I belong to a household that is one of the million reported to be “excluded from home ownership” by a combination of low housing supply and the impossibility of raising a deposit for the smallest house in a country that boasts the smallest houses in Europe.
Me too, Lynsey – I’m ‘excluded’ from yacht and Ferrari ownership.
It’s so unfair! *stamps foot*
Renting has worked for us in the sense that it enabled us to move quickly when my husband found a job in London. Even so, it was a choice facilitated only by a large overdraft to pay the initial deposit of six weeks’ rent on top of one month’s rent in advance, inventory, credit check and wildly overpriced “administration charge”.
Ahh, yes, when ‘wildly overpriced’ = ‘I think it’s too high but I’ve got no knowledge of what’s involved’.
Yes, I too find Ferraris and yachts ‘wildly overpriced’…
For private renting to become a viable form of tenure in Britain – one of choice, not necessity – two things need to happen. First, more homes need to be built.
Do they? Why? Is our population expanding?
Not enough new housing is being built in relation to the number of households being created or enlarged through the combined forces of divorce, ageing and the post-slump baby boom.
Hmmm. Something missing there, surely?
Some….elephant in the room, perhaps?
Second, renting needs to be easier and more comfortable.
For the landlord and the tenant?
Or…perhaps you’d not bother with the landlord’s ease and comfort, eh?
It could just as well suit growing families to rent homes for, say, five or seven years at a time as to buy and sell at the same rate – but only if a tenancy can be secured for longer periods without sudden rent rises or arbitrary charges designed to claw back “lost” profits in a time of low supply (it’s the landlord’s problem, not the tenant’s, if demand increases midway through a tenancy).
Yes, as I suspected. You want rent-control, and to cripple the owner’s ability to raise his costs to recoup losses, so effectively, you want subsidised rent. Paid for my the supplier.
Tell me, Lynsey, would you accept such appalling restrictions if you were a landlord? I suspect the answers ‘No’…
There is nothing wrong with long-term renting per se: it’s the norm in most European countries, where the law tends to favour tenants. And so it should: a tenant’s need for secure shelter takes moral precedence over a landlord’s right to safeguard his income.
And that’s the moment you finally let the mask slip, and reveal yourself for the socialist thief that we all figured you were anyway when we saw who you were writing for…