Debate: How do we fix Britain's housing crisis?
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- Опубликовано: 26 июл 2023
- Everyone wants a decent place to live, and one that doesn't eat up all their income, but a home you can afford seems increasingly hard to find. (Subscribe: bit.ly/C4_News_Subscribe)
Mortgage payments are rising for millions as people come off fixed deals, rents are going up too, properties for rent snapped up within minutes, and social housing lists that can be as long as a decade.
We discuss what it feels like at the sharp end, what's going wrong, and what can be done to put it right.
We also hear from those struggling to keep a roof over their head, to the builders and sellers, the renters and the planners as we debate Britain's housing crisis.
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It's not that the government are out of touch with ordinary people, it's that they couldn't care less about them.
The main problem is that the people who voted for them in the first place. Historically, Conservatives have always been bad for the UK including Blair and Browns Labour who were conservatives in Labours disguise. Corbyn was probably the closest of the old guard who said as it was and was the best out of the bad bunch even though I don't support him.
In a country where the people praise the king and follow the royal family like sheep and sit on our backsides and moan and do nothing, we deserve to get shafted.
It's not even that. It's that they see this never-ending crisis as a never-ending series of opportunities for them to exploit and benefit from.
It is a democracy no?
@@JohnKerbaugh No, not really, it's a pretense of democracy, but not a very convincing one.
@@maggieadams8600 yeah... 😔
Stop letting people with their portfolio of houses buy up the “cheap” new homes just to rent them out at extortionate rates that potential first time buyers cannot afford or can but the leaves them with no way to save.
Market competition is what's needed. Anti-competition laws aren't going to bring down prices.
Landlords aren't making large profits, rental yields are just a few percent.
Buying family houses and turning them into multi let student accommodation is a big problem where I'm from.
There should be three rounds of bidding for property and the first one should be for the first time buyers who are local, the 2nd for the first time buyers OR locals and 3rd should be open
@@CCP_Operative There is market competition: the winners can buy. Yes, the selector is money.
@@CCP_Operativeissue is the economic incentives are all there to benefit accumulation and the barrier to entry is ever rising. This isn’t the fault of landlords necessarily, as they do add value by investing money into the property where others might not (though I’d argue that there is sufficient demand for properties that owner occupiers might feasibly finance this work themselves. Issue starts when the property remains on an interest only mortgage with the rent being charged to generate profit to supplement the income of the landlord. This effectively creates a situation where someone holds an asset, recognises demand will always outstrip supply, and further recognises that they can always cover their monthly payment because their tenants HAVE to pay for SHELTER. Again this is not necessarily the fault of landlords, some would say shrewd business - I would use the word cynical
In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
You are right! I’ve diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
*@kristenpierce8661* Do you mind sharing info on the adviser who assisted you?
Gertrude Margaret Quinto, is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
A housing market crash isn’t coming ffs. People have been saying this for years and years and it never happens. House prices aren’t going anywhere except up.
I think a housing crash will happen because all those people who bought homes over asking price, although it was at a low interest rate, they are over their heads. They have no equity if the housing prices continue to go down, and if for whatever reason they cannot afford the house anymore and it goes into foreclosure because even if they try to sell, they will not make any money. I think this will happen to a lot of people especially with the massive layoff predicted for the future and the cost of living rising at a high speed.
@@TomD226 Do you mind sharing info on the adviser who assisted you?
@@TomD226 Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
In the Netherlands you can have mortgage for 10,20,30 years, so most of the people are not infected by intrest rates increases.
Bro if you think there's going to be a housing crash, then you don't understand simple Supply/Demand. You'll just get a bunch of boomers, with cash in hand, buying these properties the moment their price falls. It ain't going to fall enough for FTBers to purchase.
Wow. What a joke this country is. So sad to be a young person in this country. It’s bleak.
Young professionals would be crazy to stay...
It's funny reading that remark, my children all grew up in Greece where there's been an economical crises for decades, they have all recently moved to the UK for better jobs, better wages, lower taxes etc and can't believe that Brits moan about how bad it is!! You need to move and live somewhere where life is much harder, wages are lower, cost of living high, no respect in the work place , no council housing, no benefits and then see whether you have it bad or not!!!!! Hope life improves for you!
@@liszaf3976But that’s race to the bottom thinking. Telling someone to eat a **** sandwich because then they will be grateful for the glass of **** they’ve been given to drink.
The U.K. performs worse than plenty of countries in the OECD on certain key metrics not least investment in infrastructure and R&D spend which are crucial in terms of achieving an educated and skilled work force). Our schooling system is one of the worst in the developed world, left behind by the likes of Finland. Instead of lowering the bar why don’t we ask why a country that rates itself as highly as the British seem to doesn’t live up to the British’s opinion of it in reality when compared to nations who should, objectively be much worse than us but are actually much better….
@@liszaf3976 Two or more things can be bad. Could compare Greece to many other places and say the same thing yet you decided to move
@@liszaf3976 I left the UK 15 years ago to live in western Europe. The best decision that I ever made. Although not without its problems the quality of life, housing, public services, and career opportunities have been infinitely better in than anything I had on offer in the UK. Give yourselves a few years and you will realize how much better life is in Greece than in the UK which is now a complete deadloss and will only get worse.
Low to moderate incomes are becoming worthless in the UK now. The whole fabric of society is starting to breakdown. Housing is just one aspect of this
Half a million people a year still want to move here. Well.... 3 billion probably want to move here but half a million actually do.
Mind Begs the Question:
Hitler - blamed Nations Failures on Religious Minority
If Politicians/Govts - blame Nations Failures on Vulnerable/Immigrants
Practicing Hitlers Mein Kampf,no?
That's right. Unless you're born into wealth don't bother.
late capitalisim
@@HumanBeingsRThinkingBeingsno need to start bringing Hitler into the subject, the fact is many of the world's poor see the UK as a land of milk & honey - that's a fact.
We must protect our borders.
I anticipate a housing market downturn due to the numerous individuals who purchased homes above the asking price, even with favorable interest rates. Despite the low rates, many are now at risk because they lack equity. If housing prices continue to decline, they may face difficulties selling or even risk foreclosure if they can no longer afford the property. This scenario is likely to impact a substantial number of people, particularly with the anticipated surge in layoffs and the rapid increase in the cost of living.
Predicting the housing market in 2023 is challenging because it remains uncertain how swiftly and to what extent the Federal Reserve can reduce cost surge and borrowing costs without negatively impacting buyer demand for various assets, including homes and automobiles.
Consider reallocating from real estate to stocks. Severe recessions offer market buying opportunities with caution, as volatility can yield short-term trading prospects. Not a financial advice, but it may be wise to invest, as cash isn't ideal in this period.
Can you suggest the investment coach you've been using? It appears you've had success with their guidance.
You sound like a bot. Comment is more or less the same as another I’ve seen
Houses have been too expensive since the 90s
Great video! For 2023, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
You are right! I’ve diversified my $450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
Do you mind sharing info on the adviser who assisted you?
Finding financial advisors like Margaret Johnson Arndt who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I am grateful for your assistance. My finances have been in disarray, and I have experienced multiple losses in my 401k, IRA, and mutual funds. I hope that Margaret can provide me with the guidance needed to rectify the situation before it reaches a critical point.
My mum rents in Spain. It is a very different system that favours the renter. Our housing crisis isn't a crisis its a deliberate political choice
It's just supply and demand. Do you know where the increased demand is coming from ?
Absolutely
@@HorusHeroticlol are u a first year uni student or something? Have you heard of this thing called the law?
@@mattmathematics3591 how is that relevant to my statement? Are you a bot ?
@@HorusHerotic It's nearly completely disconnected from supply and demand economics. Things like Airbnb and buildings being held as pure capital have dramatically affected the supply side and incentivised people to remove from the supply. The demand is being artificially inflated with some letting agents using algorithms to set rent that will lead to an acceptable amount of empty stock in exchange for inflated rents across all stock. F**K off with your supply and demand, all hail the great economic god of free market, trickle down and pissed on from on high nonsense
Lived in my car for 3 years. No bills. No council tax. No rent. Planning a trip to Europe to see the world. And planning a creation of a camper van and make a RUclips channel. Going to continue living like this for the rest of my life if this is what it takes to save money and travel the world.
Best of luck
❤
You’re a bloke I assume?
Not really an option when you have a child but I applaud your creativity
Painted cars😊.
Stop importing 600k people per year and stop foreign investors from buying up all the new properties and leaving them empty. Those two would be a good start.
2 child policy too or we're going boom boom explosion
Stop above AND STOP PRINTING SILLY MONEY
@@moosky7344UK birth rate is below 2 on average
It is impossible to buy a property as a single person in this housing climate. The deposits required are insane! The amount you get offered by the banks is nowhere near enough, but even if it is, the monthly repayments are just far too high. It seems like basically you need to couple up or you are doomed to being a renter with all your money going to a landlord and never having a property invested in for yourself... Anyone need a boyfriend? lol
Property dealers are worried that their profit margin is decreasing whereas Renters are worried that they would be homeless !!
Big stark difference!!
It's the same, if landlords sell their properties the tenants will most likely have to leave.
Land lords and regular home owners have the exact same incentive for housing prices to say high but u only blame land lords.
You just made that up, and clearly have no idea what you’re talking about.
The renters won't go homeless. Move to a cheaper location. No one is forcing them to live in the centre of a big city
@@MRW515if they sell their houses eventually house prices will go down and people that had to rent to have a shelter can now go to the bank and get a loan for a house because they are more affordable.
Overseas buyers shouldnt be able to buy luxury flats and then leave them empty 😢
Bring back squatting
They can't do that anymore because of brexit.
Well ask why they don't rent them out if being a landlord is " so easy and very profitable ". Clearly it makes more financial sense to leave empty then rent. Funny how the anti landlord brigade have no answer to that. 😂
@@robertjones2053 Two words: Money Laundering
Increasing the population by 10 million, mostly through our open borders, hasn't helped. Odd how you people on the Left keep ignoring that obvious facts.
I fortunate enough to be a high earner and struggle so I have no idea how hard this is for people on low incomes. I feel if this continues there will be at best a national shutdown (like in France in 1968) or at worst a revolt. The greed needs to stop
I can barely afford food, I have no gas on most days and we’re struggling, I can only spend £75 on groceries and that’s a luxury for 3 people living under 1 council estate roof, with mould… that I pay £555 a month for with a salary off £22k, no car…
and hope that will change anything
I not fortunate to be a high earner, but I earn equivalent to £59k a year in London and as a single person I cannot survive unless I want to stay in, buy nothing and live in absolute squalor, so don't know how families survive unless it's all on the government with benefits and doing stuff hooky like thieving and selling it in bin bags in pubs, at bus stops and food banks etc?
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We talk about it as though it’s something to aspire to rather than a basic need. Somewhere to live shouldn’t be unattainable or a drain on all your resources.
So true. There needs to be more focus on building smaller houses and tiny houses etc. So everyone van have a home
@@WaveRider1989 Oh? English houses are already small comparing to the rest of the world.
@@bigbarry8343yes homes are small in the uk but I recommend watching some RUclips videos about actual tiny houses often they are built for £20.000-£50.000, I’ve been saying to people for years that they are the way forward.
@@WaveRider1989yes!! Been saying this for years, more tiny houses! For most people they would only be a transition into a larger house/buying, but would make the transition from renting much easier, the big problem is land, owning land to put the tiny house on is expensive and in the middle of nowhere, councils need to designate land specifically for them.
we need this crash to bring prices within the affordability of most.
How about building more houses, stop people owning multiple properties and ban any foreign investors?
How about stop the imiggrant invasion!
Not a chance
I think every country should do this - no 'foreign' investment in the thing called 'shelter' - housing! Only people living there, resident, should be able to buy. And second home ownership should be made very unattractive, not a ludicrous profitable business, so that people do not use housing as a profit thing. Lands and residential places should not be sold to foreigners, who cannot verify, prove that they live/reside in that country and don't own multiple properties. Rental is fine too, but should be controlled.
Fun Fact; The Ancient Greeks didn't allow non citizens (foreigner investos) from owning property. To own property was part of Citizenship
Property prices will crash. Percentage of homeownership in UK is 63%. Think the government will take that risk of losing votes?
The other issue no one wants to discuss is that we have a housing crisis but the number of people entering the country is just causing a further strain on the housing/rental market
All these people that can’t afford a 5%-6% interest rate, couldn’t afford the mortgage to begin with. Low interest rates are unsustainable.
Nothing will be done about the housing problem in the UK because it is only a “problem” for those who either rent or are first time buyers, in other words, people with no power in society.
The extortionate prices benefit the wealthy people who already own property, so it is not a problem for them and therefore nothing will change. At least, that is until houses become so expensive there is nobody left to sell to.
Prices are only increasing due to a large increase in demand. Where is the demand coming from ?
@@HorusHerotic well, I live in London, so I can speak from experience on that.
Most of the demand in London is coming from wealthy foreigners who buy property they never even visit/live in. They purchase the property simply as an investment, and sit on it whilst its value goes up due to hoarding the supply of housing.
The funny thing is, many of the houses remain empty, so London has the ironic position of being able to boast the largest homeless community in the UK, whilst having hundreds of vacant properties multimillionaires sit on to induce further demand. It’s quite the scam.
@@HorusHeroticnonsense.
@@csharpe5787 great response genius
Step inside Mayor Khan's Ultra Low English Zone and you'll quickly see where the housing demand is coming from. Are we building enough homes for an additional 500k "citizens" every year? Is that even possible?
If Britain reelects the tories then it really does deserve everything it gets
*England
So on point.
Amen
@@sueyourself5413 westminster is taking us all down with it.
...or Zionist Labour... they're Worse than Tories...lies, deceit, dishonesty, personal greed, creeping fascism...
Great discussion. The exact same issue is happening in Australia, despite our vast land and there's one reason why: GREEDY PROFITEERING. Despite rental vacancies being extremely low in Australia, the government has increased immigration to 400,000 this year. That is basically the size of our capital city (Canberra). One capital city's worth of people in ONE year. And the reason they did this is because they WANT house prices to go up. Politicians own multiple investment properties and have a massive conflict of interest. House prices in Australia have skyrocketed the past 10 years and wages have not shifted at all. Prior to 15-20 years ago house prices tracked closely to wages but ever since the Howard government, house prices started to become detached from wages because policies were introduced to treat housing as an investment instead of a necessity. And it's not just Australia where this is happening but Canada and New Zealand too. It's absolutely f*cked.
How do the Aboriginies and Maoris feel about the housing situation?
@@RadiantStar8997 Not sure to be honest. I still don’t think they’re over what the British did when they colonised Australia. Can’t speak for Māoris.
@@Spacemonkeymojo Perhaps, another documentary by John Pilger on the subject.
@@SpacemonkeymojoWow and I thought Australia had it a lot better than the UK on terms of wages and properties, I guess it's all over.
@@vincentalakija5515 Nope. Rampant immigration has reduced the quality of life here a lot in the past 10 years.
Canada has the same problem. We can simply copy what Austria has done which is building public housing and renting it to the citizens. The government then sets a competitive pricing to its buildings which curbs the private sector from setting prices as they desire. We can also build the houses and mortgage it to people instead of letting these monsters suck the blood out of people! Singapore and Malaysia are doing it and we can do it too.
New Zealand and Australia have the similar problems. Corporate and wealthy individual landlords are creamin' their jeans on the Tax Benefits they receive, meanwhile others struggle to afford to rent or buy, even the cheapest most basic homes. Meanwhile there's a multi-year waiting list, ever growing, for those needing government/state/social housing. Australia also has a massive shortage of land, for residential housing. Now if we take it as fact that Australia, with the lowest population per land area on Earth (excluding Antarctica) Does not actually have a shortage of land at all, then methinks the system is seriously corrupt and broken. How about we remove the profit motive and make houses be for housing humans, and NOT for corporations, and already wealthy individuals, to use as a "Tax Effective Investment VeHicle" ! (and yes the "H" is capitalised).
US has a similar problem. Not so much the mold and substandard stuff, but the lack of inventory in both the home and rental markets. Regions that were cheaper became "zoom towns" as well so locals have a hard time with that.
First, we need to purge our government of all corrupt politicians who have put us in this situation in the first place. These politicians are in bed with the corporates and we all know it.
the main problem against this kind of solution,
is not its logic,
it's getting called a 'socialist' or a 'communist'.
Landlords moan because they are "losing" money on their THIRD property while most people can barely afford a roof over their head. Listen: Housing is a human right!
Landlords provide housing
What does "housing is a human right" mean? Does it mean that housing should be free? In which case you're arguing for the state to control all housing, thereby making property ownership illegal.
@MRW515 people seem to blame the wrong side ,uncontrolled immigration not even mentioned here its ridiculous frankly ,and ridiculous low interest rates recently from bank of England had just rocketed prices
@@danunpronounceable8559 free 4 bed detached houses in the leafy suburbs for all ☺
The only right a human has is silence. If a caveman turned up today, everything he knows how to survive is illegal.
The biggest issue is the high rent vs salaries. Rent is going up faster than people’s pay so you get to the point when your rent plus bills eats up most of your salary if not all of it.
That's because there's not enough homes or flats for rent. The real cause is that something is holding back builders from building supply to keep up with increased population This has been going on for at least 30 years.
@@Ryanandboys Nymbys and the use of housing, which is a human basic need, as investments by the wealthy elite who control our political class. They keep prices high and stock low so they can continue sucking young people dry, taking most of their income so they can never have their own home and stop being exploited. This causes most other issues, young adults can never afford to start a family, they can never try to open a business and innovate, stimulating the economy. They work a lot more, eat worse , spend less time on hobbies resulting in record mental and physical health issues.
Could go on but essentially, the housing crisis amplifies every other issue.
No the biggest issue is mass immigration
It's not a housing crisis. It's an immigration crisis. Legal net migration 745,000 last last year =6230 new homes needed every week mostly squashed into England😮
Not rocket science Is it? 🤔
Infant school maths. Connect the dots for Gods sake
You all keep voting LibLabCon pro mass immigration parties.
Then moan about house prices & rents🙄
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I was very confused about why Amber had to sell her house. Here in California the interest rate and tax rate is fixed as soon as you sign off on the mortgage. It doesn’t change until you sell the home or die.
As an avid podcast listener, this format is absolutely insane. Such a complex issue and swaths of people effected, and SECONDS to discuss it
@@youtubing9762 hadn’t considered that, not giving people chance to make valid points against the establishment makes sense
To solve the crisis send all freeloaders back to their own countrys
Believe me the cause of the problem and solution is simple but no Westminster party wishes to halt immigration. Don't worry I have good Economic credentials but just ain't woke enough to lie.
It's not complex at all........
Just stop immigration....
Would be enough homes without the 10 million immigrants in last 20 years
Antiquated. It’s all nonsense.
HOMES SHOULD NOT BE A BUSINESS
Well you could always become a Landlord ?
@@Alan-gx8gf I could actually. And really we can't be mad for people making money off everything even though I am. Because really it comes down to how Liberal should capitalism be. Capitalism it seems has an expiry date.
go live in a soviet block then 😅
It doesn’t seem that. These “debates” have always been around
@@pm3302 Even Adam Smith spoke out against landlords
Shame those who worship capitalism no matter what seem to have forgotten about him unless it's convenient
We could start by refurbishing all the derelict/forgotten properties that already exist.
On every high street above the shops are empty rooms. Some were originally accommodation for shop workers. Now locked up and forgotten.
Other options are using non standard constructions like mobile homes. tiny housees, old industrial buildings.
There is enough properties to house a large portion of the homeless, but governments are reluctant to do this because it would make both house prices and rents fall to more reasonable levels. At the moment we have a two tier system of the haves and have nots.
The final solution is to restrict immigration. Over 200 people a day land on these shores. They all need housing. Statistics say that only 10% of social housing is allocated to these people, but try saying that to the family who have waited 10 years to be housed, who see an immigrant family move in next door, an immigrant family who have only just arrived in this country with no money, no job and no right to be here.
Start by refurbishing what already exists. Not only would it provide homes for the homeless, it could offer job training to the young unemployed who could learn a trade. Bring back the apprenticeships, stop wasting the next generation.
The Landlord- “But we brought them at 3% and now it’s not it’s a 100% increase in the cost”. I can’t, that guy is literally saying he used his superior relationship with the banks to buy with an ultra low deposit possibly using just equity and based his “business” on the extremely low and unsustainable interest rates.
So he and other landlords bought up big before, keeping homeowners out of the market and now they are crying poor, shafting renters with the outcome of there unsustainable and risky strategy.
These yahoos clearly need to be regulated more, if a homeowner needs to be assessed by the bank on 7% when the interest rate is only 2% then investors need to be assessed on the current rental income being able to pay at 7%. If that means that some investors can’t invest because they don’t have enough cash then good they could never afford it in the first place.
The renters are talking about a roof over their head but the landlords still thinking about their profit... 🤨
Why don’t you become a landlord and put a roof over all our heads for free then ? To become a landlord you have to put at risk hefty amount of money and efforts, if there is no incentives, why anyone would be doing it ?
@@SK-vg3mwfrankly, if no one did it, houses wouldn't be so damn expensive. People wouldn't need to rent
Nothing to stop you getting a loan and becoming a landlord, if you do your research. So instead of whinging, put your money where your mouth is. No? Thought not!
@@Daniel31415that makes no sense. There would just be more competition to buy houses then meaning it would be a sellers market and prices even higher. Also not everyone wants to commit to a specific location/property and want to be mobile whilst some have bad credit so would never be financially approved.
@@moominmay maybe if we didn't have entire blocks of empty apartments being held as speculative assets by lazy capitalists we'd have a better match of supply versus demand
Decrease immigration - demand goes down - prices go down. We're simply importing more people than we're building houses, whilst simultaneously putting more strain on our services.
100% correct control legal immigration until have housing to provide accommodation
@@londonroad1653They cannot reduce legal immigration as its the immigrants who will be funding the public sector pay increase that Rishi just promised.
Yeah genius! Except that we are also losing our most qualified because they are migrating as well.
Especially doctors, nurses, engineers,...
This country is just a pathetic business, not a real country.
@@etiennedelaunois1737 I'm well and happy for them to bring in skilled workers on a visa. We need to start insentivising and training those who already live here. You know, looking after the native populace?
Unless you're talking about all those doctors and engineers travelling here by dingys...
"Decreasing immigration"? How does a 200K pa increase in the population instead of a 600K pa increase improve the livelihood of the extant population? A population decrease is what's needed. Never going to happen if people are too ashamed to in their own interests
Moved in with my boyfriend as I couldn't afford rent only to find out that he is on fixed mortgage rate only for one more year. There is no escaping this problem. The government should build the houses and rent them for cheap until a person can afford to buy the properly. Also we need a cap on rent from private landlords.
I am Italian, lived 5 years in Germany, travelled all around europe...I have never seen a situation so horrenduos like in the UK. Luckily enough, I will be soon leaving this damp hole...
It's astonishing that the U.K. doesn't have 30 year fixed rate mortgages!
Gullibility. That’s why.
Yes ! I saw a post about this a few weeks back from someone from Belgium and they were astonished that higher interest rates was affecting home owners with established mortgages.
@chrissilver7719 same in US. Gouging has been booming due to fixed low interest rate. In US even current mortgage owners can refinance to a lower rate when rate is lower.
They have 15 year ones ?
Even Canada doesn't have 30 year fixed rate mortgages sadly
I know a ton of people who are literally deciding not to have children because of the cost of housing, i actually think we're in for a population collapse in the near future. I am also one of those people. I'm 39, so by the time houses get built i won't be having kids.
I 100% agree, am the same
We are 100% going to have a population collapse. It will come straight after the baby boomer generation dies out. The UK is sleep walking into a horrifying series of demographic crises over the next 40 - 50 years and nobody in a position of power seems to be even thinking or acknowledging it.
We already have a health and social care crisis but this is just the start. It is only going to get worse and worse and worse. Public debt interest will rise, productivity will fall and the state pension age will be pushed back further and further as the state purse collapses and finds itself utterly incapable of paying for social security liabilities.
The younger generations are utterly screwed. UTTERLY.
Don't worry, they will just let in more immigrants. Like the 600k net in 2022 alone. When a city the size of Liverpool gets added to your population in a single year, its no wonder there aren't enough houses
Leave. Greener pastures. The U.K. is done for the next two or three decades.
@@benghiskahn3673 utterly butterly
I love how they concentrate on everything BUT THE BANKS PROFITS INCREASING
Mortgage payer who spend 22 years in the same property will of seen huge increase in equity with under 10 years remaining on the original mortgage problems arise when that equity built up is stripped out of the property to finance cars, kitchens, holidays etc , and an increase in mortgage rates occurs .
“Should it be a business?” EXCELLENT QUESTION.
why should it not be? I dont what to run a chairty. Would you?
Damp & mould is often because people are drying clothes without a tumbledryer and they only have the heating on like 2 hours per day
I used to work in the UK in the construction industry in 2012, and it is very wasteful, I used to throw away entire boxed of unboxed carpet, bricks, double glazed windows (they were not the right size - probably intentionally, for an entire 4 story building!!) , packs of screws etc This doesn't happen anywhere else in Europe, in Spain, France, Italy, Germany etc where I worked. Clearly they want to keep the costs high by any means.
boxes of carpet?
As a home owner myself I have absolutely no sympathy for other property owners who try to make a "business" out of living off the backs of other people.
If you can make money from that "business" and treat your tenants fairly then great but if you can't then you have no business being a "landlord" because effectively what you are doing is treating your tenants like medieval serfs.
To the "business owner" with 3 interest only mortgages, who's fault is that? You would have been better off financially if you had just worked hard and paid off one mortgage first instead of being greedy and taking on more debt while assuming that interest rates would remain low forever and that the serfs would pay it all off for you. If you make a bad bet on the markets then you need to wear it, that's how free markets work.
Two way business renter often dirty and leave home fiflthy
LAndlords have loans too ,if the rent doesn't cover the costs rents go up.of they sell as now
@@joprocter4573 That's why renters pay deposits to cover those possible outcomes. Try again.
@@John-qz8fq not enough for damage in many cases
@@joprocter4573 That's why landlords can inspect properties during a tenancy. Try again.
It is not the current high interest rates that are the problem, it's the decade of artificially low interest rates before that enabled the rapid increase in the cost of houses.
its the lack of supply which is the issue, a rise in interest rates isn't too much of an issue in the past when average homes were 4 times average income, but now they at 9-12 times average income, homes are very expensive in the first place and people need low interest. tory led record high net migration, people living longer and more people living along, means the uk population is ever increasing.
or... possibly... successive govts of past 40 years believing in Modern Monetary Theory... create money... loan it into the economy... sell off the debt to domestic and foreign investors... and repeat... not bothering to tax the loan back to pay off the original debt... allowing national debt to get bigger... and bigger... and bigger...
... not forgetting the uncontrolled immigration for 40 years...
@@quackcementthey have done some research on this and actually even if we had hit building targets prices would only be slightly lower. The low rates allow every one borrow enormous amounts of money very cheaply which only does one thing when supply is still limited
Perhaps it's the massive demand on housing that's the real issue here.
Property isn’t an investment, it’s a basic human right like education & healthcare. Buy to Let’s should be banned altogether.
I'm British and live over here in US. When we got a mortgage we chose a low fixed rate for 30yrs!! We never had to worry if our mthly pmts would go up. So I agree with Bob Seeley MP from IOW. These types of mortgages are pretty common here.
Yep, my 30 year fixed rate here in the US is only 3 per cent
The solution is to destroy the value of housing as an investment. All other measures will be a waste of time.
The problem was to import far too many people... to boost growth...for a quick gdp fix...
The (painful) solution is for the UK to work towards becoming self sufficient... meaning far fewer people... and govts serving the interests of people, not rogue business investors...
@@andrewwalsh2755 100% correct.. but amazing how this debate is NEVER aired... so the bigger question is why this is not debated ? I would also add there is a difference between standard of living and quality of life... everyone wants a new car that can do a 130 mph but spend all the time in traffic jams...
Exactly. If you want to buy a house you have to fucking live in it.
Typical communist- everyone should be equally poor
@@patrickdoyle9304 Yes exactly - restrict home ownership to one home per adult person or per family household.
To think Gadafi had a housing policy that promoted a house for everyone as a basic human right .
....then they killed him
Housing being a human right means I can hold a gun to a builder's head and force him to build a house for me.
Housing isn't a human right because it relies on someone else's labour.
@@Dehydratedpencil Nice logical fallacy mate. That's not how this works and it shows how intellectually dishonest you are. Housing being a human right means that everyone can contribute to a shared fund to pay people to build enough houses for everyone, rather than have for-profit housing where only people who win are the investors who already have millions and it happens at the cost of everyone else.
@@cata112233 Surely my right to keep what I earn trumps your "right" to steal money from me to fund the building of new houses?
Also, if we completely abolished all housing regulations it would mean you no longer need to spend hundreds of thousands on a house, you could buy half an acre of land and build a cabin all for under 50 grand. But of course the State does not like property rights.
@@Dehydratedpencil do you even have any arguments that aren't ideologically driven and instead rely on logic or facts? Or are you parroting right wing talking points because that's the best you can do?
No one is stealing anything. You're contributing to the well-being of the society you take part in. Also I don't know how you earn whatever you're earning but if you are for example a CEO, very strong arguments can be made that other people are earning the money from you and hence you're basically stealing from the workers. Now come up with a real argument because you sound like a child
I live in France and when I bought my property in 2005 I got a fixed rate for twenty three years. Why the heck is the UK not doing the same thing already ? In France it’s totally normal and standard practice to buy with a long term fixed rate. It’s disgraceful that people are having to sell their homes in the UK. Amber should also be able to extend her mortgage by a few years and go on to a longish term fixed rate and so she isn’t forced to sell her house. If she were able to extend her mortgage for a longer term her monthly mortgage amount would most likely be manageable. Also, she looks quite young still so she wouldn’t have the burden of still paying a mortgage when she retires if she were to extend it. I’m sick of the Tories !! Im English btw. X
ouah, on a un tel problème dans le , bien sûr. Moi, je voudrais un billet machine à la France svp 🙋🏾♀️
In the US, almost everyone has 15 year or 30 year fixed rate mortgages
The housing system is a mess from almost every angle. I am somewhat lucky to be able to own a flat in london but the leasehold system makes me feel more like a renter and not a homeowner. It comes with its share of problems.
The Only reason for this housing crisis is -
The people who are rich and owns property in UK - they don’t want the government to make more homes as it will decrease the their Income from rent and such people; they are in government too..
And the common man ; they are silent and ignoring this matter !
Yeah, because these rich people "earn" all of their money from increasing property values unfortunately meaning that they will do anything to keep house prices high, including lowering the housing supply, increasing the population, lowering wages to prevent commoners from affording their own homes.. etc
Wrong, if more properties were on the market they could buy more and make more money and it would mean they own less market share so they’re not pressured to give up their current properties so it’s actually against landlord’s best interests to oppose more house building
Yeah nothing to do with ten million migrants in 25 years huh
conspiracy, conspiracy.
@@edjohnson8017 exactly need to close our orders and curb immigration and kick those economic sponging boat people back to france or into the Atlantic.
Can someone explain to me how someone who has had a family home for over 20 years loses it due to their mortgage payments increasing. Over 20 years the price of the house would have increased a lot and a very large amount of the mortgage would have been paid off. The fact her payments have increased so much suggests she still has a very big mortgage which means she must have remortgaged the property when its value increased and spent all of that extra money (most likely over £100k). And is now stuck with a mortgage she cannot afford however if she did not remortgage and somehow spend all the money she should have an extremely small mortgage
Some people make really really dumb choices. They simply cannot see or just ignore the future consequences of short-term gratification.
I was thinking the same. I have had a mortgage since 2002. The rate has gone up recently but still hasn’t reached the level I was paying back then…
She said she "did work" to the house, so presumably she had an extension done. This is a normal thing lots of people do if they believe they can afford it - and the bank will have believed she could afford it when they gave her the money. I doubt what she did was "really dumb", she was unlucky with the changes in the economy and the fiscal decisions the government made.
@@andrewroberts8959an extension costs 30k, over 20 years she would’ve put down 75% if not more of her mortgage so her saying that mortgage went up by 400 a month says she made stupid decisions and has a full mortgage STILL. How does someone manage to no pay off most of her mortgage within 20 years is beyond me. It takes skill to waste money like that.
@@kat284Agree
The lady who is having to sell is clearly doing something wrong. 22 years in her home, she should be almost mortgage free. She would surely owe a small amount now at this stage.
the one is to many for and against arguments are so frustrating to motivate for current fixes.
I moved to France seven years ago (couldn’t afford the UK) and locally rents are much lower than the UK to the point where the local housing association has 600 empty units.
I will be moving with my partner to Sweden next year. I have lived in London all my life, but now we can't afford it here. We're paying £2675 per month(including bills) for a two-bedroom flat. This means we won’t be able to save enough money to buy a flat in London.
@@brandmanager4595 I’ve seen two bed flats locally for 265€ a month.
@@andrewsage113where?
@@brandmanager4595Are you moving for work?
@@brandmanager4595 You can always move out of London.
Its near impossible to save for a deposit and pay rent on a place without A) buying with someone else, B) receiving money from family.
Why should you be able to afford a property alone?
Why shouldn't you? If you work !!
@@karl_edem because if you have a full time job , it’s totally reasonable to be able to expect to own property even in the cheapest parts of the country . You cant save for a deposit if rent takes half of your income. Mortgage is almost always cheaper than rent so most people CAN afford a mortgage- they just can’t save up for a deposit .
inheritance tax needs to be abolished as well.
Reduce demand. Prices will fall.
The reason why rents are going up is for tax avoidance. 20% interest tax allowance for rental income. Hence if interest rates increase the only way to absorb more of this is to raise rents. If your monthly rental income is 1,000 your annual is 12,000 (1,000 x 12) with an interest allowance of 20% is 2,400. At 2% interest rate this equates to 120,000 loan on simple terms.
Now that interest rates have risen to 5% the annual interest 5,000 which means an additional 2,600 pounds to absorb. The only way to absorb this is to increase rents.
Thank the UK government for changing 100% interest tax deduction to 20% interest tax allowance.
In Brazil, you can buy property by borrowing money from state banks, guaranteed by the government, with a fixed rate which actually goes down month by month, over a period of time from 8 to 25 years. Its been working very well for decades. The funding is achieved by a small monthly discount from workers earnings that is matched by employers. If a worker doesn't buy a house, the individual's contributions are returned on retirement, with interest.
For years mortgage holders and homeowners were NIMBYs and refused any social housing being built near them, mostly to inflate their house prices.
Now that there's a housing shortage the country can't ignore anymore they're all at risk of losing their homes.
It's actually beautiful poetic justice if you ask me. Its just a shame newer buyers who weren't NIMBYs are being caught in the crossfire.
Only 25% of Homes currently have a Mortgage against them, and of that 25% the vast majority are FTBs.
The people you are talking about aren't FTBs, but Boomers who hold existing Property and don't want new ones nearby. Boomers, the vast majority of the time, do NOT have mortgages. They brought their house at record low rates. They are NOT at risk of losing their homes. It's the people who had to buy during record high prices.
Exactly. There are plenty of people that knew full well they'd overlevereged themselves to buy as high up as possible so they can benefit from rising prices specifically because if this being the established cultural behavior.
Low and behold rates go up and they all instantly are in the line of fire. Unfortunately, because this is such a norm, everyday people are in the exact same scenario of being recommended to buy as expensive as they can afford despite the red flag of our short term fixes.
I have absolutely no sympathy for landlords profiting from and creating this ecosystem. Sadly though we can only escape by letting rate rises make the system correct itself, and this means average people suffering as well as and probably more than landlords.
'Bailing out' home owners literally kicks the can down the road, will keep house prices spiralling and means it'll be a worse problem next time. Labour likely wouldn't do anything here either, but at least they'd work on addressing the root causes such as things like buy to let morgages and actually building affordable housing.
Honestly isn't the banks fault, but they are making themselves look guilty by taking advantage of the situation. Main thing they're doing wrong is not putting savings rates up which impacts inflation rather than morgage rates.
@@duderock10111 agreed, its actually insane, so in 1978 when my dad turned 18, he earnt 12k in his first year of work, because he lived at home, he literally brought he first house outright for 9k. that house is now worth 350k. and im currently in my 5th year of full time work in a career which required a maths degree, but i only earn 30k. its actually insane how badly the boomers messed literally eveything up. My dads house should now cost around 26k. its well over 12 times higher!
Why should UK citizens have to alter their lives for the sake of invading foreigners?
I am a proud #NIMBY...
I will defiantly stand up to the parasitic greed motivated #property interests seeking to endlessly densify my living space or bulldoze our green spaces for profit.
There's no shame in defending your patch from these exploiters of our people and land.
The problem is that BOTH parties stopped building council houses , the councils sold land to private companies to build houses on
this!!!!
Anyone who's ever played musical chairs knows as chairs are taken away then the fight for the remaining chairs intensifies. If every landlord left the market it wouldn't create more homes.
@@mick0905 create more home no it wouldn't but it would enable more owner occupiers
you say "both" as if they weren't/aren't easily bought out by corporate lobbyists
...to everybody who wanted to stay in the EU... with a right of free movement... who now cant find/afford somewhere to live...
... do you see what (some) Brexiteers were saying, now...
The lady says, been in our house for 22 years… but why have you not paid it off almost completely in 22 years??
I feel for you folks over the pond here in US it's pretty bleak too. Constantly trying to fight for a pittance while everything continually gets more expensive.
It is ridiculous that a person can work 40 hours per week yet still struggle to afford somewhere to call home
@@michaelmarron8441 I live in SF bay there are literally people who work full time and are homeless.
Things are never going to change and if they do it will be for the rich and at the poor's expense.
It won't change if we don't build more houses...
@@bob1234881 god i hate nimbys so fucking much
@@bob1234881 good luck trying to persuade a corrupt government to legislate more affordable housing.
Even if there were a change in government, Labour wouldn't do anything to change the status quo.
@@bob1234881You can build as many as you want, but the supply side is meaningless if you keep adding more people to the population. One million people settled here last year. For a nation this small that's absolute lunacy.
It is not rich vs poor..it is the top 10% vs everyone else
I was on rightmove earlier, and a back to back, side to side terraced house cost nearly a thousand pounds a month to rent. Two places down from that was a barn conversion for £1,500 a month, with 3 bedrooms and 2 bathrooms, rural location near beautiful famous market town.. isn't it time to see some fair rent measures. You wonder what planet some of these landlords are on
But that is market factors. The rural house is in a less attractive area as poor transport links and might be more expensive to heat etc.
1k a month for a house is cheap given its 1k in interest on a 165k mortgage. How much is the house worth? All fair Rents do is make landlords keep houses empty as even now the profit is in price rises and not rental income.
@@robertjones2053 The rural house is off grid above Hebden Bridge.. no it's a castle!. The relative value of these two properties is obviously not comparable in any way, except in a landlord's greedy, twisted mind. Believe me I have looked at the market, and round here £1500 a month is the price of a large character cottage / large house with land.. so who are these people to try to push the market up so their two bed terrace is worth almost as much.. they are just crazy
@@robertjones2053 The house prices are about £65,000/ £75,000.(That's Todmorden).. it's a terrace after all.. the payment on that is about £450 a month
@@TheWitchInTheWoods If you tried in Burnley or Halifax I'm sure you could find a house for rent for 500 or less a month. maybe not as nice as Todmorden but more affordable because of it.
@@TheWitchInTheWoods because the rural house is off grid and is under value. You cannot compare the 2 you just said that. Given the value of the rural house the rent will be less than the mortgage. 🤡
Demand drives rent too not just the value if the house. You have to realise that or you truelly are a bit thick. ??
Can someone explain to me how the first "average UK family lady" (single mom...) have been living in the house for 22 years and still have so much mortgage that the recent raised bumped it up by £400 per month? Either capping or she made some very bad financial decisions.
its happening in australia to rents to high people even both people working still cannot get a rental place and high interest rates too
Did I hear her correctly? 22 years in the home, still have so much balance such that new mortgage payment increases £400? 22 years ago price house must have been a quarter of what it is now. And she is still not able to pay off? Must be a huge property or she's been taking equity out. Her own fault isn't it? 22 years... and still struggling...
If you are constantly changing your fixed rate mortgage plan each few years, you are running on ice, you will be going nowhere. You'll never pay the house off. She's been conned.
Exactly-something doesn’t add up here.22 years ago houses were much cheaper than now…Besides, for £400 I would take a second job rather than sell it!
It happens. My mum was paying a mortgage for 25 years and it ended up higher than when she began, due to circumstances, getting into debt, having a drug addict partner, borrowing and rolling it up into the mortgage, going interest only.
And the landlords justify raising rent because of higher rates. Did they lower rent when their interest rates went down? I doubt it.
@@huwzebediahthomas9193 Utter rubbish!
There's a lack of housing because the government allows foreign billionaires, millionaires, and corporations to 'buy' multiple properties and let them sit there gathering investment value - that investment value growing partially because of property scarcity!
I live some miles outside one of the most poverty-stricken towns in Britain, and many of the flats above the town centre are unoccupied, have never been occupied in all the time I've lived in this county. They belong to various corporations.
I live next to a farm field that went up for sale two years ago. One of the bidders was a pension trust - from America!
Stop selling to foreign concerns, who wouldn't buy a hovel in South America (because it's not a sound investment) but only open their wallets when something comes up in Britain (because they have forced that situation), outbidding the people who were born here, live here, work here, would like to raise a family here if only they could afford to.
The rate we're going, we're going to end up exactly like America, with a large number of people working full time for a decent wage - but living in tents, cars, motorhomes, ruins, or squatting in any unoccupied building they can break into.
It's insane that we have so many fancy looking but largely empty apartments in and around London in the hands of investors - when people are paying crazy money to live in a damp, mouldy, unhealthy room.
Sure because buying 5 Million pound properties really hurts first time buyers.
@@anyexpat Those 5 million pound properties exist because of a demand from foreign billionaires and corporations , corporations are not buying detached houses in the country side they are buying properties in the city centre which could otherwise be separated into compartments and used for housing, although those corporations are bringing in fiscal dividends through corporate tax.
Stop building. Stop destroying our countryside. Start controlling immigration.
The biggest issue is mass immigration
It's not a housing crisis. It's an immigration crisis. Legal net migration 745,000 last last year =6230 new homes needed every week mostly squashed into England😮
Not rocket science Is it? 🤔
Infant school maths. Connect the dots for Gods sake
You all keep voting LibLabCon pro mass immigration parties.
Then moan about house prices & rents🙄 8:28
Nobody takes any notice of course but there are some relatively easy way to fix this, they just do not suit the Tories, the developers and speculative landlords etc. People will generally want to live where they can find a decent job (although that is gradually changing now with more remote working), so the government could reduce taxes on firms that moved to cheaper/more available housing areas while increasing them on firms that stayed in high demand housing areas. Further, people living in high salary areas could be taxed more and those that lived in low salary areas vice versa. Furthermore, not in the bigger urban areas but in towns of 100-200,000 people there is plenty of public or quasi public land which is un or under used. Access could be made to that for housing associations or community groups to build on such land with a few tweeks to our appalling planning system.
It deeply frustrates me how everyone talks about lowering mortgage rates. The houses in the UK are astronomically above what they should be. Somthing happened around 1997, i just cant migrate to the issue.
Yep blair opened the doors to 10million people.
Look..... I live in Blackpool. Over previous years there have been lots of planning permission given for new homes to be built across the Fylde Coast. The problem here is the developers, they are building mainly large detached properties on these sites with a £500k price tag. That's not affordable housing. This area average house prices are around £100k-£140k. The developers should not be allowed to build these types of properties on released greenbelt land.
The housing crisis is a profit bonanza for property owners. THAT is why.
and rishi sunak designed it for the rich to win by removing stamp duty- no more tax burden for a very nice method of getting ROI.
This is global issues, almost identically applied. From Munich, to Manchester to Montreal. This isn’t a UK, or a UK government issues specifically.
You won’t hear from a landlord with 20 properties complaining, well actually….
There are so many issues...one thing that can be done is to look at abundant buildings, offices that can all be converted into affordable housing. Instead of building these cheap high rises which are not fit for purpose in the long run.And interests rates should not exist, it just doesn't make sense after you jump hoops to save and get your property. A total mess!
Thank you, Chanel 4, for discussing this issue.
Really shows where were at. The young are talking about getting a simple roof over their heads, whilst landlords are complaining that tennants can't take the full hit on THEIR OWN INVESTMENT.
4:33 If you've been in your home for 22 years why are you a forced seller? Shouldn't the mortgage already be virtually paid off? Shouldn't the repayments be based off cheaper 2001 house prices?
How about filling Open Corporate Office blocks into apartments…all water and lights are already installed…🤷🏼♀️⁉️
How to fix the UK housing crisis:
- Stop private companies buying housing and selling for an inflated price.
- Stop foreign buyers snapping up housing and selling for an inflated price.
- Ban any new housing being bought as second homes unless a valid reason.
- Only allow housing for first time buyers (young people and families).
- Keep housing under Government ownership until the house is paid of by the young person or family and use the money from the paid house to create another house.
This is the stupidest list of ideas I’ve ever heard of
What do we do about people splitting up after 10 years who buy two houses so they can have rooms for their children in both houses? No-one talks about this but divorcees with significant equity repeatedly price out first time buyers who cannot raise the required deposit.
@@matthewsemple then you build houses that only first time buyers can access. Done
So under your designation, renting would not exist. There would be no temporary accommodation,
@@louispearson8306 exactly, the rental market gives the economy a lot of flexibility. Not everyone wants to buy some people move for work every year or two. In Europe most people rent not own, ownership is not such a national obsession.
3 weeks ago I had to move 142 miles to a city that was cheaper to live in, the city I left the rental prices are just criminal.
And people like you priced locals out of the market ... so sad.
You can't really blame him, it's a vicious cycle. I'm in the position of - do I move where there's cheaper houses and a chance of buying but less and lower paid jobs or do I stay where I am in a pretty good paying job and accept I can never own a home around here? So many young people in the same situations, it's all fundamentally broken
@@bigbarry8343 you got it totally wrong!. I now live in a cheap small room in a shared flat in a bit of a run down area. Plenty of cheap rooms to rent around here!!.
@@elliotspencer2648 how old are you
@@yowhaatsup I'm 55.
If you go to a Chanel store and look at the handbag prices, would you say there was a handbag crisis? Only the houses that people really want are unaffordable, plenty of cheap houses about
The first woman is selling as she can no longer afford the mortgage, but in the same sentence they have owned the house for 23 years, if they had paid the mortgage all that time there would only be 2 years left unless they refinanced and borrowed against the equity. Absolutely agree the rises in the short time frame they have occurred is a nightmare for homeowners but in this case it appears that choices they made over the last 23 years have a bigger impact to their current situation than the current situation.
Yeah if you bought 20+yrs ago via the power of inflation you got a small lottery win. She messed up somewhere else, refinanced, pulled out equity
We need a new government
I support it, good luck but it will be spending much money
That will solve it
Do you think Zionist Labour are any better???
Personally, i think they're much, much, worse...
The Tories aren't creeping fascists...
what difference will that make? We need a new system
If the new government keeps doing the same things, nothing will change. Except for overhauling the entire system..
As usual a "big debate" but nothing happens...!
Yes, and the actual cause of the crisis (immigration) gets ignored.
my brother got almost 60% increase. he paid 1050 £ per month, and the new price was 1650 £ per month. add Council 200 £ and energy bills, and you easily have to pay 2000 £
i don't know what to say.. just shocking..
in uk now you must work all day just not to be homeless . don't even think of anything else.
Anything over 5 times your income is " unaffordable" the generation who had it good and bought between the 70s-90s can't even begin to understand . Them going on about high interest rates back in their day is completely different as houses /flats were 3 times their salary
longer montage period with higher rate won't help. Now is 5~6%...if we take 10 years, what will the rate be?
The hard reality is that it’s not going to be solved for us (Millennials) or even Gen Z.
However, if we started to change things now, Generation Alpha might see opportunities in their lives.
In 20 years millennials will have inherited the boomers homes.
they will b e moving back to india pakistan and africa tho
Gen alpha are already f***ed up. They are on tablets from the moment they were born, no chance of hope for them let's focus on millennial and gen z first.
The mortgage increase is on top of the energy increases and inflation while wages have not grown. So its not surprising families are struggling as they have faced one crisis after another.
Agreed...the government need to take the raising of interest rates off the bank of England and make it contingent on a two third majority vote of Parliament...that way we will have someone to punish at election time for MPs inflicting this pain and hardship on the voters...we can't be punished for inflation pressure that are coursed by factors out side the country and aren't driven by wage demands!!.❤️🇬🇧
We're heading for Dickensian poverty.
@@dougwhiley4028 yes... riots and looting of super markets for food isn't off the table at this point...Liz truss tried to give some financial help to welfare recipients and the working poor but the financial markets and the MSM got rid of her!!.🤔
@@caravanstuff2827 No, the BoE needs to be fucking nuked. I don't care if it takes out half of London, it should still happen.
@@dougwhiley4028Agreed but will be even worse this time as the population is so big
When people say mortgages increased my x100s what does this even mean tho in terms of how much they are paying? Because people who have been paying off mortgages for a long time have had the benefit of remortgaging multiple times and reducing payments quite low when compared to renters. So are they paying now what renters already pay constantly or even higher?
In Canada there is rent control so tenants are not living in fear of receiving an inordinate increase in their monthly costs ... In all provinces and territories, rents can typically only be raised on a leased unit once every 12 months, and landlords must give between one and three months' notice, depending on the length of the lease. But with rent control, governments set a maximum increase each year. In Ontario, for 2024, it's 2.5 per cent.
You fail to mention the 2.5 only applies to places built before 2018. Any rental built after 2018 and the landlord can raise the rent as much as they want, once a year.
The housing shortage can be solved by continuing to massively increase the numbers of immigrants coming onto the country. I want to live in a massively overcrowded, souless concrete jungle so I hope our governments continue to follow this path that they're on.
I don’t get the mental gymnastics these people go through to somehow ignore the extra 600k people per year we import in relation to housing shortages
@@cid7427 Its borderline gaslighting. Media and the leftists they pander to, talking about brownbelt development legislation and foreign investment, like we haven't artificially inflated the population of the UK by 9 million foreigners in the last 20 years.
Arguing about where we should be applying duct tape to a dam that's already burst.
@@cid7427 The effect of migration on house prices varies by study and methodology but the highest and crudest estimate for the effect of migration is a 21% increase over a period where house prices increased by 320%. So migration had a less that 10% impact over that time. Compared with increasing wages and inflation which made up 300% of the 320% increase. The economic impact of cutting this migration with an aging population and labour shortages would be disastrous
@@rkidben6072 absolute nonsense anybody who comes up with that statistic is clearly a regime shill trying to justify unsustainable mass migration. Supply and demand is what you learn day 1 of any economic or business studies degree. 600k net people added to a population each year is OBVIOUSLY going to cause a housing shortage.
Concurrently, non-Whites are 2x more likely to be unemployed according to UK government statistics. Whilst even if your thesis that some how importing low intelligence high crime peoples on mass is good for our economy, I’d rather be less well off, have less crime and a cohesive community, than live in some diabolical slums like Luton, Bradford, Slough and so on. Furthermore than data is there, liberal minded White people agree and overwhelmingly chose to live and marry amongst their own people. Just to dishonest to admit the truth.
@@rkidben6072 the correct approach is to make it easier for people to have and raise children..
Mortgage's should of never become so cheap.. It just fuelled properly gambling. 8x property to income ratios is ridiculous
Stop companies buying houses
Rent control for renters
Build more houses
Landlords should only be allowed to own 5 homes maximum.
Build more 1-2 bed flat/houses
Regulate letting and estate agents
Drop house prices on new builds, Large house building firms are making a massive profit. Look at what they pay their executives.
I would add to this , it's ok building more 1-2 bedroom flats but if they are priced for some middle class couple then it's pointless .
What we need is very basic flats for singles and those on minimum wage. maybe with a simple bathroom and a community bath house nearby
Also if we are in an age of migration then we should also have cheap rentable campervans £200 a month for those close to minimum wage
It's not broken, it's corrupt. This is exactly how they want it.
Two things happened in the UK in the 1990s, the financialization of both housing and education. A 1990s generation was so greedy that they took away the education privileges they enjoyed from subsequent generations and encouraged property asset inflation by discouraging social housing and selling the stock of existing social housing. To prevent the depreciation of their property values they also invited foreign entry with very few checks.
Health was the only area spared financialization. You know why? Because it is a future levy mainly borne by the old, and the 1990s generation knew they could not avoid it.
Dont forget Blair opening the borders in the 90s. In 2022 net immigration was 600k, thats a new city of people in a single year who all need to live somewhere. Demand has gone through the roof and the demand increase is 100% because of mass immigration
Stop immigration. We are far too small to cater for 1.4 billion from subcontinent.
Wrong. You have the Town and Country Planning Act of 1947 which allowed councils to restrict the supply of building and you have the BoE which has lowered interest rates and increased the demand for housing. Low supply and high demand means what? That's right: HIGH prices. Both of these things are central planning communist bullcrap so don't try to blame financialisation and greed, you leftwing berk.
And social housing raises prices in the private sector because it obviously means lower private stock. Selling off social housing means more private stock means lower prices in the private sector.
Iraq invasion made that happen
Landlords moaning that they've over-extended themselves is actually ridiculous, should've thought about that when they were so green-eyed
When landlords have paid off their mortgages and they're using it as an excuse to profiteer then it is essentially extortion and all because they're not regulated properly.
Right, so become a Landlord yourself and do whatever you wish
@@alexdiaconu7979no, I’m going to work a real job and pay off my ONE home and not profit off of the backs of others , thanks.
Biggest issue (among many) is that we always talk about housing supply and never about housing demand, mainly because the conversation isn't comfortable. It's fair to say that you can have statements that are both true - we need to build more homes AND net migration hasn't exactly helped the situation.
Public discourse just ignores uncomfortable conversations and never provides solutions - e.g. we have the land, but much of it is privately owned and / or protected and we just aren't prepared to discuss how to effectively release the land. Where we don't / have less, such as in urban centres, we never discuss the idea of building up (ie. condominiums). Most of our urban centres don't have residential buildings with more than 10 floors - and while maintaining historical and architectural quality is important, housing people is more important. If it means sacrificing some of that + green belt then so be it.
Most economics can be simplified as a mere allocation of resources - impacted by demand and supply. You can't be running at 600k net migration, and an average of +200k for the last decade and not expect it to have a significant impact on the property market. Building homes WILL ALWAYS lag real-time demand for housing.
My heart breaks for Britain.
I've been poor my entire life. lived on the streets many times, got full time jobs, which every penny went on rent and tax, could barely afford to eat, and definitely didn't put the heating on, ide sleep in a coat. Still today, working full time, and i have next to nothing left over after paying bills... probably gonna be homeless again by next year :(
Endlessly Struggling.
I'm fucken sick of it.🗡