The Rent Crisis is Destroying People’s Lives | Aaron Bastani meets Michael Walker | Downstream

Britain is in the grip of a generation defining housing crisis and private renters are being forced more and more into living in accommodation of a lower and lower standard - that's if they can find somewhere to live in the first place. To discuss the problem, and how it can be fixed, Aaron is joined by a guest extremely familiar to the Novara audience and host of the podcast 'Crash Course': Michael Walker
You can find Michael's podcast on all podcast apps, and you can get extra content on the Crash Course Patreon: / crashcoursepod
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[@mstt3530]

One of the major reasons why I left the UK. I’m a Londoner, it’s so sad that I can no longer live in the city I was born and raised in. I wanted a better lifestyle for myself.

[@Benjamin-kq7ck]

Where did you end up moving to if you dont mind me asking? ☺

[@MrSebastianBlake]

I had to do the same 😢but it was the best thing I did.

[@Qwerty.240]

I came to Dublin from India in terms of a better life. Turns out my life in India was better... then I went to London and experienced the same. It's very sad beautiful cities like these are becoming bad to live

[@Mrflippyfloop]

The two of us have rented the same place for 20 years. Paid around £200,000 to our landlord yet we are unable to get a mortgage! I’m now 48 & will probably end up being a renter for the rest of my life. Truly depressing. The impact to our metal health is massive.

[@truth.speaker]

Sounds expensive. If you're in London you may have paid the same on interest if you had a mortgage anyway. 200k won't buy a shoebox in London I'd look to escape to a better value area, or buy in a better area and rent in London (using the income rent from the cheaper area to support my London rent)

[@tomjones8715]

I sympathise! I have spent over £30,000 on flights over the years! And I’ll never own a jet liner! Gutted!

[@davidwright873]

@@tomjones8715 exaclty...That' sounds really whiney..You are paying a monthly amount to live in someone elses place. If you look at it accumulatively, You'll go bezerk! that's not the way to look at life...If you did, EVERY thing would be accumulative and we'd all have mental breakdowns. i say get a life, enjoy what you have and quit the whining...

[@tomjones8715]

@@davidwright873 I wasn’t bloody whinging!

[@paulkeeling6442]

Do You have a damp problem or is it non rusting metal..... Lol

[@Melissa.Garrett]

Michael Walker is a treasure, because he tends to try and represent the average Novara viewer rather than leaning towards any specific agenda. He’s balanced and engaging in equal measure. Love you, Michael.

[@AdamMcRae1]

Nonsense. He's not balanced he hates landlord's does not take into account anything landlord's have to deal with at all. Propaganda

[@Vroomfondle1066]

Cry me a river.

[@in5minutes556]

if "treasure" means being an ideological gay NPC

[@tomjones8715]

Bollox!

[@tamsinli258]

@@in5minutes556 You’re on the wrong channel bigot.

[@samduricic7916]

I'm one of these people. It really is ruining my life. I work really hard. Mostly 7 days a week. I claim nothing. My rent and energy is 2 and half weeks wages. I then have 1 and half weeks wages for the rest of the bill's, petrol and food. My sons 13 today the sacrifices i had to make to make his day special. Some people will never understand

[@Jack-ns9sz]

I live in Australia and rent privately. I'm on disability and I'm paying 60% of my limited income currently on rent. I've just had my landlord put my rent up the other week, which will be kicking in in 60 days. One more rental increase and I'll have to decide whether eat or have a roof over my head. The place I'm renting is the cheaper than everywhere else and there are hardly any other rentals available. So there's no where cheaper I can get. It's scary and it keeps me awake at night. It was funny too, because I was at a community meeting sharing a table with a Liberal candidate (our Tories) and when she overheard my situation, she told me that I should move to a rural town (I don't live in the inner city, I live in a suburb on the outskirts of the metro area). I have complex health and social needs and have regular appointments etc. Why would I want to live three hours from the city, away from my health team, my social supports etc, where there isn't any of the infrastructure that I rely on? It makes me wonder if some of the argument made by these people is that they want to clear the city and suburbs of poor people. On the topic of discrimination, my occupational therapist was quietly told by a real estate agent that rental applications from people on disability (and welfare generally) aren't even looked at and are tossed in the bin. Discrimination against people seeking a rental is happening all the time, with no way to prove it.

[@dopaminey9946]

Wonder no more. I'm here to tell you that indeed local govt with groups like developers and other private companies find ways to force poor plus others to leave. It's called gentrification. Landlords are essential in plans to force these groups out. The 'right' people come in and they make sweeping profits with renovated apartments and new condos.

[@cdean2789]

With this rentier class we've gone back to feudalism

[@richardgreenhough]

No. Feudalism is provision of land in return for loyalty and service. This is not feudalism.

[@cdean2789]

@@richardgreenhough land Lord

[@calc2323]

Feudalism is more complicated than the existence and relative importance of words like “lord”

[@munkqiking7207]

In any case its a fitting analogy for the pitiful existence large swaths of the population have been relegated too. People arguing whether the term accurately fits is missing the point by several thousand miles.

[@effexon]

is this same policy/legislation problem all over UK, wales, ireland, scotland, northern ireland? or is it "mainland england" ? My suggestion for a party wanting support to direct willing people to move where this policy is better and there are vacant jobs. Though I suspect all parties have destroyed majority of jobs everywhere in UK so this is slim picking.

[@MsMelmike]

Thank you so much for this. As a Gen X woman, I have been a full time unpaid carer and single parent living in rented accommodation almost my entire adult life. In Feb 2022, my landlord increased my rent by £550 per month because rents in Frome, Somerset skyrocketed due to a mass exodus from London during the pandemic. It has completely broken us and yet we can't get social housing because demand outstrips supply. Have no inheritance to fall back on, and nothing to pass on to my son who has a chronic life limiting illness. All we want is an affordable rent, surely that's not much to ask.... Addressing these issues is vitally important. Love this channel, keep up the fantastic work! ❤

[@cdean2789]

Housing insecurity caused mental stress and stops the possibility of community building

[@Ocinneade345]

This is intentional, I believe.

[@paulmessenger9836]

Do you work in the trades or behind a desk complaining about lack of housing

[@edwardsexby3402]

I only was able to keep living in London as a renter for years due to mate's rates in two different places and two years essentially house sitting for another friend whilst paying a nominal rent. Outside of that, my partner and I could not have really survived; we only got to be homeowners due to combining an inheritance and all our savings into buying a place outside of London (Norwich). And we are INCREDIBLY lucky. I suffer from an anxiety disorder, and the security our place gives us is a huge weight off my shoulders. I feel so sorry for anyone younger than me (I'm Gen X), or if you're less fortunate, than the pair of us. We need more social housing, rent caps and better rights for tenants, now.

[@garyhouston5014]

7th 6th November as my first thing

[@goodgood9955]

And kicking out the xtra people from Africa and Middle East who want to live here and drive up demand, right?

[@elgorrion52]

Yes, more social housing, rent caps and better rights for tenants, and an end to no-fault evictions

[@emrmch]

This has been going on in Ireland for YEARS. you need to get Rory Hearne and Éoin Ó Broin on, they’ve done amazing work on why public housing is needed especially

[@avocadojune9368]

00

[@Fidelisjoff]

It's not supply we are building plenty for a small island it is uncontrolled mass legal and illegal immigration and I include the Common Travel Area with Ireland which must end as Ireland fills itself virtuously with the third world via an open border....

[@dreddiknight]

My partner and I had a no-fault eviction less than one month before our first child was due. The system in this country favours landlords too much and is brutal.

[@EnglishmanInLdn]

Join a renters union

[@richardgreenhough]

It is not the responsibility of the landlord to deal with the personal or professional aspects of a tenant's life. Neither should it be the responsibility of an employer to deal with the difficulties or life choices of an employee. You use the word eviction. I can only surmise that such a word is used because it makes the excercise of giving a tenant notice sound worse. Eviction has a specific meaning. Eviction means forcible removal via a court order.

[@tomjones8715]

In favour of landlords 😂 you are talking pure crap!

[@bobbysahye]

Lies and untrue,blame the government

[@233kosta]

From our point of view it looks like it favours landlords, but actually it doesn't even favour them - it favours the banks! It's a convoluted system where every single policy pitched as "helping" the "little guy" (renters, first time buyers, anyone else earning less than £250k/yr) eventually ends up fucking everyone. First it's us - silly house prices, stupid rent, etc. Then it's the next layer up - people who rely on soon-to-crash house prices, etc., and all the way up the chain. The ONLY ones who benefit are the banks.

[@fahmidamiah]

Things aren't changing, and only getting worse for ordinary people, because politicians ARE landlords and so are all their friends and family. Regulations aren't in place in the "private" market because of this. BUT all housing is social housing. Everyone needs housing, so this concept of "private" vs "social" is ridiculous. Every tenant paying rent should have the same rights. Rent caps. Right to tenancy deposit schemes. Right to a clean, safe, healthy home. Right to formal complaints and redress.

[@michellenorris8471]

An enormous fan of Novara Media, Thank you to all the team.

[@tomjones8715]

What even though he’s talking utter crap 😂

[@shiftystylin]

I love the intro - Novara has done more to inform me in 6 months than any other media outlet in 35 years. I also think the fact Michael wanted to go into teaching highlights his passion of wanting to educate and inform. Big fan - keep it up folks.

[@nickphipp1949]

We rent a 2-bedroom bungalow (worth £300k+) in a private cul-de-sac, with a garage, walled courtyard garden and 2 parking spaces for just over £650 a month and our rent hasn't risen in the past 6 years. Our landlord is highly responsive to any repairs or issues and has fitted a new combi boiler, new windows, new front door and new flooring throughout since we moved in. I realise how lucky we are, which makes us reluctant to move elsewhere. Our landlord likes continuity of occupancy by people who respect his property and never miss a rent payment. In return, we're treated fairly and with respect.

[@perolagrande]

Crazy landlord, he should be charging you double. A 5% yield on a £300k property is an annual rent of £15,000, or £1250/month. How can he make a profit charging so little? Even if no mortgage to pay, a £300k property has to generate sufficient yield/income to make it worthwhile renting it out.

[@nickphipp1949]

@@perolagrande True, but I'm certainly not going to challenge him over this!

[@paulmessenger9836]

I can smell the entitlement.

[@nickphipp1949]

@@paulmessenger9836 How am I entitled? As I said, 'I realise how lucky we are'. That's the opposite of entitled.

[@moore_news]

Great interview. Issues and potential solutions very well covered. Right to buy really was a horrific policy.

[@styleyK]

Sorry for the rant.. but I am sitting at home in my 1 bed rented flat, watching this and screeming at the TV. Michael is a good journalists and I follow him and Aaron on a regular basis, but some of this segment was very short sighted and left out huge areas of the country because it is so focussed around London or people in cities! I was pleased that Aaron mentioned places outside of London where people are also being effected by huge rents and are struggling, but it was just skipped over and Michael didn't seem bothered! I grew up in Berkshire, I have lived in Woking area Surrey for 20yrs now, lost my house due to marriage split and have rented for 7/8yrs now. In order to afford to keep my flat I have to work 35min drive (Hayes/London area) in order to earn enough to cover my costs (including overtime). I can't walk to work, cycle or use public transport I have to drive in order to make my shifts (another huge cost). I have been homeless at this age, then a shelter, then in shared accommodation and I am angry (not at you guys) that our government has forgotten and left so many people just to rot away and dissappear. I do not want to be renting in my 60/70s. I'm 52 so if I wanted to buy a house realistically I would need at least 30-40k in savings for a 20yr mortgage to make it affordable (as I have no chance of getting a 30yr mortgage). There are many of us out there that no longer have an asset to sell, late 40s- mid 50s yrs of age who are now renting, and we are stuck! This is not just a younger generation issue, it effects all of us and the whole country not just the cities and especially not just London. 🙏🏿

[@maggiepie8810]

In Sweden, the government wanted to change our rental system to one that's a bit more like the UK's was forced to back down or risk triggering an additional general election for mistrust in government. I'm just leaving it here for you to ponder.

[@robertwinslade3104]

The housing crisis and landlordism is so fundamental to everything going wrong with this country. Thanks for talking about it more

[@KnottDanny]

Antilandlordism should be a word

[@paulmessenger9836]

A generation who want everything for free

[@leonie563]

It's worldwide, the problemneeds a solution. Imsuggesting we strip out early retirement as a thing living off renters income. We lower pension age to 60 and stop paying aged pension and age care etc on taxpayers at age 80. Force everyone to use superannuation, sell assets and pay their own palliative care etc. All of those things were pre superannuation and pre the trend of Landlords retiring early living off rents.

[@g1fcg]

We're pensioners living in the inhumane private renting world. We lost our home in Hemel of 16 years, because my companion/carer became ill. We ended up in Weymouth, where there is a huge divide of super rich and poor down to homeless - Weymouth town is a rundown 'shit hole' with million pound yachts sitting in the marina! We've moved 12 times since 2014 with three of the moves being section 21's and one because of extreme mould and water running down the inside walls, we couldn't stay there! Other's because of being too run down. since the Covid it's been harder and harder to find places. We ended up in Weymouth just by chance, because we had this 'rose tinted' idea that the South West would be a good place to go - how wrong we were! What no one ever talks about the private renting facade is, that everywhere you move to is ABSOLUTELY FILTHY! Every 'new' place we've had to move to, we've had to clean, and clean, they are disgusting! It's like 'one out one in'. There is no standard that a property has to be up to to be rented - the letting agents don't give a shit, they just get their commission! We are now in a house decorated to mid 1980's standard, with 1980's filth to match! At our age all this moving and constant cleaning is basically 'killing us' - we are both suffering with total exhaustion! we are on the top of the list for a housing association property back in Hertfordshire where we came from - we are just 'praying' that one comes up very soon! I believe this government is turning the housing system back to feudal! And, its gonna get worse!

[@mhhoque81]

I work at a letting agency but am personally lucky enough to have a social housing house in London. The agency specialises in HMO properties located in zone 2.3 (east, west, north London). Of the hundreds of 30ish tenants I interact with I always give them the same advice. I pay less rent for a whole house than they pay for one room. I have security of tenure (my landlord cannot issue a section 21 notice). 1. If you have lived in the same borough for 3 years or more join the social housing register and start bidding for a property. 2. Its usually a 3/4 year wait or never 3. but registering means you have communicated a political administrative demand for more publicly owned housing. In the 5 years I have worked a dozen tenants have found social housing. A council will only reject you if you earn more than £150k. So please do not be hypnotised by the prevailing ideology that renting must be viewed as temporary step - the most effective way to acquire security of tenure is public housing. You can keep saving to buy while your on the social register and you will save faster!

[@IbrahimSowunmi]

Can you explain this further? Is there an age limit?

[@werqzeleke2815]

You are correct but the law has been changed during the COVID lockdown formerly 5 yrs residency in the borough changed to 7 yrs continues local connection.

[@Chilam.]

Michael is a handsome guy, I don't know why you guys picked this super close-up shot for the thumbnail 💀

[@ince55ant]

ikr, this has to be sabotage. mi5 has infiltrated novara media!

[@Chilam.]

@@ince55ant no one's safe

[@El-Burrito]

Zoom. Enhance.

[@obibraxton2232]

It’s not the best thumbnail I’ve had done deffo him better justice

[@toby81tube]

It's a wide-angle lens distortion effect, they do it for all Downstream guests

[@easytoassemble54321]

I'll definitely be subscribing to Michael's podcast, as A) I appreciate his evidential approach, as much as the subjects he focuses on, and B) well, I'm a renter too. It really is insane how much perspective we've lost as a society, over what should be an automatic right to shelter, never mind one we can all afford.

[@johnmackenzie4703]

Aaron Bastani meets Michael Walker FOR THE FIRST TIME EVER 😂

[@iskrajackal9049]

AB + MW + Ash Sarkar + Dahlia Gebrial + social setting = brilliant evening

[@lukeskirenko]

Brilliant work, Michael. Concise, comprehensive and more deeply considered than anything else I've listened to on the subject.

[@nagaraworkshop]

So agree about PoC having a raw deal with private landlords (and to an extent with housing associations too) that has been my experience. When young, looking for a flat or room in London in the early 70s, I was turned away openly and legally - signs still said, "No Irish, No Blacks, No Dogs" or "white only" or "no coloureds". In later life in rural Devon I'd secure an agreement over the phone only to have it mysteriously vanish when I turned up in person. Luckily, I've been in a H.A. flat for 15 years and so I'm secure. Yet I still get poor, racist, service from some of the H.A's contractors but I remain 'meek', and don't make a fuss as with my poor health and age - being homeless again would kill me.

[@simonbarnes9600]

This is terrible mate.

[@mstt3530]

Sorry to hear that 😢

[@jonjuan2020]

So sorry you've have to experience that. Most people of colour have experienced similar micro-aggressions and yet there are those who claim white privilege doesn't exist.

[@arthedainedain9846]

Probably bc you commit way more crime

[@PmanFunky]

Please stop using the term "PoC" or "people of colour". It is just as racist as the term "coloured people".

[@nopants3560]

For me the biggest crisis is that tax payers money is lining landlords pockets , when years ago benefits went to councils ( poor people were in council houses )

[@riveness]

Not only landlord but conglomerates that buy up housing.

[@oliverranderson9292]

70% of landlords only have 1 property, and only make enough profit to only just cover the maintenance of their property

[@nopants4259]

@@oliverranderson9292 Who's paying for it ? read my comment. HOUSING BENEFIT GOING TO FUND SOMEONES INVESTMENT. At the end ,the taxpayer has funded a property. It's not the monthly profit I'm worrying about, it's the investment for their retirement , etc. The tax payer sees nothing do they ? A bit of inheritance tax ,maybe if its left in a will etc.

[@johnson2joy]

Many middle class people were also in Council Homes too. I worked back in the day with many professional people who also lived in council houses and there was no stigma until Thatcher came into power and the gaslighting began. Most former council homes in London are fetching over half a million and even over million pounds in some locations. Poor people are now reduced to living in ROOMS!!!!

[@tomjones8715]

@@nopants4259 genuinely you are talking crap! You need to get your head out of the guardian!

[@garygee5365]

Selling off council houses was the biggest mistake ever

[@OakleyANDSittingBull]

@gary gee, It wasn’t a “mistake” at all. Immoral (and illegal/organised crime involved) gentrification has been very common and actively devouring London and other British cities since the late ‘70s/early ‘80s. The situation has long since been *gone too far!* I see that Britons need to become ultra self-respecting and tough NOW - unify again and threaten the fight - like in Northern Ireland in the 1970s. Realise the TRUTH, their (would-be) landlords are *narcopathic predatory capitalists* and are *wilfully* in on the *slow genocide* - killing their tenants for the almighty pound. I suggest cooperatively creating *intentional housing, crops growing and biz and activist/politician creating communities* AND inviting international activist attorneys who know British landlord/tenant law (at the least) to assist and ramp up DAILY humane harassment of MPs, biz owners and NEWS outlets for strong, empathetic, *international interest and coverage.* Knighted Starmer is a right centrist/leftist Tory and will NOT assist until he is firmly pressured to do so. He doesn’t even deserve the mention. Please, do NOT think the far-too-soft, over-‘educated’ and polite Greens will assist either, sadly. My perception is; a *wise, strong womxn of colour,* accustomed to being hated and targeted by wealthy conservatives and predatory capitalist narcopaths, whose done well and poorly - lived/experienced/observed both worlds, perhaps a Mhairi Black or Mick Lynch-type of personable but stern and strong *serious activist* is needed as lead.

[@paianis]

@@bloke-online House prices are actually deflating atm.

[@paulmessenger9836]

As a landlord I ever worry about house prices of prices go down it's to my benefit because stock of housing goes down and rents go up will never sell just pass of to family

[@unnieun5251]

I am so infatuated with Michael Walker 🥰

[@kerimaabu1359]

He is gay

[@janearmstrong7945]

Micheal is Novara's secret weapon in capturing its centrist mum's audience. What young people often don't understand is that the rise of the Corbyn movement looked like a zombie flim to middle-aged people. To us, it seemed like a set of ideas that we had dismissed 25 years earlier had suddenly risen from the grave. However, Michael's curiosity and Owen's posh cats convinced me that maybe there was something new to see.

[@gwangjuboy1]

The situation is such that it would arguably be morally justifiable to smash the windows of all estate agents up and down the land. A very long-lasting mass rent boycott to completely cripple the civil courts would also be inarguably justifiable. This would actually serve two purposes; evictions couldn't take place because the civil courts would be swamped; secondly, many landlords would eventually face losing their house, leaving it to the banks to take on responsibility for eviction (again, good luck with that when the civil courts are unable to function). There should be an absolutely merciless, unrelenting collective effort to crush landlordism and effect a genuine revolution. It would be utterly brutal and unforgiving, which is exactly what landlordism has been.

[@Daisy-tl2lh]

the power of force will be met with the power of force don't expect landlords to sit back and do nothing ... jungle rules ...

[@gwangjuboy1]

@@Daisy-tl2lh It would be like a hive of bees smothering the hornets to death.

[@Geolowe99]

It's nice that Novara are reaching out to more obscure guests to interview and expand their repertoire. Love to see it 😁😁

[@God_is_love_believe]

It is astonishing that we keep talking about these things but nothing substantially changes or the change is negligible. Hope this changes soon.

[@user-xg6zz8qs3q]

This is because most people who aren’t older property owners don’t even care to vote. The problems can be solved by politics. But nobody cares. So we carry on.

[@gee_emm]

Homeowners don’t have damp? Erm … right to buy/ex council crew have left the chat. OAPs weren’t even in it. And if you live in London and don’t know there are people aged over 40 still renting and/or sharing, because that’s all they can afford, well, I dunnowhattotellya. A vital conversation and I’m glad its being had, but some of these assumptions about homeowners missed the mark. There are people paying mortgages and living just above the poverty line. There are retired homeowners worried sick over repairs they cannot afford. There are couples in broken down relationships who can’t afford to move out. It ain’t all roses.

[@ruffey1748]

This is all true about homeowners. In theory, homeowners have an asset they can sell. Renters don't. In reality, the struggles of the homeowners you describe and the struggles of renters are linked, because they're created by the same system. Runaway house price inflation was built on a fantasy that had to end: post-2008 sub- one percent interest rates. In hindsight, the central banks and government should've let the market crash that year, instead of trying to stop it. Sure, lots of people would've been in negative equity, and some would have lost their homes if they'd been laid off etc. But it would have stemmed the money supply that was dumped right back into the housing stock through purchases by corporate landlords and buy-to-let HMO landlords. It choked off the supply of housing all through the 2010s, and it wasn't being replaced fast enough. Look where we are now. Near 5% interest rates, and people with mortgages at near £500k.

[@evif9377]

This was the best interview for me so far. So informative and I love the synergy between these two Novara hosts in particular. Aaron coming out guns a blazing by asking Michael how much he earns - hilarious.

[@mayer8356]

Journalism is shockingly paid

[@tapiwanyakabau4058]

Really good discussion this! Michael Walker is slowly becoming one of my fave journalists. To be honest the whole group at NM are top class !

[@rochellethomas3977]

I moved out of London and dealt with racial abuse/violence. I felt I had to move out of London when I was 21 and my experience destroyed my mental health. I then moved back to London and was spat in a shared house, dealt with harassment, discrimination about my health, unwanted sexual comments and disrepair. I now have agoraphobia and have to move once a year. It’s dreadful.

[@in5minutes556]

and if you're White in London you deal with free racial abuse from the black community and if you're a Christian you have to deal with religious abuse from the Muslim and LGBTQ communities (and this happens to Black Christians and White atheists as well)

[@sapps851]

I don't know which borough you reside in, but there is evidence of corruption in housing allocations in certain boroughs. The following anecdote: someone on the LA housing list made an FOI request to see the allocations made, according to the provider's own criteria, for x number of years. They were "suddenly" offered a flat .....make of that what you will.

[@brandontadday6288]

The whole idea of having to pay a deposit as excessive as 1000 pounds on simply viewing a property is just beyond absurd. Definitely file that under ‘things that feel illegal but aren’t’.

[@veronicakelly4261]

Homes should be free at source, for human beings to have happy relationships, its morally wrong to not allow every human being on the planet the right to buy or build their own home, people are wasting years of their lives and the quality of life talking about, worrying about working hard at jobs that potentially we don't need to do, in favor of having a home, a home we cannot humanly survive without. Why did we start this whole money exchange for homes, dropping out of paying for what is our birth right as a human being, a home, some food, fresh water, its not a lot to ask for as everyone on the planet needs it, taking someone's home away leaves them having to find one somewhere else, so the cause is stress and mental health decline, family separation, community breakdowns, life at the end of the day is about people, not money and possessions. Its time to start re-evaluating our money system, and whether it is fit for purpose, unlike centuries before when it was used in trading a few food stuffs, it the new virus in modern world today, and the destruction of our planet.

[@nickphipp1949]

To put it into perspective, a 10% increase in rent equates to rent doubling every 7 years, while interest rates remain low. Something has to change.

[@juliuswi8767]

Good Maths Sir!

[@Nick-kb6jd]

I live in Vancouver, a VERY expensive city, for buying a home or for renting and living. Thankfully we have decent rent capping laws here. God only knows how bad it would be without it. Surely run away rent increase contributes to higher house prices also. So housing here, had there been no rent control these last couple decades, would be even more unaffordable.

[@pasodoble5070]

Great interview and podcast. Novara are at their best when they focus on these important social issues that affect everybody, instead of wasting time on ideology/culture war and calling everything racist.

[@elliskaranikolaou2550]

It's happening in all Anglosphere countries. Real Estate here in Australia is so expensive, and it doesn't help that the current Prime Minister owns about 5 investment properties. Also Governments are using immigration to keep scarcity of homes at such a level that prices can't fall.

[@mrmustard1633]

Always see Michael about hackney, long may it continue ❤️

[@leel9186]

GREAT VIDEO. I used to Rent in Central Manchester, paying a little over £850pm. Scandalous. I since managed to buy a 90k terrace 20 miles away and pay £213 a month. It is a rigged game though; saving for a deposit whilst paying such high rent is impossible for most people.

[@zuzanazuscinova5209]

Yes. You need family support of some sorts (parents, spouse, etc.)

[@Spacemongerr]

In Norway, landslords can only increase rent in two ways: - Increase it by the Consumer Price Index (basically means same increase as inflation) once per year, or - Increase it to the same level of rent of equivalent housing in the local market. This can only be done if the renter has lived there at least 3 years. If the local renting market has decreased in price, the renter can also use this to demand the rent gets lowered. The first method makes sure the second one doesn't get out of hand. It's not a renter's wonderland though, and I think renters right should be improved, for example even though a landlord cannot kick out a renter at whim (multi-year contracts are common), they have a loophole in saying that they need the place for either themselves or their family to live in, or to do renovations. Which means if you really want someone gone (or want to increase the rent outside of the two ways above), you can just leave the place empty for 2-3 months and get a new renter for whatever price you want/can get. This is not that common though, afaik. Also house ownership is heavily encouraged by the state, with tax deductions and the like.

[@W1DO]

It's possible that the government in Norway actually wants the average person to have a stable place to live. I'm not sure why though? How does that help the people they went to school with? ;)

[@Spacemongerr]

​@@W1DO I get the joke, however in Norway, the average person is the one they went to school with, private schools are not common at all. For example, the princess (future queen) or more acurately her parents (crown prince soon to be king) faced criticism in the media when they sent her to private school for a couple of years, most of her time was spent in public school like 96% of pupils. This number has gone down in the last decade, used to be even higher. The private schools I can think of are mostly seen as more artsy/alternative/sporty and not really seen as just for rich people as they are not extremely expensive, but still seen as a bit fancy, or even weird. They certainly do not look like the huge castles or estates private schools in UK often do. The average landlord is also not assumed to be a (much) wealthier person really, it is relatively common for people to rent out the lowest part of their house, a half-basement (because of the terrain a lot of houses are on a hillside so part of the basement is underground and other parts are not). Though renting from businesses owning several apartments and landlords owning a 2nd home (plus a mountain/seaside cabin which over 20% of people own and half the population have access to one through family) is becoming more common, particularly in the bigger cities. Most people are not involved in renting though, as over 80% of people own their homes. Renting is generally seen as something young or poorer people do. Though home prices have skyrocketed the last 10-20 years (this has stopped as of last year) and renting has increased somewhat.

[@HouseofEl]

2.5 years in London and have had to move 4 times. I'm glad people are discussing this at least! :) Recently I was trying to secure a tenancy agreement for a flat that ended up not passing gas/electricity checks. Why was this even on the market? Unbelievable.

[@NK-vd8xi]

We need to: 1. Ban buy-to-let mortgages 2. Introduce Land Value Tax 3. Build more council homes!

[@daftjunk2008]

👆💯

[@Qlair2632]

Watch homelessness soar if you ban buy to let. They provide a critical service and the reason this crisis is so bad is the government trying to push landlords out; taking their supply off the market with them

[@daftjunk2008]

@@Qlair2632 buy to let barely existed prior to the mid 90s. We don't need it, we've just decided to lean on it as a solution (a very wrong & expensive solution)

[@NK-vd8xi]

@@Qlair2632 😂😂😂😂😂 how the hell does allowing someone to own a house purely to rent out provide a service?

[@tomjones8715]

@@NK-vd8xido you understand what the Tory’s have done with section 24? Ohhh not even heard of it have you 😂 foolish!

[@87frank87]

Very interesting interview. As a Landlord, I must say that our insurance premium is up 20% in the last year and property taxes have doubled in the last 10 years. Cost of repairs and maintenance are also up 15-20% vs pre-pandemic levels. Many landlords, occurred substantial losses due to government letting tenants living rent free (USA.) These are the main reasons for the rent increase. If you consider interest rate hikes once mortgages are renegotiated, many landlords will see their payments double. As an investor, I must say finding a property yielding 7-8% is getting increasingly difficult and you are also taking the risk of a major downturn in the market which would obliterate the landlord equity. Governments should change the tax code to reflect what housing really is, which is a commodity not an investment. Wall Street should not be allowed to be the landlord of the general population and compete with individual homeowners. As long as this nonsense keeps going on, social inequality, and homelessness will increase. If not kept in check, the people will eventually revolt.

[@HelenaMikas]

I like all of you as actually you are the news .Such a wonder in an era where the media is ghastly propaganda put together by the wealthy for those who just try to keep life together.Many of the private renters in UK are not resident in England .In Germany rental is popular but worked out in a way that is fair and the majority of those renting have their own workmen .I had a home in UK (sold it in the Thatcher era) I never want to own again .Living in Berlin renting showed me a way for all ......Showing & sharing this with others.. Wise words Michael .If you like renting Vienna or Berlin are great .

[@johnnicolwilson]

Scotland currently has emergency legislation in place freezing rent rises, with a proposal of it moving to a rent increase cap of 3% in April. Of course, this only works in combination with an eviction ban also being in effect. This has been a great safety net over the past couple of years for existing renters, although many rents were already at ridiculous levels. Renters looking for a new flat are still very much struggling. As this moment between tenancies is now the only opportunity for landlords to hike their prices, as you can imagine, some will take this as far as they think they can get away with. Airbnb has also had a massive effect on the housing market, particularly here in Edinburgh.

[@tomjones8715]

What? Explain section 24 please?

[@fintamaria2429]

Thank you so much for this!!!!!

[@DiarmuidOhibicin]

I love all of you guys on Novara Media. You are a breath of fresh air amid the putrid stench of main stream media; an Ark of truth in a sea of untruths. You are the voice the silent majority.

[@rochellethomas3977]

This is why I love you guys you discuss real issue

[@TranquiloTrev]

I listened to this interview with interest. I was an Environmental Health Officer from 1970's -2000's. I worked in Lambeth, South London in what was considered amongst the most deprived areas in the country. The conditions described here were illegal back then. They were promptly dealt with by us on a day to day basis. By the 1990's you didn't see poor housing conditions like what is being described now. I try and explain to young people that it doesn't have to be this way, and it wasn't even a short time ago, in terms of British history. Unfortunately they don't believe that such a time existed. They say I am making it up. How did this happen. I get the impression that even informed people like the two doing the interview would struggle to believe it. I am retired and have left the UK. It is very sad and bewildering how this happened.

[@sapps851]

You would be a good interviewee, based on your historical experience!

[@TranquiloTrev]

@@sapps851 I recently saw another interview where Bastani was interviewing a young female journalist about politics in the 1970's and 1980's. There were massive gaps in their knowledge about politics in the UK in that period. I did not write anything Because if I had started I wouldn't have stopped. The era was called the Thatcher Revolution. At that time she was the most divisive politician anyone had seen. She looks positively Liberal now compared with todays Tory Party.

[@sapps851]

@@TranquiloTrev You have to have lived through it to understand it's long reaching impact. My cohort went into FE, some of us the first generation to do so, simply because there were no jobs for us. Apprenticeships for school leavers were dwindling. Some of us still talk about the effects it had on our lives. It's like a trauma bond.

[@Tuber80]

@@TranquiloTrev That Spratt interview was pretty excruciating.

[@ChristisLord7777]

Few things are certain in life. One of those that is: Michael hates landlords. Solidarity brother. Looking forward to crashcourse

[@knifeprty6219]

Great discussion lads, as a home owner Im sitting pretty, although of course the bank owns my house really, if I don't pay the mortgage that's it, it's all gone. But I was very very lucky to be able to buy my house, good fortune on my part, bad fortune on my parents part, a situation where they had to sell it to me at a discounted price. The big thing that you will never get past is that the Tories and Labour are both capitalist favouring parties, although of course Labour shouldn't be, they are. That means that the market is king and therefore rent will continue to be influenced solely by the market for the foreseeable. You guys are socialists, the Vienna model is a socialist model, and that will never play in this country where home ownership is still the be all end all.

[@davidaldred2783]

Great show - and I managed to watch it all too. I've missed every one of the 6 PM shows but maybe I'm turning a corner now.

[@anonnymous4684]

Yeah, 6pm is too early. I've only managed to catch them as I've been off work sick but 7pm was a much better time for settling down for my Novara fix.

[@andrewdugdale7043]

Many issues with renting, I have been renting for the pas 7 years. What is never spoken much about is the unwritten rule of not reporting issues in your property due to fear of rent increases. Example, I lived in a 3 bed roomed house a few years ago. Boiler required year check and they found it was in affect illegal therefore it required replacing at a cost of £2500. This clearly wasn’t my issue as the renter. Day after plumber left after new boiler installed I got a letter saying rent was increased by £100 per month. Tenants have no rights, don’t let them fool you. You are always at the mercy of landlords

[@zuzanazuscinova5209]

Which is exactly why I don't understand when people say one of the advantages of renting is that landlords take care of all repairs. Yeah, good luck with that. Unless you move frequently there is zero benefit in renting, even if it's social or subsidized.

[@garethw1228]

Brilliant deep dive, as always.

[@County22]

Great interview - will download the podcast. On the 'building doesn't matter' bit, its not that its not an issue, we do need more and better housing. But housing costs are so insane that its become unlinked from building. We practically can't build anywhere near enough new houses to counteract low interest rates and all the other govt props. London alone would need 2 million+ new homes. Small towns like Oxford probably 50-100,000 just to dent what cheap money has done.

[@tomwarner2654]

Being meek to the landlord is the worst, in my last flat in Brighton they wanted to put the rent up so was just asked if before they raised it could they do the maintenance we had been raising. The response was to send us a section 21 and then rent out to someone else instead. Renters have 0 leverage in cities

[@paulmessenger9836]

I own three properties in the UK and leave thousands in the bank for maintenance landlords who do that are a disgrace

[@don1mclean]

Brilliant. Thanks, I learned a lot.

[@joyful]

i'm in the midwest of the u.s. rents have skyrocketed here as well. pre-covid i had a 1200 sqft apartment in a great community for $1400/mo. rent went up minimally each year. one year, i didn't have an increase at all and i regret leaving. my mother moved in with me and i rented a house. the homeowner decided to sell during covid as housing prices were rising and they correctly believed they could get a nice profit. we then moved into another apartment about the same size as i was previously in for $1900/mo. this is in the same city, fewer amenities, and it's not a great community but is in a nice area. in fact, i would say the 1st apartment was in a nicer area near great shops and restaurants. housing is difficult to find, particularly if you need a 1st floor apartment due to an elder in residence. lower quality housing and communities have rising costs at ridiculous rates and people have to pay it because there is literally nowhere else to go. we need more apartments and houses built. and we need caps on pricing based on city costs.

[@msjnj9126]

The problem is so much bigger than the land lords

[@T1tusCr0w]

Yep. Thatcher broke the country. Housing - disaster! Weak unions so no wage growth to keep up. Older people who had money. No banks paying decent interest. So they were encouraged to go into housing for that annual 9-10% interest rate. So weak demand & mostly for higher end goods. Eventually lead trades to coalesce around the rich enclaves. Tons of disasters still waiting to happen too.

[@spelf]

I do feel that Mr Walker is a bit of a star, his work on Tyskie/Novara Live is fantastic. He is a really talented communicator.

[@EamonCoyle]

A cap on the market price would not work, neither would specially rent controlled zones. They would only succeed in raising the market price. A cap on the percentage of profit a landlord can make before tax would allow the flexibility for prices to be increased in line with interest rate rises and would also prevent landlords from imposing increases at a whim. I would also suggest that fees charged by letting agents be a separate responsibilty for the landlord who chooses to use them

[@silvafox7719]

A wealth tax is needed. Tax the assets of the rich, or wealth inequality will get worse. Labour won't save anyone from it, they will simply slow it down for a short while.

[@bernieburrows3731]

Maybe introduce a maximum wage too

[@AlienPsyTing1]

the rich don't have enough money to fill the gap, if you want to collect tax that can't move offshore etc., use LVT. Problem is is that successive governments utterly spaff taxpayers (our) money, use it to fight and support wars that none of us want etc. Read "Squandered by David Craig" and you'll get the pic. In it the author highlights how Blair the warmongering neocon thug and the village idiot G Brown wasted about £1.2TN. PS if you wonder why Brown sold a large chunk of OUR Gold reserves at rock bottom price it was to save Goldman Sachs

[@melindagallegan5093]

But the true wealthy always have loopholes to avoid taxes like this!

[@DdraigGoch84]

All the novara media downstream thumbnails look like the photographer got uncomfortably close to the guest’s grid and just snapped a photo anyway! Love it. Keep up the good work

[@queenvagabond8787]

1) Build houses across the UK NOT just focussed in the South/South East. 2) Make sure that *at least* 50% of those houses are council-owned/non-profit Housing Association owned. 3) Ban any individual or for-profit outfit from owning more than two homes.

[@paulmessenger9836]

50 percent owned by the council to run into the ground by mismanagement if you won't you life to improve leave the country because it's not going to get better

[@kayleyedwards7141]

Really excellent interview. Nice one, boys x

[@portlyoldman]

As always, great discussion, if only you guys were in charge!!! Patreon signed up 😁

[@richardgreenhough]

The assignation of those whose intention is to constantly interfere and exact their agenda, however well intentioned, inevitably makes things worse.

[@user-gz6tx6yp3v]

I've been a landlord since the end of the 90's. It wasn't something many people were doing, at that time Labour had just got in and they were really pushing pensioners and small investors to buy property and rent it out to supply more rental property to fill the void from sold off social housing. For the next 20 years there was always more rental homes than tenants, rents just never seemed to move and interest rates were expensive, very rarely did my properties cash flow, I used to have to sub them all from my own income. Fast forward to the last 5 years and it's night and day. Now people could blame interest rates etc, but I used to manage before with high rates, the problem is Section 24. This is what's driven a lot of small landlords out of the market, and they provided most of what used to be a running over supply of rental property which kept rents affordable. Whenever the government get involved, it is never to our benefit. Everyone is hurting, tenants, landlords. No landlord wants rents at these levels because when it gets this unaffordable the risk is default. The government have had this pointed out to them time and time again, their response has been thus far that Section 24 is fair. But fair on who?

[@portlyoldman]

I am clearly one of the lucky few with my landlords. I've now, through choice (I'm moving around a lot for work and need to rent for several years at a time). All of the landlords have provided great flats and a great service and have only increased the rents by the agreed index in the contract. However, my good fortune aside, I strongly believe that rent should be controlled by a regulatory authority that both regulates rents, but also the standard of the properties and safeguards the renter.

[@queenvagabond8787]

We need to move more people and jobs *out* of London to other UK cities. We can do this by building more Houses and business premises in the North and possibly offer incentives for businesses to move their premises elsewhere in the UK.

[@thejamesthird]

I spend 45% of my income on rent and I make the same as Michael 😅

[@Phil-kt6hc]

Great interview guys. Channel is one of the best political watches on YT.

[@WVislandia]

Renting in one of Edinburgh's 'most popular' neighbourhoods, so paying a goodly sum. After less than 6 months, kitchen ceiling has large hole with plaster and dust coming down. Although I informed rental agent about crack that eventually opened to hole, they still have not provided alternative kitchen arrangement nor plastic sheet to catch the dust and the hole appeared last year around Easter - I remember that because 'the agent responsible for that property is on holiday'. Now we have NHS doctor and his wife who is hospital administrator parking their bicycles with handlebars over stair steps and lobbed over the stair handrails so not so safe to use stairs. Not a happy rental for months.

[@Tuber80]

Please speak to Shelter Scotland to get advice on taking your landlord to the free Housing Tribunal for compensation. It sounds like you have the Scottish PRT / Private Residential Tenancy which is all new private tenancies after Dec 2017. Your housing must meet the "Tolerable Standard" Tenants in Scotland have more rights that those in England.

[@louishindle6620]

The framing of the video is so funny

[@El-Burrito]

I want to see what's up Michael Walker's nose

[@anne-mariemarshall]

I've been saying for years, the housing sector is in crisis. There isn't enough social housing and greedy private landlords are screwing their tennant's expecting them to literally buy them a 'portfolio' of properties. It is for the general good of the country that we have a reintroduction of the rent act and maximum rents to remedy this situation. By the way I don't care if private landlords go bust. It's their own faults for being so greedy. We also need an end to no fault evictions and secured shorthold tenancies. A vigorous social housing building program wouldn't go amiss either.

[@bobbysahye]

Get educated,nobody cares about your selfish opinion

[@anne-mariemarshall]

@@bobbysahye with a masters degree, I'd say that I am educated enough thanks. How about you? Also posting about how landlords are ripping their tennant's of is hardly selfish. More like the landlords who are expecting their tennant's to not only pay off the mortgage but also extra on top for income. That seems more like selfish to me. Like most things in modern Britain, the housing sector is broken and the vultures - private landlords in this case - are circling to pick up the scraps. Wouldn't be one of them would you???

[@katemcneillcoaching8729]

Great talk. I’m here drawing parallels to Sydney Australia and surrounds

[@johngould9934]

Would be nice to have heard discussions around commercial properties. Huge rents for restaurants, pubs, cafes are probably one reason why wages in hospitality are so poor

[@truth.speaker]

Wages are minimum because competition in the industry makes them lower their prices to compete. So it's us buying from better value restaurants that causes wages to fall. If you want staff to take home better wages there's a voluntary tipping system in most restaurants. You also could visit more expensive restaurants where staff get paid more Either way if rents were lower, restaurants would just compete against eachother on prices. They wouldn't give staff higher pay.

[@zuzanazuscinova5209]

That sector is dead. Bad quality food and bad quality jobs. Cook at home.

[@truth.speaker]

@@zuzanazuscinova5209 people will always want convenient tasty food

[@saltney17]

tax the greedy rich

[@alexanderfox-robinson4910]

I thoroughly enjoyed this one and the one with Gary Stevenson. Very interesting and good to hear something sensible from the other side of the aisle.

[@tfking10]

Aaron's commendation is well deserved. I can sense there are real journalistic values behind every news story which ironically is becoming increasingly rare with media all around us and so easily available. We had an influx of reality TV programmes over the lat 20 years, now news and current affairs are commodities that have been turned into junk. Their sole purpose is to generate clicks and engagement. The entire NM platform is something for the whole team to be proud of . Well done.

[@janicetaylor5785]

This keeps getting played in my auto play on KZbin but it's great! I live in a HMO but there are definitely pensioners living in this situation too, I have seen a few old people across the road owned by the same landlord as well as in my old place. They weren't pensioners but there were 2 in their 40s and 50s. The idea is so stressful.

[@irtezaali2302]

Yes lads!!

[@robatkinson5314]

Great stuff as usual! My only slight issue, living in Germany (Berlin) myself, is that quite often Novara use Germany as a bit of paragon of social virtue, when actually the issues being experienced in the UK are very similar to here. The rental situation in Berlin is a catastrophe at the moment and has been for about 10 years. Comparing here to Vienna is impossible, because there the state are buying housing on a mass scale to proactively control the rental market and make it almost impossible for private Landlords to charge extortionate prices. Here in Germany they've done the exact opposite, in that a couple of years ago the supreme court overturned a bid by Berlin to cap rents (Berliner Mietendeckel), stating that it was unconstitutional. The system here is also proportionately tougher for lower-earners and freelancers. In essence: yes, if you work for Siemens and don't attempt to lead a lifestyle that is in any way atypical, then life here is probably pretty dandy, but I think that, sadly, wherever you live in Europe nowadays then it's going to be increasingly hard if you don't earn a high-ish wage.

[@TheSpoovy]

Very interesting listening to Michael. As part of the solutions at the end though you didn't mention quality of housebuilding. As Roger Scruton said, there would be no NIMBYs objecting to a new development that looked like Bath. As an ex-town planner I truly believe that there is absolutely no need to accept the low quality of new housing we put up with, considering the amount of money builders charge for them. In some sectors an argument can be made that higher costs imposed on businesses are counterproductive, but not in this case.

[@adambutterworth7608]

Got muted in chat for having different opinions to the moderators. I simply called out some of the others in chat for making sweeping generalisations about all landlords being greedy and renting out poor homes.

[@joannabaker6398]

If they really want to find a solution maybe they should also talk to landlords? Otherwise it's just whinging and looking for a scapegoats.

[@dovic86]

whoopee this is going to be fun

[@EnglishmanInLdn]

Good conversation! There's two things that surprised me. 1. you don't know who your landlord is (a simple £3 land registry search would do this) 2. You don't mention if your landlord has a mortgage or doesn’t. This is relevant, especially if they're increasing rents by 15%!!

[@kayzar293]

You should have this chap on more

[@raphaelandrews3617]

I told people this about the cut in social housing and selling off council housing and NOT building new houses to replace them. This was done to push up house prices and over heat the economy. Now it cost £400,000 to buy a house. Renting cost even more. A landlord who buy alot of houses can get rich and retire after 10 years.

[@KensalRider]

Good stuff, guys.

[@cdean2789]

Too many MPs are Landlords.

[@LordWalsallian]

The Letting Agency I rent through is owned by an MP.

[@detectiveofmoneypolitics]

Economic investigator Frank G Melbourne Australia is still watching this very informative content cheers Frank ❤

[@user-mr9vd7dh9u]

An interesting talk though - as a Landlord - I felt a little one-sided in approach and not always working things through fully. A few comments by way of balance: (1) Most Buy To Let mortgages are interest only so tenants not paying off capital and hence "buying the Landlord a house" as you tend to suggest. (2) Interest no longer tax deductible (20% tax credit instead) so taxed typically at 40% on profit not actually made... Interest cost is an allowable expense for all other businesses and is still deductible for large corporate landlords - where this government seems to want the market to go. Any Capital repayment on a mortgage was NEVER allowable against tax as you seem to suggest. As interest rates increase, banks make more taxable profits - money to government - rents go up - hence notional landlord "profits" go up - hence more tax to government whereas the "real profits" often actually go down. (3) Landlords do not issue S21 Notices lightly. Their ideal is a long term tenant paying circa market rent. S21 Notices are often issued when tenants behind with rent and all other approaches to sort it out have failed. Even though a Section 8 Notice could be issued, a Section 21 Notice is usually used as cheaper and less hassle than a Section 8. Evicting tenants = VOID period, no rent, paying utilities etc. So why does a Landlord want this? From a Landlord's perspective - the tenant only has to give 1 month's notice - this is "frightening" to me. Perhaps a more balanced approach of say 3-6 months notice to either side would be better. But with a faster route for eviction for unpaid rent arrears/ major anti-social behaviour which affects surrounding community. (4) The government has introduced a range of anti- small Landlord legislation in recent years. Tenant Fee ban - prospective tenants used to have a financial commitment to follow through once they had agreed to rent a property. Now, what happens is prospective tenants say they want it, it is taken off the market, and then they "disappear" and re-marketing is required. The overall cost is still ultimately passed on to tenants in higher rents. Stamp Duty hikes, interest not fully tax deductible for non-corporate landlords, etc (5) As always, the headlines show the minority of bad tenants and the minority of bad landlords - the silent majority of good players are not news worthy. (6) The biggest issue regarding the Housing Crisis is as you suggest a lack of suitable housebuilding - Supply vs Demand - especially in key cities such as London.

[@charliewalton3942]

Loved michaels podcast with anna minton!!

[@smindigo]

Did you consider that the popular series CrashCourse by complexly (hank green) of the same name exists, before deciding on the name? Also will you be creating a youtube channel for episodes? I don't use podcast apps, I'd much rather have it on youtube or nebula