Housing is in crisis
Yesterday’s figures from the ONS showed that while house prices are falling, the cost of renting is soaring. It is increasing by 6% in London, as landlords pass on the higher cost of borrowing.
But the real reason is that the UK stopped building enough houses years ago, having forced house prices ever higher for years this madness has now spilled over into the rental sector.
The consequences are awful and will get far worse.
Homelessness and dangerous or unsuitable property are just the start. Without enough property to buy or let at reasonable prices and with relative ease the economy will be strangled, as the best people won’t or can’t move for the jobs that suit them most.
A significant amount of the productivity problems of the UK are caused by such issues. Without sustained higher house building levels there is no solution in sight.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.
By Jonty Bloom Media