house prices continuing to rise (inflation) and potential British homeowners have never had it so bad. To add insult to injury, wages will remain flat (decline in real terms), while we the people are made to pay for the aftermath of the pandemic (austerity by another name). There’s more than enough money to go around, but the rich/oligarchs, are getting greedier and ever more competent at getting our corrupt government to shovel more of it away from us.
The Right to Buy Scheme started this situation, the Tories campaign to convince the British public that buying a home (That was already theirs through a iron clad tenancy agreement) was the only way to be financially secure and successful in life. The public have very short memories, many forgot just how well social housing had been working upto that point, they were literally living in the proof! The public already owned the very properties they were being sold, every property built and paid for with tax payers money as part of the amazing post war social experiment. Side note, The original idea of the "Right to Buy" scheme, which was to sell off old housing stock and the capital raised was supposed to be used to build new social housing stock was a good plan, but the Tories never intended to keep that promise, to this day, 1.5M units of social housing sold into private hands, and only around 30K of social housing has been built in England in the same period. (Homes owned by Local councils, not to be confused with Housing associations which are, for the most part, private companies).
That would hardly have made a difference whether they had been sold under right to buy or not. Take London for example 300 thousand homes were sold under right to buy but London has grown by over 2 million people in the last 20 years and only built 450 thousand homes in that period. That’s 1 million 450 thousand homes that should have been built but weren’t. That’s the problem right to buy is irrelevant if anything it helped those buyers to stay in their homes without having to make any payments once the mortgage was paid off.
@@jfluffydog2110 I’m expressing an ideal if there was a 1:1 ratio of homes there would be a surplus and homes would fall to their utility value. Of course an oversupply of credit relative to homes has made the shortage worse but there is a shortage nevertheless. A quicker fix to high prices in the short term would be a ban on new credit creation to fund mortgages. Or perhaps a requirement that all home purchases be made in cash. That way any home built would automatically translate into falling prices as the housing stock increases and homes would have to be priced competitively as the seller could only command what people had in their pockets rather than the rate at which banks create new credit.
@@jfluffydog2110 landlords wouldn’t have a monopoly on housing because any home they bought with the intention of renting out would be less desirable to the public as they could just buy their own home. Those with the least would end up renting but this would make up a significantly smaller percentage and their rents would be far more affordable because far fewer people would require a rental. This in turn would allow more people to save up for a cash buy home (now priced more affordably) taking even more people out of the rental market over time. The only useful rentals at this point would be short term rentals when the inhabitant had no intention of remaining for an extended period of time.
If you replace those elegant detached houses with ugly high-rise flat blocks, then the housing crisis would have been sorted. However public opinion prefers nice street scene against its capacity of dwelling units. So high housing price is exactly the people's choice and bear with it.
Affordable housing with tiny rooms. If a contractor wants to build houses then there should be a minimum size for the rooms enforced by councils. The councils up here in Scotland had a minimum standard for their housing stock which was great if you had a house in a nice part of town. Unfortunately, councils don’t build anymore and are just happy to take the money from the sale of land and take no further interest.
Avarage house price UK £260k . Percentage of people earning under 20k 40% . Percentage of people earning less than 40k 70% At this point if you're parents aren't landed you won't be .
greedy landlords dont just hurt tenants it also hurts other business because people have less income to spend at them. every £ you give to your land lord is a £ not spent in another business and to make things worse land lords don't produce anything. i can slog my days away at work producing something but a land lord just sits on its ass. to make thigs worse a lot of MPs are landlords so they dont want a solution as it makes then money.
good landlords usually improve their property. Renters like you probably wouldn't even know or appreciate these sorts of investments. I've had a new boiler fitted last year and it cost the landlord around £3k. I wouldn't entirely say they don't produce anything. They are the ones that provide you a roof over your head.
Some times younger people don't think though. They move out, they were welcome with parents.. they rent for the status of being on their own feet, they go to University to study astrology, they have a gap year and travel around the world, etc, have kids and now they are 28 and can't save 50 quid a month? You can have anything, you can't have everything...
50 quid? if they want to own a home they need to put down on average £42k (average downpayment being 15%, average UK house price is around £290k) They should just work their lives away, living under a roof that isnt theirs, spending as little as possible, because some rich landlord (who owns ten properties) ups the rent year after year to supplement his income? boomer mindset
You asked one question, who do you think is to blame, well I would say that Margaret Thatcher for selling off the council houses in the late 70's early 80's, but also, I blame the people of around my age group, the fifty somethings who were buying and selling property to make money, yes they could make more than double their wages in the profit on their homes, but a home is for living in, I couldn't afford to buy a proper house as a single person back in the 90's, I bought a stable block and converted it into my now home, that was then, now the younger generation have to hope their parents leave them a decent inheritance to be able to live and pay off their debts as the cost of living gets higher and the cost of rent gets higher, it's not fair on the younger generation. What can we do to resolve the issue? Tax buyers from outside the UK for purchasing a property if they're not going to spend time and money and contribute to this country. Cap house prices countrywide and even up the wages so that people working for a company earn the same throughout the company, prices in supermarkets should be the same countrywide, and rent should be capped even for private rent and be the same countrywide make a level playing field for everyone. Restrict the amount of properties that any individual or anything and anyone directly related to them can own, tax them higher for the purchase of a second home, put people off buying them, again this makes it fairer for everyone. Houses that are derilict, if the owners can't be found, sell the property off cheap, as in well below market value so that someone can refurbish the building and live there, if this were run by the government then they could state that the person has to live there for say, five years, that will guarantee that they do the job properly and don't try to make a quick buck and rent it out or sell it on and make a profit. Millionaire Row in London, the street full of mansions bought by big companies abroad that no one can trace, either get rid of them or do something with them, the money could be made by knocking them down and selling parts off to reclaimation yards, some of the bathrooms and kitchens would make a fortune especially as everything seems to work in phases and trends come back in. I'm only an average person on the street but if I can think of ways to solve the issues, why can't the powers that be do the same? Probably because they own half the rented accommodation in the country, or they're getting back handers, they say that many countries are corrupt, I think we need to look into our own country before criticising others and see why we are going to end up crippling our own economy, it won't be long before our young people search for jobs abroad, not so much for better money but for the affordability to live.
Demand for house in uk so high especially a council one it’s ludicrous it’s like it impossible! The waiting list is years, because there’s more and more ppl who need a property but councils ain’t got it, because there been bought and sold, if they wasn’t bought n sold ppl would be living in them so they need to build more and keep up with DEMANDS
That's why people are living in their cars, converting school buses....to live in cheaper... Its up to our gov't to put RENTERS AS A HOT !!! topic ....as a priority Im a cyclist .....just have a ride around the neighborhoods....anyone of them...there's tons of abandoned houses in every neighborhood. There needs to be a bylaw on these owners...sell or get it rented. Tons of abandoned industrial factories everywhere...unoccupied...get ren'vating these into low income units.. The lists are long...this is nuts....people need affordable places to reside.
Best way is live in cheaper area like Peterborough/chatteris/Huntingdon etc and get train to London for work if you want to hang onto you're High salary My mortgage is just £371 per month
But that's wasted money going to travel.the goal is freedom and travelling from Peterborough to London everyday takes that away from you. Jobs are more open to remote working so if someone can get a remote job then yes this is a good idea
SIMPLE TO FIX: only people living in London should be allowed to own properties in London and in a maximum of 2 or 3 unities. Immediatly the prices would went down....
Affordable housing is 20% of the market value. Market value as in the average rent for private homes in the area. If private owners are renting out 1 bedroom flats for £1000 per month, then similar council "affordable" 1 bedroom flats will go for £800 per month. It's shit.
Taxing foreign buyers in Canada hasn’t helped. Issue in Canada is zoning laws, which basically doesn’t allow building anything other than single family houses in specific areas(like 95% of land in Canada)
If citizens don't find a place to invest in, to call home.. To emotionally invest in..? Where do you think the energy and love for life for many people disappears? We are being conditioned into becoming people that react to beauty, drama and lies rather than respond to harmony, empathy and truths. Many are aware, but those in vulnerable states can do very little to fight this wave - after all, just like the narcissists, their creation of capitalism etc. preys on the vulnerable. Who knows, maybe people will learn to tell signs of psychopathy from their own country's leaders and decide to move to another country?
My partner and I moved back to Eastbourne after the pandemic, we both lost our jobs and I was refused furlough by my previous job even though I left on good terms, the council wouldn’t help me with rent because I had saving that were supposed to be for a mortgage so I had to pay my £800 a month rent for a ROOM out of my savings through lockdown. When we got to Eastbourne we went to the council asking for a council property and we’re told that basically because we were gay men (who obviously can’t have children) we would most likely never get a council flat, best case scenario is that we wait a minimum of 7 years! But we would need to be legally homeless before they would consider giving us a property! That would mean not living with friends or family, so I asked what exactly that meant and they told me we would have to be living in bed sits (basically a place we can only sleep in and have to be out during the day with all our belongings), but if we were sofa surfing that is classed as having a home. So at the age of 34 I have next to no savings, I’m renting from a private landlord and have next to no chance of ever having my own home…
Sadly it’s exactly the same in Ireland ! But our waiting list is easily 16 years now even if homeless we now have no homeless accommodation unless sleep in a police station then council will offer you €70 a day to find a hotel to rent out . There is no hotels 🏨 in Ireland for €70 a night .it’s a shambles
The government has no worries in regards to housing as they are all landlords. They want the value to go up & the rents to stay high. Foreign investment is great but it drives up prices for locals, these properties are then leased back to local people at extram high rent. The banks wants everyone to buy a house they can't afford as that is how they borow money and create more money through interest. There should be an act of law e.g The affordable rent act Where properties are put into bands ( like council tax bands ) 1 bed Max £600 2 bed Max £700 3 to 5 bed Max £750-£850 Anything above these amount is impossible to manage on salary under £35K
Young people simply want the whole system to collapse at this point, even if it means catastrophic outcomes for all simply because the things they need like Housing is capital which is impossible to own, you must ask why bother with capitalism at that point?
How can you solve the housing crisis? "I don't think there's any political will". Give this guy a medal. The only way to solve the UK housing crisis is to have a net zero immigration policy and to radically reform planning. Also make it much easier to rent in the private sector. At present a tenant needs to show earnings three times annual rent minimum. Who made up these rules?
The social housing going to all the foreign people and women with kids with different dads is the main problem I spent a year homeless in London and it hurts
housing must be seen as a human right like water and food and not as an investment to profit off. Government must start building social housing once more. That's how you solve the crisis.
You realize that the social housing rents rose 10% more than private rents. The solution is to relax zooning, cut taxes, allow for more supply to ease prices and create competition.
lol you think the issue of climate change is completely disconnected from the issue of affordable hoouses or homes..it has everything to do with profit over sustainble development and housing and massive inequality in society so don't go around saying "forget EXtinction rebellion"...also for you it might seem like a marginal issue but it certainly isn't for the poorest in the world who have already been made homeless by floods and fires and who cannot grow their crops...so tthere you go yet another privileged position coming from a person in a first world country who thinks the thrid world doesn't matter or indeed their own enviroment. Also you think people should be demonstrating on then why don't you do it instead of leaving stupid comments on YT
@@CC-jw8cj did he blame them for anything? He merely pointed out that they have been buying up property overseas as they don't buy in their own country when they invest in property. People like you are pathetic. Trolling others for pointing out facts. Sad.
I don't think building more council estates is the answer many will still be without with up to a 14 Yr waiting list what needs to happen is to make rent affordable and for the government to take more control in the private and social sector rent should be affordable for everyone simple, when profit comes before human rights its disgusting and dam right evil
All the housing crisis aside, why is there us no way to "review" the Landlord and the house as a tenant which could help future tenants? We review every little thing yet the single most significant expense cannot be reviewed? A tenant has to go through excruciating amount of scrutiny and disclosure of personal details with some random private individuals and God knows where that info goes, (dont give me GDPR bull crap when your info is freelyshared on insecure emails).
Very few things are more important than housing - imo.
Is it housing that is so important....or housing in one of the most expensive cities on earth?
To me, you are more important.
Exactly Housing prices not just in the UK but practically everywhere have gone through the roof . People are reluctant to solve the dilemma of Housing being an asset class or a fundamental right .
We're an unfunded, nonprofit homeless outreach group in London delivering food and other much needed essentials to help make the lives of those on the streets that little bit easier, and am seeing more and more people becoming recently homeless due to covid arrears. The housing situation isn't going to get better for a lot of people, any time soon I'm afraid. In fact the total opposite.
@@cellbiologyshorts9105 Exactly. Housing is expensive in most places but London is on another level. Move out of London and most people with a full-time job will be able to buy a small house/ flat, and a couple will do it no problem! You cant expect to live in London and own property on a poor wage it's just not realistic is it.
In late 80s my dad paid for his housing deposit by selling his motorbike. The house cost £22,000 and he had a wife who was a full time mum to 3 boys, and supported everything financially with a factory job.
Exactly. The system doesn't work anymore
That system is gone. Globalization makes that impossible.
Almost identical purchasing situation to me: I sold my motorbike to raise the deposit for my place in '94. House cost £28k. I was on a very basic wage and it was v easy to cover the mortgage.
Where the hell did he buy a house for 22K ? I'm old enough to have been house hunting in that exact time period and 22K is a fantasy figure to me
@@AnthonyHancock-s7v York 2 up 2 down.
This is the type of awareness and talk people need because it’s effecting almost everyone but no one talks about it!!
We need to ask ourselves why people aren’t talking about it. Maybe if more people did we’d see some action from those around us.
This should be in the top 3 discussions and top priority in the social development of this country!
But some amongst the British society are busy causing distrubtion to the public and affecting day to day operations... By blocking the public transportation networks and illegally cutting off the routes on public roads for commuters (heading to work, running errands )!
I agree with what you're saying
There's a solution to this once people realise the fact is that there's enough housing for everyone, all the governments has to do is just make it illegal to rent. Rich people can find other ways to make more money than they need while leaving the rest of humanity the fuck alone. Once people have their housing and food sorted, they'll have more time to create and help others
No one talks about because the reasons are taboo
Housing has become more a "tradeable " commodity rather than a home for someone to live in.
"it used to be a fundamental right but its not now" - spot on lady
Sorry but it simple never , ever was . It sounds good but that is all
Really love what you're doing Amelia!!! Lots of Love.
Thanks so much ! X
0:48 this is what I've been saying for years. It's rediculous that banks refuse mortgages at monthly repayments that are half what I'm paying in rent on the claims that people can't aford the mortgage repayments.
The man with the glasses. He was in a rush and you could tell. But you could see that he was passionate and had knowledge to share still haha
“I‘d sleep under the stairs if it keeps the wife happy” AHAHA loved that answer
He wants to do a Harry Potter!
A lot of savvy people are buying 4 & 5 bedroom pads and renting out all the spare rooms, I kid you not, these owners are retired at 30 and down the pub all day living like kings
I study Industrial Economics. One key issue that nobody in this video brought up is the impact that ultra-low interest rates have on house prices. It reduces the cost and the risk of borrowing so much that it is basically non-existent.
If interest rates went up to say 7% tomorrow (which, historically speaking, isn't that high but is by today's standards), then house prices would go down significantly since banks would be lending out less money and more people will default on their mortgages. Low interest rates also impact first time buyers in the sense that the reward for saving is much lower, 7% interest compounding in a savings account is a lot more than 0.1%!
There is also the issue of wage stagnation and overcrowding.
It is a complicated issue but an important one which is having a massive impact on millions of people's lives, we need to do something about it.
The question is what should we do about it?
@@wildsurfer12 Good question.
It's a sticky one because many of the options might crash the housing market, and if that happens it'll be first time buyers that lenders will stop lending to first. So, it could take years to solve the problem smoothly.
The Bank of England could give more weighting to property prices when they calculate the rate of inflation, which would mean we might see slightly higher interest rates. Improving rights for tenants in rented property could reduce demand for property ownership too, since the UK doesn't have the strongest renter's protection when compared to countries such as Germany (where a larger portion of the population rent, because it's less stressful and more secure relatively).
There are a number of other potential solutions but I can't be bothered to type them out since I'm on my phone and it's not likely that anyone will see this anyway. But yeah it's an interesting problem.
Didn't understand anything! That's why i didn't choose to study economical subjects lool
@@Economically. thanks for your insight, bro.
@@Economically. thanks for this interesting way to look at it
A start would be to define affordable housing properly: The Tories have defined 'affordable' as 80% of the market rate. Well the market rate is in the heavens, that's not affordable.
We also need to ask why New Labour never did anything about it. Blair could have built more council houses but choose to waste our money in Iraq instead.
Set council tax for non-domiciled property owners (Russians, Chinese, Saudis etc) at 10 x the standard rate and force councils to spend it on social housing. Unfortunately the government won't go for that because a lot of them make a lot of money schmoozing foreign billionaires.
But restricting supply will make their voter's property appreciate more. it is an indirect subsidy, redistribution of wealth. what might come back to bite them is the shrinking population of people being able to afford it the asset in the first place.
They should bring in a new law where huh to live in the U.K. for 3-5 years before you can buy a property…but Tories actively make money from housing developers and as landlords/ landowners
George Osbourne the landowner is the reason HS2 is being built
There is no need to allow foreigners to buy property as investment. Immediately scrap that policy.
Think deeper.
I was at a party last week and heard people boasting of how much their house was worth. It is only worth if they can find someone who can afford to buy it. With prices 8 times average earnings we are in the bubble of all property bubbles. Greed will very soon to fear when this one pops.
How does this bubble pop exactly?
It's not a bubble when there is way more demand than supply. It's only a bubble when there is limited or no demand and prices still go up astronomically. High prices is also not due to greed. It's due to inflation. Land costs, building costs, material costs, utility costs, labour costs, transport costs are all going up and you expect property prices to go the other direction? Developers don't do what they do for charity - they too have families to feed - they need to be making profits. Imagine if all the developers stop building and investors stop buying and refurbishing their properties to let, then what would happen? There woul;d be a price war to get a leg into remaining supply, and some people will be left out in the streets. Today's crisis is but a small indication of the massive problem facing UK if they think investors and developers run on greed and decide to put a lid on them. Then the mayhem begins.
don't put up with the worthless people.. community. you surround yourself with people you want to be with
There’s plenty of people who can afford it. But they are out making money and not sitting on RUclips comments complaining like you
Love this series. Keep up the great works guys!
Go check on prices in other parts of Britain. The North/South divide is so great, you can live cheap in rural areas, but you'll need a car and a job on the internet to live there.
If London companies allowed workers to work remotely, they could get access to so many more candidates with a lot less wage inflation
I live in Thailand, foreigners are not allowed to own land in the kingdom, Britain should do the same
We make a lot of money from rich foreigners. I think your king literally owns homes here and he needs to pay a yearly fee if he doesn't use the property.
thats terrible , my mum is a foreigner but has lived in England for 20 years and has a family. Of course she should be able to buy land
Maybe a residency clause. Like you should have lived for at least 6 months a year for say 5 years.
Guy that nailed it is the one who spoke about foreign investors. 2% stamp duty increase for foreign buyers is a joke for millionaires and billionaires.
Should be 20%
these vids deserve many more views. really good series
Is it not terribly sad how depressed everyone seemed about the crisis and the huge lack of faith in the government or change.
why would they when the majority of their voters want house prices to go up? they are redistributing wealth to their voters, there is no change under a tory government.
We need a government who are genuinely commited to building more affordable housing and implementing measures like rent controls. At the 2019 election we had the option to vote for this however unfortunately a large enough number of people thought that blue passports were more important.
but that wouldn't redistribute wealth to the owner class.
Which party? Show me one.
All of them are run by greedy crooks, corporate puppets. Don't you remember the MP's spending on own home toilets. Unless this is not available any more to read or watch it.
Building more affordable housing makes housing more expensive because you have to buy land at a certain price and then dictating a certain amount of affordable housing units reduces the return on the development, meaning less incentive to build, less housing units and higher prices. Rent control is an issue for similar reasons. Caps on prices, in general, are not a good thing.
Less houses not more. Where will you build when there’s no more land?
Well this year conservatives are voting labour. Thats how bad it is
"You will own nothing, and you will be happy" - World Economic Forum
Yhhhh tell that to your landlord/estate agency/hosuing association.... Maybe they'll let off next month's rent!
Seeing this from California and it is so very relatable...
Living in Oakland it’s wildly apropos
Felt this all the way from NYC
My sister was looking at houses to buy last year.. now today, those same house went up a 100,000$ in value, just in one year
New builds are overpriced by developers. Rents should be forced to be as low as social rent levels! Private rentals in the U.K. are a rip off with poorly maintained damp housing!
Exactly, can’t save to buy as new builds are so expensive. We currently rent for an ex council property that is double the price as a private rent than our neighbours who’s are housed off of the council 🤦🏼♀️
I think the problem is down to several issues that have happened over many years, rather than one cause. Interestingly if you count the number of bedrooms in the UK, there are enough for the population, so maybe it is not a housing crisis, but poor/inefficient allocation of a finite resource that is the problem (e.g. a single person living in a five bedroom house). Another problem is developers who buy land then only build houses that are priced above first time buyers because they want to maximise profit.
Many factors indeed..
growing by the literal day
There are ghost towns in rural Wales and Scotland that used to be mining economies. In Liverpool they have houses but they're sub standard. We need adequate homes, in locations where people need them.
👏🏼👏🏼👏🏼 love every one of these, thank you A Dimz n co 💛 if only our gov would tune in!!!
Put incremental tax on the number of housing units owned by one individual. The more an individual owns the higher the tax rate should go on each new purchase. The tax should be annual and based on the property value and should also consider the rental value of that unit. The higher the rent, the higher the annual property tax on it.
So you think by taxing someone even more because they have a few pr,operties is the answer, i own a few properties and if that happened i would sell most of them to avoid the tax then as would most investors then that creates even less housing to rent out.
@@marilynalexander5446 which would be good.
@@therepublic7708 exactly. Sell them! Housing is a necessity not a way of accumulating wealth. Sell them and we can end this greed. Unregulated capitalism
When you are near 40 and still live with you mom. You know things are expensive speacily when you have good or fair job.
Or you are bad at managing your money
The property ladder is being pulled higher and higher off the ground - of those not already on-it, only a tiny percentage will grab it in-time. Of course, those from wealthy families will be ok too.
Inflation (ignored by the media) is getting worse as a result of ‘money printing’ through the pandemic, people have less spare income than ever. Couple this with house prices continuing to rise (inflation) and potential British homeowners have never had it so bad.
To add insult to injury, wages will remain flat (decline in real terms), while we the people are made to pay for the aftermath of the pandemic (austerity by another name).
There’s more than enough money to go around, but the rich/oligarchs, are getting greedier and ever more competent at getting our corrupt government to shovel more of it away from us.
housing is a fundamental right........it's one of the three basic human needs........food, SHELTER and clothing
Yes Maslows hierarchy of needs
The Right to Buy Scheme started this situation, the Tories campaign to convince the British public that buying a home (That was already theirs through a iron clad tenancy agreement) was the only way to be financially secure and successful in life. The public have very short memories, many forgot just how well social housing had been working upto that point, they were literally living in the proof! The public already owned the very properties they were being sold, every property built and paid for with tax payers money as part of the amazing post war social experiment.
Side note, The original idea of the "Right to Buy" scheme, which was to sell off old housing stock and the capital raised was supposed to be used to build new social housing stock was a good plan, but the Tories never intended to keep that promise, to this day, 1.5M units of social housing sold into private hands, and only around 30K of social housing has been built in England in the same period. (Homes owned by Local councils, not to be confused with Housing associations which are, for the most part, private companies).
That would hardly have made a difference whether they had been sold under right to buy or not. Take London for example 300 thousand homes were sold under right to buy but London has grown by over 2 million people in the last 20 years and only built 450 thousand homes in that period. That’s 1 million 450 thousand homes that should have been built but weren’t. That’s the problem right to buy is irrelevant if anything it helped those buyers to stay in their homes without having to make any payments once the mortgage was paid off.
@@someguy255 you're assuming a home per person, even children. Your maths is very off.
@@jfluffydog2110 I’m expressing an ideal if there was a 1:1 ratio of homes there would be a surplus and homes would fall to their utility value. Of course an oversupply of credit relative to homes has made the shortage worse but there is a shortage nevertheless. A quicker fix to high prices in the short term would be a ban on new credit creation to fund mortgages. Or perhaps a requirement that all home purchases be made in cash. That way any home built would automatically translate into falling prices as the housing stock increases and homes would have to be priced competitively as the seller could only command what people had in their pockets rather than the rate at which banks create new credit.
@@someguy255 in my opinion that would just create a closed market to landlords.
@@jfluffydog2110 landlords wouldn’t have a monopoly on housing because any home they bought with the intention of renting out would be less desirable to the public as they could just buy their own home. Those with the least would end up renting but this would make up a significantly smaller percentage and their rents would be far more affordable because far fewer people would require a rental. This in turn would allow more people to save up for a cash buy home (now priced more affordably) taking even more people out of the rental market over time. The only useful rentals at this point would be short term rentals when the inhabitant had no intention of remaining for an extended period of time.
Writing my economics assessment now, this video is extremely helpful! Thank you Amelia and the team
I love your shit Amelia, just great vibes all round really
I love the Irish guy. This was great, thanks.
HEINEKEN
Can't we all live in a chicken shop?
:( :)
I love this stuff Amelia, keep it up,
If you replace those elegant detached houses with ugly high-rise flat blocks, then the housing crisis would have been sorted. However public opinion prefers nice street scene against its capacity of dwelling units. So high housing price is exactly the people's choice and bear with it.
Super insightful thank you Amelia for your work!
this isn't the first of people fighting for equal rights
@@angelachanelhuang1651 ok?
Affordable housing with tiny rooms. If a contractor wants to build houses then there should be a minimum size for the rooms enforced by councils. The councils up here in Scotland had a minimum standard for their housing stock which was great if you had a house in a nice part of town. Unfortunately, councils don’t build anymore and are just happy to take the money from the sale of land and take no further interest.
Avarage house price UK £260k . Percentage of people earning under 20k 40% . Percentage of people earning less than 40k 70%
At this point if you're parents aren't landed you won't be .
"Do you own your own home"? "Well the bank does". Finally someone gets it.
The sooner we realise that governments' main priority is the centralisation of power and control, and not the well-being of the governed, the better.
the sooner we realise the governments main priority is the redistribution of wealth to the owner class, and not the renters, the better.
you can take out corruption
The amount of overseas property investors is double the amount of homeless...
Log cabin in Sweden, I felt that :D
greedy landlords dont just hurt tenants it also hurts other business because people have less income to spend at them. every £ you give to your land lord is a £ not spent in another business and to make things worse land lords don't produce anything. i can slog my days away at work producing something but a land lord just sits on its ass.
to make thigs worse a lot of MPs are landlords so they dont want a solution as it makes then money.
good landlords usually improve their property. Renters like you probably wouldn't even know or appreciate these sorts of investments. I've had a new boiler fitted last year and it cost the landlord around £3k. I wouldn't entirely say they don't produce anything. They are the ones that provide you a roof over your head.
Some times younger people don't think though. They move out, they were welcome with parents.. they rent for the status of being on their own feet, they go to University to study astrology, they have a gap year and travel around the world, etc, have kids and now they are 28 and can't save 50 quid a month? You can have anything, you can't have everything...
50 quid? if they want to own a home they need to put down on average £42k (average downpayment being 15%, average UK house price is around £290k) They should just work their lives away, living under a roof that isnt theirs, spending as little as possible, because some rich landlord (who owns ten properties) ups the rent year after year to supplement his income? boomer mindset
How do multiple home owning landlords sleep at night? Seriously? They're making life a misery for the rest of us 😢
fight to the end to peace and end poverty..poverty is not a crime
The amount of land stays the same. You can’t keep building. Tackle the issue from the other end. There’s too many people.
Its about time the government got its priorities right! Everyone needs a home!
You actually managed to speak to people on the street that speak some sense. I think that's a first for me
You asked one question, who do you think is to blame, well I would say that Margaret Thatcher for selling off the council houses in the late 70's early 80's, but also, I blame the people of around my age group, the fifty somethings who were buying and selling property to make money, yes they could make more than double their wages in the profit on their homes, but a home is for living in, I couldn't afford to buy a proper house as a single person back in the 90's, I bought a stable block and converted it into my now home, that was then, now the younger generation have to hope their parents leave them a decent inheritance to be able to live and pay off their debts as the cost of living gets higher and the cost of rent gets higher, it's not fair on the younger generation.
What can we do to resolve the issue? Tax buyers from outside the UK for purchasing a property if they're not going to spend time and money and contribute to this country.
Cap house prices countrywide and even up the wages so that people working for a company earn the same throughout the company, prices in supermarkets should be the same countrywide, and rent should be capped even for private rent and be the same countrywide make a level playing field for everyone.
Restrict the amount of properties that any individual or anything and anyone directly related to them can own, tax them higher for the purchase of a second home, put people off buying them, again this makes it fairer for everyone.
Houses that are derilict, if the owners can't be found, sell the property off cheap, as in well below market value so that someone can refurbish the building and live there, if this were run by the government then they could state that the person has to live there for say, five years, that will guarantee that they do the job properly and don't try to make a quick buck and rent it out or sell it on and make a profit.
Millionaire Row in London, the street full of mansions bought by big companies abroad that no one can trace, either get rid of them or do something with them, the money could be made by knocking them down and selling parts off to reclaimation yards, some of the bathrooms and kitchens would make a fortune especially as everything seems to work in phases and trends come back in.
I'm only an average person on the street but if I can think of ways to solve the issues, why can't the powers that be do the same? Probably because they own half the rented accommodation in the country, or they're getting back handers, they say that many countries are corrupt, I think we need to look into our own country before criticising others and see why we are going to end up crippling our own economy, it won't be long before our young people search for jobs abroad, not so much for better money but for the affordability to live.
Demand for house in uk so high especially a council one it’s ludicrous it’s like it impossible!
The waiting list is years, because there’s more and more ppl who need a property but councils ain’t got it, because there been bought and sold, if they wasn’t bought n sold ppl would be living in them so they need to build more and keep up with DEMANDS
Put limit to how many properties someone can own
1
No. Incentivize Landlordism.
Lmao “Are you a keen tennis player”
That's why people are living in their cars, converting school buses....to live in cheaper...
Its up to our gov't to put RENTERS AS A HOT !!! topic ....as a priority
Im a cyclist .....just have a ride around the neighborhoods....anyone of them...there's tons of abandoned houses in every neighborhood.
There needs to be a bylaw on these owners...sell or get it rented.
Tons of abandoned industrial factories everywhere...unoccupied...get ren'vating these into low income units.. The lists are long...this is nuts....people need affordable places to reside.
What the wealthy Russians,Chinese and Saudi’s are doing to local Londoners is the same thing Londoners are doing to people in Kent.
Wrong.
Many people would like to live in LONDON but they are pushed out.
On tbe contrary wealthy Russians are welcomed.
@@ConstructiveMinds100 not anymore fool they are being kicked out and sanctioned
Guy in the orange on the bike.. wow 😍
Best way is live in cheaper area like Peterborough/chatteris/Huntingdon etc and get train to London for work if you want to hang onto you're High salary
My mortgage is just £371 per month
But that's wasted money going to travel.the goal is freedom and travelling from Peterborough to London everyday takes that away from you. Jobs are more open to remote working so if someone can get a remote job then yes this is a good idea
SIMPLE TO FIX: only people living in London should be allowed to own properties in London and in a maximum of 2 or 3 unities. Immediatly the prices would went down....
Affordable housing is 20% of the market value. Market value as in the average rent for private homes in the area. If private owners are renting out 1 bedroom flats for £1000 per month, then similar council "affordable" 1 bedroom flats will go for £800 per month. It's shit.
That guy who said the bank does is my spirit animal
landlords with like 5+ props should get taxed heavily.
The solution is drastic and unprecedented in scale development, London should be New Tokyo, but greener and more modern
Between 2019 and 2022, 250,000 landlords sold up. in London 154,000 sold up. why?
Taxing foreign buyers in Canada hasn’t helped.
Issue in Canada is zoning laws, which basically doesn’t allow building anything other than single family houses in specific areas(like 95% of land in Canada)
"and tennis court" i dont think its for her guys, its for the sexy pool cleaners when they wanna unwind with a game
In the UK historically the majority of people rented 100 years ago
Shout out to the Irish guy
Probably has whiskey in that coffee!!!
If citizens don't find a place to invest in, to call home.. To emotionally invest in..? Where do you think the energy and love for life for many people disappears?
We are being conditioned into becoming people that react to beauty, drama and lies rather than respond to harmony, empathy and truths. Many are aware, but those in vulnerable states can do very little to fight this wave - after all, just like the narcissists, their creation of capitalism etc. preys on the vulnerable. Who knows, maybe people will learn to tell signs of psychopathy from their own country's leaders and decide to move to another country?
its a very difficult problem to get round witht eh crisis and i hate it
1:30 This sounded so insincere 😂
Amelia is so cool
"That doesn't mean we have to accept things the way they are."
Yes, yes it does. By the time they change I'll be an old old man.
By the time it changes we’re be dead 😂😂
My partner and I moved back to Eastbourne after the pandemic, we both lost our jobs and I was refused furlough by my previous job even though I left on good terms, the council wouldn’t help me with rent because I had saving that were supposed to be for a mortgage so I had to pay my £800 a month rent for a ROOM out of my savings through lockdown. When we got to Eastbourne we went to the council asking for a council property and we’re told that basically because we were gay men (who obviously can’t have children) we would most likely never get a council flat, best case scenario is that we wait a minimum of 7 years! But we would need to be legally homeless before they would consider giving us a property! That would mean not living with friends or family, so I asked what exactly that meant and they told me we would have to be living in bed sits (basically a place we can only sleep in and have to be out during the day with all our belongings), but if we were sofa surfing that is classed as having a home. So at the age of 34 I have next to no savings, I’m renting from a private landlord and have next to no chance of ever having my own home…
Sadly it’s exactly the same in Ireland ! But our waiting list is easily 16 years now even if homeless we now have no homeless accommodation unless sleep in a police station then council will offer you €70 a day to find a hotel to rent out . There is no hotels 🏨 in Ireland for €70 a night .it’s a shambles
Thanks Amelia!
The government has no worries in regards to housing as they are all landlords. They want the value to go up & the rents to stay high.
Foreign investment is great but it drives up prices for locals, these properties are then leased back to local people at extram high rent.
The banks wants everyone to buy a house they can't afford as that is how they borow money and create more money through interest.
There should be an act of law e.g
The affordable rent act
Where properties are put into bands ( like council tax bands )
1 bed Max £600
2 bed Max £700
3 to 5 bed Max £750-£850
Anything above these amount is impossible to manage on salary under £35K
Housing should be a right. Build around community, Housing Coops !
Young people simply want the whole system to collapse at this point, even if it means catastrophic outcomes for all simply because the things they need like Housing is capital which is impossible to own, you must ask why bother with capitalism at that point?
Only Amelia could debate such a depressing subject with her own unique humour
When did SL become a delivery driver? 😂
The modern system is essentially jut fuedalism
um I think you mean capitalism. There are two classes the bourgeoisie owners and the proletarian renters. There is no aristocracy above the landlords.
I can't afford a house but also I wouldn't ring up my landlord to complain about ants lol just get that powder shit and they're gone after a day
This is better than the Chicken shop foolishness you were doing, This my love is real Journalism.
How can you solve the housing crisis? "I don't think there's any political will". Give this guy a medal. The only way to solve the UK housing crisis is to have a net zero immigration policy and to radically reform planning. Also make it much easier to rent in the private sector. At present a tenant needs to show earnings three times annual rent minimum. Who made up these rules?
The social housing going to all the foreign people and women with kids with different dads is the main problem
I spent a year homeless in London and it hurts
housing must be seen as a human right like water and food and not as an investment to profit off. Government must start building social housing once more. That's how you solve the crisis.
You realize that the social housing rents rose 10% more than private rents. The solution is to relax zooning, cut taxes, allow for more supply to ease prices and create competition.
@@MarinelliBrosPodcast more supply will just be accumulated by the wealthy.
MPs are all landlords thereselfs, MPs are weak all party's, MPs are clueless and selfish. Housing is a human right not a business.
Dammit Amelia you have you have to stop making such quality informative and inquisitive programming.
That first guy 😂😂
Forget Extinction Rebelion, THIS is the issue that people should be demonstrating and gluing themselves to buildings about!
The Americas is a free country
lol you think the issue of climate change is completely disconnected from the issue of affordable hoouses or homes..it has everything to do with profit over sustainble development and housing and massive inequality in society so don't go around saying "forget EXtinction rebellion"...also for you it might seem like a marginal issue but it certainly isn't for the poorest in the world who have already been made homeless by floods and fires and who cannot grow their crops...so tthere you go yet another privileged position coming from a person in a first world country who thinks the thrid world doesn't matter or indeed their own enviroment.
Also you think people should be demonstrating on then why don't you do it instead of leaving stupid comments on YT
Wonder if Chinese speculators are doing to your housing market what they're doing in Canada and Australia?
They are indeed my friend
lmaooo always blaming the Chinese like they invented capitalism and inequality
@@CC-jw8cj They seem to have invented a new method of world conquest
@@CC-jw8cj did he blame them for anything? He merely pointed out that they have been buying up property overseas as they don't buy in their own country when they invest in property. People like you are pathetic. Trolling others for pointing out facts. Sad.
@@dantheman81811 okay dantheman x
There wont be a housing list, if you delete council housing
The irritating background music makes light of the topic.
Great
I don't think building more council estates is the answer many will still be without with up to a 14 Yr waiting list what needs to happen is to make rent affordable and for the government to take more control in the private and social sector rent should be affordable for everyone simple, when profit comes before human rights its disgusting and dam right evil
Amelia Dimoldenberg is a very smart girl
All the housing crisis aside, why is there us no way to "review" the Landlord and the house as a tenant which could help future tenants?
We review every little thing yet the single most significant expense cannot be reviewed?
A tenant has to go through excruciating amount of scrutiny and disclosure of personal details with some random private individuals and God knows where that info goes, (dont give me GDPR bull crap when your info is freelyshared on insecure emails).
How about landlords can’t charge more than mortgage costs plus % of the yearly inflation. So it stops being a way to fill up people’s pockets
What if there is no mortgage?
Only solution is too limit population it ties into the climate problem too . All problems are linked to this issue
Still waiting for Dave's appearance