"it got so bad, even the Tories tried to fix this" has to be the best TLDR line so far lol
@pranshukrishna5105Ай бұрын
3:42.
@delta8868Ай бұрын
Yet they claim consistently to be unbiased, I get they try, but it's pretty obvious they aren't lol.
@williamhanlon9479Ай бұрын
Yeah to be fair it is mostly unbiased but they definitely let it slip. Honestly even as a left winger I find it a little disappointing
@CS_____Ай бұрын
@@delta8868 idk, it's pretty true to reality that tory policy (especially austerity) prefers to plaster over problems rather than address them directly
@SaintGerbilUKАй бұрын
Tories trying to fix another Labour created problem.
@GlassSpiderАй бұрын
My Grandad took out a mortgage when he was 22, with my Gran. It was worth 4 times his annual salary as a mushroom grower's assistant. In just two further generations we've got to this and we still expect young people to crack on like their grandparents did...
@zakiahmedi7083Ай бұрын
Your grandparents probably had an average job these days an average job will get you a shoddy 1 room flat
@A190xxАй бұрын
People used to commute, buy instant coffee and drive and save up. Now, people want to live in central London, spend £10 per day on coffee, renew their car every 3 years for a new one, have 2-3 holidays and spend around 10% of their income on impulse buys. Yep, sure is tougher than grandad's day.
@d.ag.b1135Ай бұрын
@@A190xx No, we've created an unsustainable and unfair system that intentionally keeps people poor and desperate so that the government and corporations can extract the maximum amount of value from them in exchange for a modicum of peace, security or comfort. Take your outdated 'pull yerself up by the bootstraps' BS and shove it, grandpa.
@DavserbanАй бұрын
@@zakiahmedi7083*shoddy one room
@DavserbanАй бұрын
@A190xx bullshit, but its good to see your opinion of people though. Funny thing oldheads always say this and its rarely true. Some of us are literally being squeezed and live like shit workin hard jobs biking home only to eat crap out of a can because you cant afford it.
@Puiz4LifeАй бұрын
1. Fix the supply problem. 2. Heavily tax buying of 3rd property reducing property investors and thus speculation. 3. Stop overseas companies and people of buying property as an investment.
@eric-id6bkАй бұрын
Except point 1, how to ruin an economy further 101
@CarlosD374Ай бұрын
If your economy is absolutely dependant on the housing market and its profitability then you already have a massive problem. That’s what happened to Spain in 2008, when the much of the income of its population relied on the housing market being an ever more profitable asset, and subsequently threw the country into an over 15 years long economic stagnation and having one of the largest unemployment rates in Europe (which they still haven’t fully fixed).
@SamueleCastiglioniАй бұрын
BS
@EduardShacАй бұрын
Stop illegal immigration so supply can have slight chance to catch up
@williampiel5030Ай бұрын
Blaming the "investors" or "speculators" is getting it exactly ass-backwards. It's investors that inject the cash needed to increase supply. The problem is a simple case of demand exceeding supply. Regulations, zoning, councils, fees, etc, that block development means that the UK is dominated by only a few giant building companies, because you have to have very deep pockets to survive the hazard of investing in properties that cannot be easily developed. This is just basic economics. It's amazing how many politicians are confused into blaming the demand rather than the failure of supply.
@Burito-tj5ryАй бұрын
Having a tax on empty flats in high demand area seems necessary. "For every 100 properties, more than 1.4 sit unoccupied. There has been a rise of 73% over that period in London. It now has more than 34,000 empty properties. "
@chrisallen8631Ай бұрын
3.8million houses in London, less than 1% vacant. This won’t solve the housing crisis but it’s a better option than hating on landlords I suppose
@relaxedsack1263Ай бұрын
that seems like a transitory amount? 1.4 is pretty small
@frocco7125Ай бұрын
TAX. EMPTY. HOMES.
@michaelwinter742Ай бұрын
Empty homes are almost always empty because they’re being repaired or renovated. You’d just get lower quality houses for rent.
@NorthDownReaderАй бұрын
"For every 100 properties, more than 1.4 sit unoccupied. " If a landlord spends a month refurbishing a flat after a tenant has stayed there for 6 years then that's 1.4% vacancy. So that doesn't seem to be a high number, it seems to be a low number.
@distinctdipoleАй бұрын
Gutting social rented housing and buying as an investment (not a home) has wrecked the market. This needs reversing and will be the only effective way of fixing it.
@jgomo3877Ай бұрын
Believe it or not; the social housing market has been expanding as fast as possible, (under the current system) as the behest of government for 15 years now. The issue is, demand is constantly outpacing increase in capacity. If you can speak to people who work in social housing, theyll tell you the size of their patches and the number of homes they are responsible for has doubled just in the last 6-8 years.
@distinctdipoleАй бұрын
@@jgomo3877 But that is only playing catch up. The sale and disposal of stock for decades reduced what was available, with the money going to the exchequer and not councils to replace or expand provision. So it does still need reversing before expanding. The need never went away and current private landlords have pushed more onto those lists. There was a time when renting from councils massively outnumbered renting from private landlords to the point where as home ownership and incomes rose, private renting was close to becoming extinct.
@SigFigNewtonАй бұрын
Buying property as an investment is fine so long as someone is living in that property. If not, given the state of things, it’s despicable.
@nauxsiАй бұрын
@@jgomo3877 They're managing council stock.
@GingerDrumsАй бұрын
Wow... In Germany the rental crisis is like paradice compared to the UK
@mariog1051Ай бұрын
how so?
@chrisallen8631Ай бұрын
Lol speaking from experience?
@lonyo5377Ай бұрын
We get kitchens though
@Fred_the_1996Ай бұрын
@@lonyo5377 i still dont get the thing with germans having to buy their own kitchens, like, what do you even do with the appliances after you move out??
@0ptic0p22Ай бұрын
for how long tho??
@MiamcolineАй бұрын
My landlord served me a section 21 no-fault eviction literally as soon as this bill was announced. I live in London and when I moved into my current flat 3 years ago, my rent was £1000 or just under 60% of my salary at the time. The gov then asked employers not to grant pay rises to avoid runaway inflation, but outrageously, did not request the same from landlords and rent, literally everyone's biggest expense by far. Whats worse they announced a major renters protection bill scheduled for March 2024, giving landlord over a year to squeeze as much out of renters as possible before new rules came into force. 1 year into renting the flat, my landlord increased the rent by 12.5%. I tried to contest given major repairs hadnt happened all year and that the flat was disgusting when I moved in (caked dust, drains all plugged by vomit, etc...). I was unsuccessful. Second year, rent increased by a further 20% on original price. Once again unsuccessfully contested. At the end of this third year, the landlord requested yet another 12.5% increase on the original rent bringing it up to £1450. Imagine going your rent going up by nearly 50% in 3 years when salaries have only just begun to go up by reasonable amounts. Surely this immensely destructive to the economy and for young ppl like myself to be able to reach a good quality of life and be able to even consider affording children. Surely there should be no bigger priority then getting an immediate and strong grip on this crisis. Now, my landlord, knowing that they can no longer squeeze any more out of me, have seen the government yet again, introduce a potentially viable renter's protection bill and have used it to serve a no fault eviction in order to see how much they can squeeze out of the next person. And before anyone asks, no there is virtually nothing on the market right now and most of what is, is really terrible and waaay overpriced. And trust me, people in London are not picky. I've rented directly from a landlord that was named worst landlord in the UK one year. We couldn't care less if the flat is decent and the price is acceptable. So that landlord thing is a useless clause given the state of the market.
@revorocks123Ай бұрын
Landlords expenses went up massively like everything else, thats why your rent went up. Our mortgage payments went from like £150 to £700 on some properties. We absorbed what cost we could but the rents still had to be put up as well... Labour hitting landlords with yet more red tape and tax and expenses is not going to make us able to put rents down...
@JasonAtlasАй бұрын
Agreed. Red tape isn't suddenly going to give land lords a conscience.
@michdude52Ай бұрын
Government & Council meddling with bureaucracy, licencing/tax have increased costs to landlords. Not to mention rocketing interest rates for some Landlords as much as 500% have contributed to increased Rents. Some landlords are running at a loss because of the way the government add turnover instead of profits to the LL tax return. No other business model penalises like this. Along with lack of rental stock because of so many Landlords exiting the market put pressure on the poor tenant! Demonising the Landlord will not help it will make it worse in the long run!
@jamesmackay6815Ай бұрын
@@revorocks123 If you don't own the house don't rent it out... simple
@anngo4140Ай бұрын
60%??? Thats intense 😳😳
@Azmodaeus49Ай бұрын
Rent is very bad in the private rental sector in the UK, which is a long term issue that needs to be resolved
@anthonylulham3473Ай бұрын
population has exploded in 20 years. this has been the primary driver for house and rent prices. Net 8 million more people since 2004 (60million to 68 million). ~4 million units built. many units falling into disrepair that means a net gain of properties ~3.6 million properties Max. More people are in single residency than historically did. Its just a numbers game. either more houses or less people. If we have Zero migration for 20 years, we will have a renter deficit as the birth rate is 1.5 per woman meaning a 25% population decline in a single generation. If we build more houses the infrastructure around the town will struggle even more.
@C.I...Ай бұрын
@@anthonylulham3473 Time for re-migration, then.
@popdop0074Ай бұрын
@@anthonylulham3473Wrong. It's commodification.
@AustrianPainter14Ай бұрын
I notice none of you neoliberals will mention migration
@tercmaАй бұрын
I think forcing landlords to maintain their flats up to a standard + regulate rent increase are definitely a positive. But no fix term contract and tenant can leave anytime is a bit mad. There should be harsher punishment for bad landlords, but you should also leave protection clause for landlords against bad tenants.
@wta1518Ай бұрын
Why?
@water2770Ай бұрын
@@wta1518 One reason a bad landlord may not try to maintain a particular flat is if they have a particularly bad tenant who keeps trashing the flat. Don't know the statistics on how often this happens, but if you can't raise rents on a tenant who keeps damaging the flat to cover the new cost you could just not maintain the particular flat as much and let them live in the damage they caused.
@wta1518Ай бұрын
@@water2770 Eviction still exists.
@water2770Ай бұрын
@@wta1518 and how easy is it to evict someone? Don't know about the UK but in the States it'll take at least a month which is still a decent amount of time that the landlord may be losing money on the upkeep not to mention legal expenses. Depending on the ratio of bad tenants that aren't doing anything particularly illegal it may be easier for a landlord to just let the flats get into disrepair than to go through numerous eviction processes if they can't raise the rent.
@marcowong7Ай бұрын
@@wta1518eviction is very expensive and takes a long time.
@someonelastname8175Ай бұрын
I think the main issue is the rental property management companies, who are greedy, do nothing, middle men. They're the ones demanding in depth background checks/references, 4 months+ rent upfront, no maintenance, no responsibility, driving rental prices higher and higher (they're real estate agents after all) Rents also go up because everything is being price gouged and it gets passed on to the end consumer
@nauxsiАй бұрын
Most people I know had been in the same property between 2013--2021. They hadn't had a rent increase in that time or it was miniscule. Why? because interest rates were low, govt wasn't taxing heavily and these helped landlords offer lower rents and keep them low. But the govt needs money, the only way is push up costs of property so they can cream off the rent, the sale, inheritance, and everything inbetween. Land is the only thing the govt can realistically tax.
@fustilarian1Ай бұрын
A lot of people can't rent an entire flat and can only rent a room of a flat in London, people who only rent rooms seem to have even fewer protections than people who rent flats. Are sub lets going to be overlooked in this again?
@pranshukrishna5105Ай бұрын
come to new york, its worse
@davidcooks2379Ай бұрын
Not enough flats for everyone. More people should share. Rwmove the housing benefit completely to force more people to share.
@fugglepik9763Ай бұрын
@@davidcooks2379everyone should share except you
@DummyUseless-er3dnАй бұрын
Get out of London then. Or demand UK government to do spatial planning of London to fit 90% of the UK population
@pranshukrishna5105Ай бұрын
@@DummyUseless-er3dn new york is worse
@randyvalantino6850Ай бұрын
Rents started to go up the more government involvement Costs will always be passed on to the tenant .
@jameslewis2635Ай бұрын
There are many empty properties around the country. Most of these are not exactly in a habitable state with the owners just sitting on the land ownership (many of these being investment firms) while the supply of rental properties continues to decline. As such I think the government should start taxing empty properties to encourage these owners to either sell up or open up their properties to tenants.
@rosjacksonАй бұрын
They already have higher council tax, which varies locally in how much higher it is. It helps.
@SigFigNewtonАй бұрын
Tax the hell out of vacant properties. They’ll be sold. If they are in bad shape they will sell for a low amount, good. That lets the renovator make profit while BRINGING SUPPLY TO MARKET.
@SigFigNewtonАй бұрын
Hoarding a resource that is a basic human need and is in short supply is cruel and should be publicly shamed.
@diabl2masterАй бұрын
There should be a time period after which the tax should be very high, so it is painful for landlords to keep the property vacant unnecessarily. (With some exemptions made for doing building or improvement works)
@Atral557Ай бұрын
@@SigFigNewton I think this ignores the reason that most of the properties are empty. Around 1% of housing is long term empty, of these only about 10% (0.1% of total) are empty as second homes or investments. The rest are empty because they are uninhabitable or needing renovation (25 - 30%), under legal / ownership disputes (20 - 25%), delayed because of planning issues (5 - 10%) or in an area where demand is very low (10 - 15%). You say houses in bad shape can be sold for a low price and then a renovator can make profit on them, but presumably your hope is to get more houses on the market and reduce house prices - so where is the profit for the renovator? It will take years and a lot of money to renovate the property, by which point prices might fall enough that they end up losing money!
@PhilosophicalZombieHunterАй бұрын
I kicked out tenants just because this bill was coming. There are no protections for landlords if tenants are trashing your place.
@FarberBob678Ай бұрын
The problem is simple, even though the solution is difficult. The problem is entirely an issue of supply: There aren't enough rental units.
@SigFigNewtonАй бұрын
Vacancy tax, vacancy tax, vacancy tax. Bring supply to market. Subsidize construction of affordable housing units too, obviously, but that takes a lot of time.
@Atral557Ай бұрын
@@SigFigNewton Okay, but making renting less attractive to landlords also helps, does it not? 1. There are more houses available to buy, which is what most renters want to do (62% according to Aviva study) and these are cheaper because of increased supply from landlords selling up. 2. Transitioning to owning is easier because you're not locked into a fixed term contract 3. Housing is cheaper overall as a result of the reduced rental sector because landlords make 5-8% profit on average after costs (including mortgage) 4. Former tenants are now building their own equity instead of their landlord's = a reduction in inequality I don't buy that increasing supply is the only way to improve the housing situation. Increasing the percentage of people who own their homes means more money in the pockets of low and middle earners, more wealth for them in assets and more housing security. All of these things have benefits for productivity, economic activity and birth rates. Vacancy tax could help a little if done well (difficult), but I think the changes labour are proposing are very positive and much more impactful than what you're suggesting, which would result in a maximum 1% increase in supply in the absolute best scenario where we get every long term vacant property back on the market.
@nauxsiАй бұрын
@@SigFigNewton Nobody wants to build them. The govt (I know they would never do it) should pause all private developments that haven't started even if their application has been approved. The focus should be on council housing which is where the biggest demand is. People do not want to be mortgaged up to their eye balls in this job market.
@SigFigNewtonАй бұрын
@@nauxsi they’re already built. Vacancy tax.
@meggriffin4802Ай бұрын
@@nauxsiCouncils are going Bankrupt. They won’t be building or buying housing. Have people not learned the government and councils only make the problems worse so why expect them to do the right thing. Watch this spiral into more homelessness and even higher rents as properties for rent leave the market. Also another problem will be rentals from the banks who will hike the rents to their highest point within the market value AND increase year on year.
@easytoassemble54321Ай бұрын
I'm a renter, so would welcome more security and guarantees of liveable properties. However, what we don't want is an exodus of landlords from the market, because of ill-thought-out policies. There is currently a wide gulf between the rental sector and those who can afford to buy, so a shortage of properties at this time would mean an epidemic of homelessness. All in all, the government needs to get a grip on the housing shortage, and solve it quickly. It's insane that we have a situation, where having a job is no guarantee of being able to find a place to live.
@NK-vd8xiАй бұрын
The gulf is due to supply, which is directly caused by landlords using housing to make money rather than being owned by those who live in them.
@kjkj4725Ай бұрын
They flee -> they have to sell -> properties flooding the market -> prices are going down until people can afford to buy.
@anthonylulham3473Ай бұрын
Just commute for 1.5 hours a day each way. rents are more affordable, a motorbike is cheaper than the trains. oh wait you don't want to be wasting 3 hours of your life for a 30K job (typical for a graduate in a stem field)? [8 hours work + 3 hours commute makes it 11 hours dedicated to the job, making the 30k job actually prorata a 22k job with 3 hours overtime.] It can actually be more cost effective to work a menial job locally and build up experience to get into management than to commute until you get the same experience. you also don't need to pay for travel out of pocket. Have you noticed that perhaps wages are too low?
@Psyk60Ай бұрын
Ideally local councils could offer to buy rental homes off landlords who want out. Then they could rent them out at market rates (i.e. they would not be "council houses" as such), and use the profits to fund building new council houses. But the councils would need the money to buy them in the first place, and I don't suppose they have enough.
@NK-vd8xiАй бұрын
@@Psyk60 or they could put in a law that says councils have the right of first refusal.
@JoshMathewsofficialАй бұрын
On paper these are great, but realistically all it does is make renting for those who aren’t already renting harder.
@jonasastrom7422Ай бұрын
On paper these sound terrible, just more costs and loopholes for landlords that will do everything but reduce rents lol
@SigFigNewtonАй бұрын
The only good solutions are those that increase supply, pretty much all of which should be implemented ñ
@jokersauce5100Ай бұрын
There are no two ways around it. Supply needs to be increased. Selling rented properties, or renting an existing property won't do a thing, its the same number of houses going around. Build more housing is the obvious choice. But banning/massively reduce and regulate short lets (Airbnb), massively tax second homes not on the market (holiday homes) are needed reforms as well, since it's clear the building sector cannot keep up. And if housing is bult, it *must* be affordable housing, otherwise it won't do a thing.
@Hession0DrashaАй бұрын
And must be 60m2 as the minimum size.
@quantum.9883Ай бұрын
True, I don't have a problem with immigration but this country has tried to take in all the advantages of immigration (increased workforce, combatting aging workforce) whilst trying to avoid or forget the costs which they have a responsibility to address such as the needed infrastructure development and expansion (in housing and transport). You can't just bring in a lot of people and do nothing, the government has a responsibility to address growing infrastructure needs through direct improvement instead of rolling their eyes.
@yurisei6732Ай бұрын
The theory behind building new unaffordable housing is that it causes a chain of movers; the people in the current best places move into the new places, selling their previous home for a lower price to someone in the next level down, and so forth. This is supposedly a way for builders to make enough money for it to be worth it to build new houses, but I don't know how well it works in practice.
@anthonylulham3473Ай бұрын
demand can be decreased. why do we need an ever expanding population? the GDP per capita isn't increasing, the people coming in are no more valuable than the people already here. the costs of a 1 bed flat in a concrete block to BUILD is about 200K in materials in labour. that excludes land costs, planning and design time and consultant fees. when a developer profit is factored at 25% minimum, is a £450k property affordable? @Hession0Drasha Per person? per storey? or happy to have a 60M2 open box with 10 bunk beds and an open kitchen? that would make it cheaper. have a look at penny rope hotels in victorian england. Brits have suffered far worse historically.
@kacperpiotrowski7239Ай бұрын
Just tax land an yearly basis at a precetge rate of value of the land.
@briancarroll0Ай бұрын
I don’t see how making it more expense to be a landlord will make them lower prices and increase standards while at the same time limiting their ability to increase rents.
@elitecltrooper501stАй бұрын
Ideally it means landlords will sell up and increase supply and maybe bring house prices down somewhat
@goyakat2211Ай бұрын
And make new investment in building houses or renovations unatractive.
@elitecltrooper501stАй бұрын
Housing shouldn't be viewed as an investment and it clearly hasn't helped having billionaire property investors in the country over the past few decades because look at the state we're in. Housing is a social need and people who look on it as a financial opportunity are simply parasites
@nauxsiАй бұрын
Thank you Brian. You would think someone with Oxbridge degree would understand this?? The govt want private individuals to spends 10-15k on improvements with 0 way to recoup it. No one will do that.
@mikeyallen6758Ай бұрын
It's a good start but empty homes tax, land tax and an independent board for market rates need to be implemented next. Otherwise a landlord can still sit on an empty home to push up demand until their profits come back up. Incentivising investing in business instead of housing with land tax would be ideal, actually strengthening the economy while making more homes available rather than inflating productivity numbers while people starve on the streets
@SigFigNewtonАй бұрын
Vacancy tax is the single best measure, not even close. All of a landlords power over tenants vanishes when tenants have tons of options. It’s all bs except for supply.
@nauxsiАй бұрын
With high interest rates that will be really difficult.
@BensJazzGuitarHangOutJointАй бұрын
The idea of 'retiring' from a passive income is very funny to me
@rationalis5867Ай бұрын
Why? This is exactly what I have done at the age of 34. I have been saving and investing for 15-16 years, and now I am reaping the benefits.
@hamsatdАй бұрын
Its the fault of the government for not keep up supply of housing.
@BensJazzGuitarHangOutJointАй бұрын
@@rationalis5867 don't have anything against it in that context, just the idea of retiring from not 'working' in the most common literal sense seems like a funny use of the word, though I'm not sure if there is a word that would more specifically apply to the context.
@Mark-uk8wzАй бұрын
@@rationalis5867 Mad how people just magically know how to invest. Don't have a clue
@RBsRealmАй бұрын
@@rationalis5867you actually have to have savings to invest to begin with. Not everyone is born with a silver spoon up their arse.
@richardzanetti9006Ай бұрын
A big issue is student rental. Without fixed term contracts, If the existing student decides to stay on for an extra month in to October the room is not available for the next academic year. So it will be impossible to secure accommodation until a month before the move in date and even then, the existing tenant could say they are staying for a month or 2 and there is nothing the landlord can do. This will cause havoc with students left without accommodation for the start of the year
@nauxsiАй бұрын
Students are struggling to find places to rent now because of this.
@emrahkavlak5259Ай бұрын
I wonder what will happen to on going contracts if this goes through. We have two months notice for both sides for example. Will that be scrapped automatically?
@wildfire9280Ай бұрын
A vacancy tax has been suggested often. Although that would be a likely improvement, the capabilities of that are limited when it comes to boosting the existing housing supply. (But yes, “don’t let ‘perfect’ be the enemy of good” and all that.) What is more effective is a tax on _all_ properties scaling with value. More than vacancies, this strongly counters undersupply by underdensity as well. Scaling with value has the additional benefit of encouraging more central development, thus counteracting sprawl (though I am not aware of the extent of this in the U.K compared to the U.S).
@nauxsiАй бұрын
They don't want to spook foreign investment.
@mix3k818Ай бұрын
Just build more houses already!
@jod125Ай бұрын
That doesnt solve the problem. They just get snapped up and rented out
@TW19567Ай бұрын
The NIMBY's are out in full force already against any house building.
@barneyclifton6402Ай бұрын
What, Jod? That's literally what we're on about. More rental properties.
@jokersauce5100Ай бұрын
More *affordable* houses
@jokersauce5100Ай бұрын
@@jod125even so, increasing the supply of rented houses will bring down the price (in theory)
@UWot-i9eАй бұрын
>The Crown Estate is one of the largest property managers in the United Kingdom, administering property worth £15.6 billion.
@hermaeusmora2945Ай бұрын
The number one thing the UK could do would be to deal with unchecked immigration; shut the border, mass deportations.
@dc1842Ай бұрын
Its funny aint it a lot of seaside towns have unemployment issues as the towns have a long period of non seasonal shutdown. All those out of work workers could literally be put on patrolling those very shore lines for illegal boats 24 7 and watch for them call the authorities have them carried away. You have a huge workforce in the best spot to catch people coming in on small boats but nah we just pay everyone not working a bunch of money and watch them smoke shit and bum around til it's peak time again.
@arlosmith2784Ай бұрын
Many US states, including California have some renter protections. There are 4 general types of tenant protections, each raising different economic issues. 1. Binding requirements for habitability of residential units. Most states have such requirements. These laws can be enacted without affecting construction of new housing. 2. Controls on eviction of existing tenants by requiring cause. California has such laws. Such laws have not discouraged investment in real estate. 3. Limits on rent increases for existing tenants to a schedule tied to consumer price index. These laws exist in California and Oregon. Although property owners may not support them, experience has shown that such controls don't seriously affect real estate investment or new construction. San Francisco has had such laws for 40 years. 4. Vacancy controls: Restrictions on amounts that can be charged after an existing tenant moves out. This kind of rent controls used to exist in New York City and some California cities. The problem is that such controls encourage owners not to maintain properties because they can never rent at market rates, it also discourages construction of new multi unit residential housing. This is why both New York and California abandoned vacancy controls. Labour should adopt habitability requirements, eviction controls, and rent controls for existing tenants, but not vacancy controls.
@TheFrogman19Ай бұрын
"Unless it is implemented cleverly" Yep that's f***ed it then lol
@sidarthsubramanian7480Ай бұрын
In the long term they're all good, so it's worth going through anyways. It'll do badly in the short term unless done cleverly, so I guess we'll see how a labor government can do (or not do) smartness.
@nothereandthereanywhereАй бұрын
James Cleverly entered the chat.
@TheOriginalJAXАй бұрын
Tell me about it I rented a 2 bedroom terraced house for just under a year in 2015, payed my rent on time every month and never turned to housing benefit for the money. Got lumbered with ridiculous energy bills from having no insulation and the central heating packing in from no maintenance by the landlord, it took them almost 3 months to fix it and we had to rely plug in heaters in place of that in the meanwhile..... not cheap. To top it all off in spite of the landlord not re-investing the money in the property like they were suppose to they wanted to raise the rent anyway for next term of contract; I stated my objections on the grounds the economics and the expense's I and my now ex had incurred and wanted some guarantee that the upkeep of the condition was going to be maintained. Like some thug a month later the landlord started harassing us by getting their friends to visit the property unannounced at random times of the day causing all sorts of trouble, by the next the month they issued a 1 month notice of eviction with no reason given. That was then things have only gotten worse since and people like me will never see justice for what was taken from us.
@SgtAndrewMАй бұрын
Wide dont you reduce migration too reduce demand. Something no politician ever seems to want to address
@bongsoundАй бұрын
100%
@xataruАй бұрын
Because without the theory of some _other place_ educating people for the specific jobs available here and sending as many of them as we need to maintain perpetual economic growth they'd have to acknowledge and address a fundamental flaw in capitalism
@nauxsiАй бұрын
Migration has been coming down and will continue to do so because the income threshold is too high.
@davidcooks2379Ай бұрын
We have enough housing in the country, but there are too many people in London. There should be investment incentives for businesses outside of London
@chrisallen8631Ай бұрын
Scotland have tried rent controls. They now have the fastest growing rental costs anywhere in the UK. Another example of attacking the man not the ball. Blame a landlord for offering a service that is desperately needed. Drive those same small landlords away with excessive punitive measures, then wonder why the few remaining that are willing are upping the fees to account for the increased administrative costs 🙄
@ponyboy1664Ай бұрын
Bullseye 🎯
@mrfoamerukАй бұрын
I believe this has been the year that a lot of landlords have left the business. changes to the law, tax incentives have meant some don't even break even. If you have the money now might be the time to buy as they let them go at reduced prices just to get rid of them. what happens if you are near retirement and want the money from the sale to let you do that, but the tenant does not want to move. You are locked in. So far all this has helped is the tenant whilst the landlord just get clobbered time after time.
@PCDelorianАй бұрын
Evidently they didn't try very hard, because if they had rent controls, increasing rent at these rates would be unlawful.
@harrydamien6346Ай бұрын
@@PCDelorianrent control is one of the few economic policies that economists unanimously agree do not work. It discourages the construction of new rental housing and destroys local rental markets.
@PCDelorianАй бұрын
@@harrydamien6346 We need to make being a landlord less profitable, that's the reason for the housing crisis. Housing is a profitable asset and it needs to stop being profitable if we want to do anything about it
@AlG214Ай бұрын
One thing everyone here can do today to improve the situation of renters is to join a renters union: ACORN, London Renters Union or Greater Manchester Tenants Union. Together, under the Renters Reform Coalition, they helped shape the Renters Rights Bill and keep the pressure on for it to be pushed through Parliament.
@paultheallknowingАй бұрын
1. Fix the immigration crisis 2. Build more housing
@haleyalaym6231Ай бұрын
Please re-record the intro where your voice cracks on “bell” it’s driving me crazy (no offense meant, you do a great job)
@TippedBalanceАй бұрын
Private industry without regulation and caps goes array... WHO COULD HAVE SEEN THAT ONE COMING?!
@THEBEEEANSSАй бұрын
Rest of the people here seem to think that regulations will destroy the housing market further.
@jonasastrom7422Ай бұрын
The UK economy is among the most regulated in the western world lol, you think Singapore has these problems?
@user-ue9bi2ui2qАй бұрын
Regulations created the problem in the first place. The planning system artificially restricts supply. This is the main reason why prices are unaffordable .
@ewilliams-x7vАй бұрын
loads of caps loads of regs u know nothing
@David-RymerАй бұрын
I'm in a bad place right now. im ok physically and mentally, im just in the UK
@shk439Ай бұрын
Messing with the market is not going to work. These measures will increase the price and/or reduce supply. The only truly effective policy would be reducing restrictions on building houses and flats to increase supply.
@SigFigNewtonАй бұрын
False. The correct solutions are ANY policies that increase supply. A large vacancy tax would obviously help a lot. As would subsidizing the construction of affordable housing units.
@Atral557Ай бұрын
I don't agree - when a landlord sells a house, it doesn't disappear from the market. Its owned by someone who used to rent. The number of rental properties has decreased by 1 and the number of people looking to rent has decreased by 1 - prices have not increased because the supply and demand is still balanced.
@nauxsiАй бұрын
@@SigFigNewton Developers want nothing to do with affordable homes as it hurts the prices of their luxury units. It's clear that the demand for council homes is enormous and the govt should until the end of the decade only build council homes and get people into them. But ring-fence them by law that they can never be sold to the public.
@1RF_YPАй бұрын
One thing to add, (coming from a background of family owning rental properties) there’s very high financial risks that you didn’t mention such as if a tenant doesn’t pay rent and the landlord tries to evict them it will take up to 2 years to get the tenant out which means major losses for the landlord. It already takes landlords ages to get a none paying tenant out. Already landlords are selling properties for this reason. For every rental property about 35 people were waiting but now it’s gone up to 75 people for every 1 rental property.
@ewilliams-x7vАй бұрын
i sold mine this year as has my dad and sister zero reason to be landlord and i know lots and lots of others all doing and done the same as costs too high and it hasn't helped to reduce house prices either all theses ten of thousands of ex rented homes going on the market
@jogbox2108Ай бұрын
I'm defo missing something, instead of squeezing supply more. What's the draw down of building more houses?
@sciencefliestothemoon2305Ай бұрын
No money, no people to build, nimbys
@AdamWebb1982Ай бұрын
we need to build a house/flat every 2 minutes due to immigration alone. Literally impossible to do.
@ireminmonАй бұрын
Depends on location. So long as density remains low it's ok. But higher density could mean traffic congestion or taller buildings, all of which makes my landlord lifestyle worse.
@LulfsBloodbagАй бұрын
NIMBYism and a lack of infrastructure in some places. People want homes to be built, just "not here! Build them somewhere else!"
@kravan5063Ай бұрын
red tape, council's blocking everything, and nimby's
@yurisei6732Ай бұрын
Price controls I don't think are going to work, because landlords are already converting rental properties into airB&Bs. Impose further restrictions on what they can charge, and the potential reward of converting to airB&B increases. We desperately need a restriction on these sorts of short term rental properties. I also think we need restrictions on large landlord companies; these are able to keep prices high regardless of supply because they can use the profits from their occupied rentals to compensate for the rentals that go empty. Small landlords need their places occupied, so will be more inclined to lower rent if they're not finding people to rent at their initial listing price.
@nauxsiАй бұрын
Small landlords are the ones selling up. They were also the ones who as you pointed out kept rents below estate agent prices which the govt didn't like because it's trying to persuade big boys to get into property.
@hamsatdАй бұрын
All problems in our society would to solved by building more social housing (30years ago). Tell me why I'm wrong. 😂
@MinkieWinkleАй бұрын
Easy, I will tell you you're wrong, since the social housing sell off. We have built significantly more homes than the number that were sold. Has it helped?. No, why? Demand is significantly higher than the build rate, you want to to fix housing supply and demand issues. You need to look at mass immigration. Had mass immigration not happend, uk population would be the same today as it was in the 70s. The only reason uk population is rising is immigration. Uk birthrates have been flat for decades. So the only increase is immigration
@bongsoundАй бұрын
I'll tell you why you're wrong, because the issue is demand side, not supply side. If you build 300k houses a year and let in 700k+ people, you will never fix the problem. Stop the demand and the supply will fix itself.
@hamsatdАй бұрын
@@bongsound stop the demand then the ratio of retired to working ( tax paying individuals) will go up. Less tax collection and you can't fund social spending on the retired.
@bongsoundАй бұрын
@@hamsatd Good, the pension system will collapse eventually anyway.
@MinkieWinkleАй бұрын
@hamsatd people should be funding their own retirement. State pension was never fundable Ruining our country our culture and making millions of uk citizens life long renters, unable to own a home. Unable to access affordable housing just to support people that refused to support them selves. State pension should ONLY be for those that had no choice, say a medical disability that would not allow them to work, and for the poor. You tell me a good reason why multi millionaire pensioners are entitled to State pension. Make State pension means tested
@AliIlhanHalilogluАй бұрын
Similar thing was tried in Turkey. Unfortuneatly it rised the rents even more since landlords were less willing to rent which limited the housing supply thus increasing the rents. If UK will go through this path I hope they would implement better than we did.
@LutieIVАй бұрын
Apparently England wants higher rents
@SigFigNewtonАй бұрын
If they don’t implement a huge vacancy tax and subsidize construction, yes, apparently.
@cszrwiАй бұрын
This will fall foul of basic human rights. It is a basic right to have title over the things you own. With this law no one will rent out property so prices and selectivity will rise. BUILD SOME KIN HOUSES! FFS who will invest now?
@hikarisnowfield5853Ай бұрын
One thing you've missed is that getting rid of fixed term contracts has essentially taken a wreaking ball to the student lets market, if a landlord can't be certain this years students will leave how can they advertise for next years students. Some cities already have a crisis with a lack of rooms for students this isn't going to do much to help. (I should mention purpose built halls of residence are exempt)
@hrishivАй бұрын
From my understanding, the contract is still fixed, but you can leave at any time during based on a two month notice period? Maybe I’ve misunderstood
@holyelliwАй бұрын
Lovely to see progress being made in this developing nation!
@AnnaMuller234Ай бұрын
I hope we all know that it doesn't matter who is in the 'top job' because this is a systemic problem -- greed. We have allowed many of our economic sectors, to take advantage of the American people. It's disgusting and frightening for the future of our country. My husband and I will be retiring in the next two years n another country. We are absolutely worried that SS! will no longer be funded. we'll have to rely on his pension, a 403 (b) and a very prolific Investment account with Stephanie Janis Stiefel my FA. Our national debt is bloating and expanding every month. Our government needs to get spending under control and cut the federal budget
@AlixBomoloАй бұрын
I know this lady you just mentioned. Stephanie Janis Stiefel is a portfolio manager and investment advisor. She gained recognition as a former employee at Goldman Sachs; a renowned investor she is. Stephanie Janis Stiefel has demonstrated expertise in investment strategies and has been involved in managing portfolios and providing guidance to clients.
@FriedaKaiserАй бұрын
How can i reach her, if you don't mind me asking?
@AnnaMuller234Ай бұрын
Well her name is 'STEPHANIE JANIS STIEFEL'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
@AnthonyAlves-dm5sdАй бұрын
Been debt free for two years thanks to Stephanie Janis Stiefel. So sad to see my friends in their 40s with car loans, mortgages and credit card debt.
@LauchlanBenderАй бұрын
Thank you for putting this out looked--up STEPHANIE JANIS STIEFEL, her consuIting page came up at once, she seems highly grounded
@evanman1011Ай бұрын
Don't expect any big change. The market will always find its way to increase rents and keep properties below standards. Few years ago I use to rent a 3 bed house for 750pm now I pay 650 for a room landlord keeps heating off and I earn the same salary
@lucass9779Ай бұрын
The law is flawed. For example, if you own an apartment in central London and live there but don’t need to be there, you might want to rent it out and move to the countryside. However, you'd be required to pay income tax on the rental income (with no option to deduct the mortgage interest). Most London residents are high earners, so they would face a tax rate of 40-45%. Additionally, if you later decide to sell the property, you would have to pay Capital Gains Tax (CGT) because the property wasn't always your primary residence. Now, it also seems that you can’t easily evict tenants if you want to move back into your own flat.
@mgutkowskiАй бұрын
Moving back in or selling are two specific exemptions. Or they were in the Tories' bill. The CGT thing depends how long you loved there first.
@nauxsiАй бұрын
THe govt is hungry for money and land is only thing they can realistically tax. It wouldn't surprise me if everyone had their steps measure and if you did more than 10000 you get taxed at this rate.
@delbrooxАй бұрын
I am all for the Long-term vision. If a country is in bad state, you don't fix it in a couple of months with empty promises. So if these are sensible measures that look to fix things in the long run, they're more than welcome to me. Inequality is what's breaking the country, so solving the issue is the right path. Also, while some of these measures might cause rents to increase temporarily, it must be remembered that the governments has also measures in place to increase housing offer by building more.
@mrfoamerukАй бұрын
A promise they won't be able to keep. land has to be found, planning permission sorted, material bought(if you can), manpower to build them, working days off, weather and the list goes on. They would need to build 820 houses a day all year round. It won't happen. With any luck they might start building these in a year so the day target has just increased.
@MrMintyfreshsmellАй бұрын
How about adding a clause that prevents corporations from owning houses??
@megapangolin1093Ай бұрын
So who will own rental housing?
@OrafuDaАй бұрын
Britain is still a nice place. But it is not affordable for an average person any more. Unless way more homes are built, and decent ones too, or better good ones, and at a good price, ideally by the government, there is no way out of this. Creating a two class society like this, where landlords take such a big chunk of the salaries, kills the economy, and in particular innovation. No Future Part II.
@Al_fraudАй бұрын
We need to repeal the towns and country planning act. There are plenty of private companies willing to build, but the ridiculous amounts of Nimbyism has basically stopped any housing construction
@EmanueleC_BRАй бұрын
Market rate is what people are willing to pay. So if you can rent it out for more, you've de facto proven market rate...
@lewisx2055Ай бұрын
Housing is a right and the commodification of it is what’s got us in this mess. It’s also why productivity in this country is so shit because people with money park their money in property. I need you guys to discuss LVT. It addresses speculation and puts unused land to good use.
@kacperpiotrowski7239Ай бұрын
LVT is Land Value Tax.
@peterfireflylundАй бұрын
Nice housing in a nice part of a nice big city is not a right. Particularly not at a low cost.
@THEBEEEANSSАй бұрын
@@peterfireflylund No such thing as a "nice" big city, big cities are undesirable throughout the western world
@peterfireflylundАй бұрын
@@THEBEEEANSS does that invalidate my point?
@kacperpiotrowski7239Ай бұрын
@@peterfireflylund Housing is expensive everywhere where it's safe. I could probably live in Siberia for cheap or in South Sudan. I would be happy to live in a small place that has one all-purpose room and a bathroom, provided it was safe in terms of my health and cost less than 25% of my income
@danycashkingАй бұрын
The only way to make any real dent in the housing price crisis is for the government to build homes in mass at cost or slightly at a loss, flooding the market. Private developers only care about profits, now that land is so expensive, there is no way for the price to be brought back down when every developer who touches a parcel adds their own 15% cut on top of the acquisition price. Especially for property that keeps changing hands without any significant modifications, it's just profit stacking up without any added real term housing value.
@themasqueradingcow91Ай бұрын
To be fair, it is a real issue with this culture of owning your own home as a sign of success. Loads of places in Europe have good rent conditions and protections. I'd rathe rrent an apartment in Barcelona , with well managed communal space and pedestrianised areas than a grotty mid-terrace with no infrastructure or improvements
@yurisei6732Ай бұрын
Owning your home isn't just a mark of success, it's economically useful; landlords are economic parasites by definition (the kind of parasitism they do is literally called rent-seeking). Landlords extract wealth from the economy without providing value. An economy therefore is incentivised to minimise rent-seeking by landlords.
@harrynorton6271Ай бұрын
It took me years to finally find a job that would pay appropriate to my qualifications and experience, suprisingly it's an independent company and not corporate. My rent for the first time is lower than 50% if my income. If my company somehow went south, I have no idea how I'd afford my rent, bills or survival. It needs to change...
@revorocks123Ай бұрын
Labour: "lets increase landlords expenses, taxes and red tape" Also Labour "why arent the landlords putting rents down?" Genius
@jonasastrom7422Ай бұрын
They want to make the situation worse so they can grab more power and involvement for the government. I've never seen a politician who actually believes in price controls since the 70s
@Lukas4182Ай бұрын
Short term, you are right. If the money is given back to the people via lowering income tax, this is still the right thing to do long term!
@AbzuhuzwnАй бұрын
There are many many countries where landlords are held accountable and they still turn a profit. I'll save my tears for the people struggling to find a place to live in the first place. You know, mazlow's heirarchy type troubles...
@jonasastrom7422Ай бұрын
@@Abzuhuzwn Please excuse yourself from the discussion of economics when you clearly don't understand any of it, don't vote either
@AbzuhuzwnАй бұрын
@@jonasastrom7422 circular ad hominem, now that’s a semiotic nightmare. Please explain yourself, I’ll assume English is your second language.
@samdurling6053Ай бұрын
Many of the changes the Bill is to implement are good. However preventing landlords from selling or even moving back in for a period of 12 months plus 4 konths notice is ridiculous. Additionally, allowing tenants to be up to 3 months late on their rent but not allowing landlords to repossess seems crazy. Landlords are not banks and mortgage providers can force a sale of property quicker if the mortgage isnt paid, so why should landlords foot the bill when a tenant does not pay for 10 weeks rent? There are a number of bad landlords out there, dont get me erong and some of the changes the Bill is going to make will regulate these more. However there are a number of terrible tenants and the Bill does not provide Landlords with additional powers to evict such tenants. I think the government needs to relaose that good landlords are actually preventing a further housing crisis in this country at the moment. Good landlords are selling up because of this Bill, other landlords will hike prices to meet the additional risk they will ne facing. If yhe government isnt careful it will find itself running a country with houses on the market and nobody able to buy them, increasing uncertainty for tenants and landlords alike.
@GOODYGOODGOOD789Ай бұрын
Mr. Ditkovich would be proud.
@JRWall-hf9mqАй бұрын
This was not a great video. 1. Landlords retiring is a good thing -- that means they see the gravy train is coming to an end and they're investing in something that doesn't destroy an economy, or raise squalor. The houses don't just disappear, they go on the market and they get bought at a price the seller considers fair. This should be the end goal of any policy decision. 2. There isn't so much a housing crisis, as there is a speculation crisis. Like the rest of the Western world, the UK likely has a surplus of homes, so building more only benefits property developers. Too many properties are being hoarded, either for its passive income value as a rental or as an short stay (AirBnB), or simply banked - when an investor buys land or a property and leaves it empty, waits until the land or property has risen in value and then sell it for a large profit. Demand goes up, as available supply plummets. 3. Real Estate Agents don't just put every property on the market, they drip feed supply. Demand goes up as available supply plummets. If Labour made housing unappealing as an investment - restrictions on AirBnBs; remove incentives, grants, shared equity schemes, and stamp levies; and on the radical end of things, maybe consider nationalising Real Estate Agencies - and combine that with a Progressive Portfolio Tax to combat property hoarding from billionaires and corporations, it would return supply back to the market. 4. There are only three things which raise rents: "The Market" (aka: greed), rising interest rates, and the negative feedback loop caused by the first two points. The explanation for this is a little complicated and is slightly above my understanding of economics, so excuse me if I slip up; I'll provide a link to an academic paper for a better answer. Housing has an oppositional effect to contractionary monetary policy shock (increasing interests rates to combat inflation) as its one of the few things whose demand is so inelastic in the short-run, that when mortgage rates rise, so increases the cost of homeownership with it. This in turn increases the demand for rental housing, and, as a result, housing rents rise. [Source: "Monetary policy, housing rents, and inflation dynamics", Daniel A. Dias, João B. Duarte.] This shouldn't effect mortgage-less homeowners, however, when property is treated as a commodity, and investors own a third of property (exacerbating the issue), when combined with the different issue of Real Estate Agent's taking a cut of the rent rather than a flat rate from the Landlord, this incentivises the REA to recommend an increase in rent to "match the market". This causes the aforementioned negative feedback loop. One of the most effective solutions is to cap rents at 110% of CPI. 5. Low interest rates in response to the GFC is what caused the housing/speculation crisis in the first place. Interest rates were below 2% since early 2009 and as low as 0.1% from 2020-2021. This promoted would be investors to take out loans (mortgages) above what they could afford (sound familiar?). This skyrocketed the principle of mortgages as demand went up as available supply plummeted. An impossibly high principle combined with interest rates even as low as 5% (and 5% is low), caused mortgages to become wildly unaffordable. This caused available supply to plummet, raising the demand for rentals, which caused rents to go up. It then concentrated rental properties to a handful of investors and corporations who had enough wealth to handle the costs, goaded on by profiteering real estate agents, causing a further negative feedback loop. --- Monetary policy would usually state that when a nation goes into recession, they should raise interest rates. Probably to 12% but certainly no more than 25%. Definitely don't do what Argentina did and raise it to 126%. This puts a freeze on investments and promotes putting money into your savings account. Then when the crisis is dealt with, interest rates can drop to somewhere in the realms of 4-6%, where it should be and where it currently is. However, because of the aforementioned reasons, namely the principles on mortgages, raising interest rates above 3% will cause, and is causing, a homelessness crisis, which is far worse than a housing or speculation crisis could ever be. This means that monetary policy both caused the crisis and is actively preventing the solution. Interest rates are currently at 5% which is probably sensible in the long run, although, it could be lowered to 4%. Wherever it lands, it may need to stay there for a decade. The government needs to suck it up and choose the fiscal solution - create a vertically-integrated National Infrastructure Commission, and work with councils to build more public housing (not social housing) using an infrastructure-first approach to keep everyone connected and near services, as well as a distribution method which promotes putting a public home a little bit everywhere to prevent the creation of poverty and wealth enclaves, which is what the current concentration distribution method does. Turning 10% of all housing into public housing ends the crisis. I personally believe there should be enough public housing to replace the rental markets, which would mean that a third of all homes in the UK would need to be public housing.
@stevenjoy3537Ай бұрын
They need to make it so tenants receive criminal action, not civil, if they wreck someones house
@themasqueradingcow91Ай бұрын
And likewise criminal action for landlords for failure to make good on repairs and actions set out in the contract. Creating dangerous environments with mould, broken heating or dangerous appliances
@cfehunterАй бұрын
@@themasqueradingcow91 sounds fair.
@kacperpiotrowski7239Ай бұрын
Yes provider they do wreck it, not fail to perform repairs that landlord are responsible for.
@bootuber4335Ай бұрын
@@themasqueradingcow91 My last landlord banned use of our own kitchen electronics because 'safety', but the provided microwave used to make sparks out the back... It took a year to get a replacement microwave. I had to use the hob or oven for everything. Thankfully electric bill was included in rent lol.
@jonasastrom7422Ай бұрын
@@themasqueradingcow91Why on earth is it criminal to do whatever you like with your own damn property??? Is the government gonna arrest you when you clog the sink next time?
@koriuk5032Ай бұрын
increase tax per home owned for landlords... suddenly there will be plenty of houses and at affordable prices...
@ContasYTАй бұрын
Something I never understood in the UK is why am I the renter the one that needs to pay Council Tax and not the owner of the property? This is only seen in the UK as most other European countries the landlords pay it themselves. I get that making this a thing would increase rents probably but it just should be something me as a renter would need to be worried about.
@kacperpiotrowski7239Ай бұрын
Agree. The owner should pay based on value of land of property.
@trevorb5978Ай бұрын
So the landlord would put up your rent to cover the cost. So you would still be paying it. Where do you think landlords get money from?
@randalldraco3822Ай бұрын
Every cost will be paid by final customer. It is always a tax from government to the poorest shit rolls down the hill.
@jamesmackay6815Ай бұрын
@@trevorb5978 If you weren't renting out houses you didn't own then you'd get paid from renting houses you actually own...
@ContasYTАй бұрын
@@trevorb5978 Thanks for not reading everything I just said. Yeah rent would increase and we would end up paying it but its not on me to deal with all the bureaucracy around that. It should be included in the "renting service", when you rent a car you don't pay road tax on it, you pay the car renting company that then, deals with all of that.
@MinkieWinkleАй бұрын
All I am hearing is, a reduction in the rental supply, and ever higher prices due to that lack of supply and increasing demand. Red-tape is not going to help. It will hurt the renters more than anyone. Short sighted people think all the bureaucracy will help, but only end hurt hurting the people they claim to want to help
@nauxsiАй бұрын
It's been hurting them since 2015. Every govt announcement has seen rent go up because they weren't being concrete about their plans. The uncertainty means higher rents.
@MrJudgementday99Ай бұрын
It is interesting that you show this from a renters side, but you should see it from a landlords side. There are more than ever landlords getting out of the market and that can only be a bad thing for renters. My understanding also is that as a landlord just because someone hasn’t paid their rent isn’t a reason to evict. So now as a landlord the tenants can leave at anytime and there is quite a cost to landlords when they do leave. On the converse side landlords can’t get bad tenants out regardless of what they even not pay rent for 6+ months. So is the bill good for landlords no, is it good for tenants no, it will only make the market tighter and more expensive
@TW19567Ай бұрын
There are many unscrupulous Landlords who prey on good tenants. Even if the tenants are paying the rent and keeping the property in good order they will tell the tenants their rent is going up by 20%, if they don’t agree the landlord serves a no fault eviction to vacate even though there was a contract in place. The entire system is loaded in the landlords favour. Tories did this as loads of their MPs and members are Landlords. They basically want the right to hike the rent whenever they like regardless of contracts but also don’t let tenants leave easily so the property isn’t empty. Its scandalous. Everything in this country is stacked against young people and in favour of the elderly.
@MrJudgementday99Ай бұрын
@@TW19567 that would be good if the biggest landlord in parliament wasn’t a Labour MP, who had ants and rot all through his houses. As for many unscrupulous landlords, yes and there are many more who are good landlords. These changes affect the good landlords and I suspect won’t impact on bad ones as there are plenty of laws they could be caught on now, it is just that local authorities are either corrupt or incompetent
@CMLi-qh2mzАй бұрын
@@TW19567 not sure i follow... it's their properties, why can't they rise the rent? and if they go against the contract, the renters should go the the court. Is there a case that wasn't the case? if yes please provide link, i'll look into it. to your point "Everything in this country is stacked against young people and in favour of the elderly." Everything? that's a bold statement.
@Johnson_2022Ай бұрын
That is very true, which is worsened further by the down sizing of older generations so the renter's don't even get the benefit of reduced purchase prices for homes via local supply increase. The bill is mainly intended to sound to renters like labour is taking a stand against "evil" landlords. When in reality it hurts the renter's just as much and means the private rental sector gets more consolidated into larger companies (who are more difficult for individual tenants to hold to account).
@kacperpiotrowski7239Ай бұрын
And I think this narrative that property is a safe investment has damaged both landlords and tenants. It would be safer if mortgages for investment property had low leverage and prospective landlords didn’t expect that rent would cover the majority of repayments. We all know that buying assets on borrowed money is a very risky thing to do, yet we forget about that in the context of housing or real estate.
@doomsdaydevice8905Ай бұрын
Can you do a TLDR on Starmer's donations please? I'm reading a lot of conflicting information
@PedroPedro-k9pАй бұрын
The gov' doesn't allow to build new housing and then imports tons of inmigrants that also need housing. "It's the markets faults" is the dumbest take on the gov' consecuences on their actions.
@lonyo5377Ай бұрын
The Tory government is the last 15 years. Now we have a different government trying to do different things
@sho-m-er5194Ай бұрын
@lonyo5377 indeed, and if they don't change zoning and planning laws nothing will change
@UnitedflyierАй бұрын
Supply and demand. So many rented properties have been sold there isn't much to rent. Either increase the number of properties to rent or reduce the number of renters.
@MightiiNinjaАй бұрын
Labour has not, and likely will not, address the wider housing crisis that has been caused by significantly increased demand. Almost 5% population increase since 2000 ( now officially over 67 million people), plus 3.4 million visas granted in 2023 alone. If we go by grocery data, we likely have more than 90 million people unofficially in the UK, with a 700,000 net population gain in 2023 showing there’s no sign of stopping. All these people need to stay somewhere. Improving renting conditions is a good thing to attempt, but it will not fix the demand problem.
@ElCheekyTacoАй бұрын
I think part of the issue is there are houses and places to live, it's too expensive to be a viable option. So many places are empty.
@dewaard3301Ай бұрын
Can we all imagine what water would cost if that were left to the market. No, if a market isn't functioning properly, then government needs to step in. This initial turmoil is only to be expected, but the long-term prospect is a more healthy housing economy.
@ballenboyАй бұрын
Why not bring another million immigrants this year, that will increase wages and ease up the pressure on lack or residences...
@notDelereАй бұрын
Immigration increases productivity. Don't fall for the conservative bogeyman. Housing is the issue here.
@jonasastrom7422Ай бұрын
@@notDelere "Importing millions of people who have no houses surely won't affect the demand for housing" .....lol
@notDelereАй бұрын
@@jonasastrom7422 Those imported people are more productive than your average Brit. That productivity can go to building houses.
@jonasastrom7422Ай бұрын
@@notDelere They're literally a net negative in terms of how much the government spends on them, and that's the case in literally every europen country that has data on it, including my own country
@jonathanwilliams9697Ай бұрын
It's at the point where the Government should just ban people from owning more than one residential building. Councils should have greater control over CPO to bring back unused properties. Additionally, in the short term "holiday" homes in the shires and costal areas should be hit with at least a 100% increase in council tax as a minimum (as in some parts of Wales) and all property income should be subject to Capital Gains Tax or Corporation tax in the event of more than one property being owned by a holding company or family.
@Some_Call_Me_PietroАй бұрын
Right to decorate next I hope
@hugojmaiaАй бұрын
Price controls... That'll kill the market. Put that up and offer will evaporate even faster.
@ericanderson6538Ай бұрын
You’ve left out some key things here. Landlords can no longer deduct interest as an expense. This means, with rising rates, profits are seriously lowered. In fact I’m currently paying 300 a month to let people live in my rental. That’s how much I lose after paying tax and mortgage. With renters moving out in Labours two month window, that another 900 paid to the property agents, plus missed days rent. This is forcing people to sell their rental properties, as I am doing. This will reduce property availability and drive yet higher rents. Labour has not thought this through.
@Atral557Ай бұрын
It seems silly to say you're paying 300 a month to let people live in your rental. You're paying 300 a month towards your mortgage, which is heavily subsidised by your tenant. I understand that you're not getting any cash income from it, but you are investing into an appreciating asset. Let's take the average house price growth over the past 10 years of around 5% on an average property worth £300k. Over a year, you've paid out 300 x 12 = 3600 towards your mortgage, but the value of your property has increased by 300k x 0.05 = 12,000. Even subtracting other costs like agents fees and repairs, it's hard to imagine you're not profiting significantly.
@ericanderson6538Ай бұрын
@@Atral557 I wish. It’s an interest only loan.
@nauxsiАй бұрын
They have. They want you out. They want Loyds banks/Black rock etc supplying the property.
@nauxsiАй бұрын
@@Atral557 This is also another hoax played by economists. Nominal values MIGHT increase, but they just about keep up with inflation. So not a real rise.
@Dongobog-ps9tzАй бұрын
The selling pressure will lower prices, first time buyers locked out the market will move in, less people will need to rent. What you do has no value, and the buying pressure from buy to let + airbnb is what is ruining the housing market.
@caroltweedie9729Ай бұрын
I dont have a second home but cannot see how imposing strict controls on those who do will help; surely all it will do is make dual property owners sell thus reducing the stock available to renters. There is no easy fix and building more houses is the obvious answer. Builders are in short supply, they know that ,and the cost of building stock will escalate as the wages get pushed-up. The government should not in the past have sold social housing; or built to replace. Its a difficult nut to crack and we will have to wait and see what the government propose and if it works. I am sceptic. I also feel sorry for those seeking homes today.
@prunabluepepperАй бұрын
Germany has pretty much exactly this model. It was implemented a couple years ago. It doesn't work.
@sciencefliestothemoon2305Ай бұрын
Because it is not enforced?
@HetkiPieniАй бұрын
@@sciencefliestothemoon2305 It's a supply and demand issue, if there is not enough housing then rents will be high as there is nowhere for people to go
@kacperpiotrowski7239Ай бұрын
Then why aren't new houses build huh? If prices are so high then anyone who can provide new houses would get very rich Answer: it is land that most expensive, so solution is to intreduce land tax to burst the bubble and ensure efficent use.
@prunabluepepperАй бұрын
@@kacperpiotrowski7239 we also have land tax in Germany. We always had it. that doesn't work at all. On the contrary.
@prunabluepepperАй бұрын
@@sciencefliestothemoon2305 it is. It's actually a long chained mechanism. THe rent can go up as high as the average housing price. So if you built new houses in a district, sell them for a good price, or renovate houses and make them more valuable, the surrounding rent also goes up. That is called gentrification. It's a hidden process for many.
@mrbad3036Ай бұрын
Why not have government-built mass housing that can be rented out, like Austria? It would solve the supply problem, push down market prices and can be profitable for the government in the long run. The profits can be invested in repairs and even more housing built. Neoliberalism really did a number on the US and UK.
@paulelliott2249Ай бұрын
Want to fix it.. Equalise it.. If you miss 2 months rent or damage the property or antisocial behaviour should automatic right to be able to evict. End no fault but when the risk of not being able to remove bad tenants, all tenants will pay higher rent to cover the risk.
@SigFigNewtonАй бұрын
How high do you believe vacancy taxes should be?
@koriuk5032Ай бұрын
landlords should not be allowed to pay their mortgages with the occupants rent! otherwise... its more or less... A FREE HOUSE
@Cassp0nkАй бұрын
All of these regs and taxes make it unprofitable for landlords so they all quit and prices go up. This is not complicated to understand and more to come.
@KohrakGKOHАй бұрын
The issue with the market rate is that rents are going up really fast. That does not stop my landlord from asking me a shit ton of more money every year
@mama6447Ай бұрын
Landlords are squeezing blood from tenants 😢
@cagethepepperАй бұрын
Umm, as a landlord I've never ever even been tipped.
@jonasastrom7422Ай бұрын
The government is squeezing landlords and increasing their costs in ridiculous ways and then scratching their head when the landlords have to increase the rent to pay for all the expenses
@CrunchyNorbertАй бұрын
1. increase housing supply. 2 decrease housing demand. Prices are determined at the marginal rate; 1 person wanting a house increases the price much less than 3 people or six people.
@m0o0n0i0rАй бұрын
Way back in the day I rented a room in a HMO. Today I bought a 3 bed house. If you rent the landlord can ask for their proprty back at a whim. If looked at the rentpal prices in my local area. If it was me, I would rather do van life than rent. No government will fix the problem, and that is to stay out of it, actually tackle inflation and allow house prices to come down.
@nauxsiАй бұрын
When interest rates were lower, I didn't see people complaining too much. Then they went up 1000% right at the same time Russian gas got sanctioned and we all feel the price rises from all sides.
@m0o0n0i0rАй бұрын
@@nauxsi when interest rates were low they stored up the problems to bail out the banks and mortgage holders in 2008. If they didn't get involved we asset prices would have come down and the country would have been in a much better shape now.
@nauxsiАй бұрын
@@m0o0n0i0r We would have had a chance to reset but the thought spooked the Labour Party out.
@loc4725Ай бұрын
The fact that it's taken this long just goes to show how important the lords of the land are to *both* parties, enen though they only make up a fraction of the population. And for the avoidance of doubt, landlords' interests have been prioritised since 1988.
@AnnoymousXАй бұрын
As a landlord who give property in rent, what will happen now we only give rent to people who earn good, stable job, and suspect won’t cheat. Which means people who is doing basic job they will be rejected straight in most properties, also we have lots of bias that these people might cheat, so we won’t give them, basically judging them by their looks and background.
@DekedenceАй бұрын
what do you mean by "cheat"?
@yurisei6732Ай бұрын
Landlords already do that anyway.
@HawkwreakАй бұрын
Cool story. Sell your properties then.
@PCDelorianАй бұрын
This happens, also if all landlords refused most tenants, those left would have more supply than demand, so landlords would either sell or give tenancy on more favourable terms, if you all sold up, the housing crisis would end and with it the renting crisis too.
@kacperpiotrowski7239Ай бұрын
I don't think it would end, there would need to be a casecade of multiple sells with downward price trend. It would just futher consolidate market. Land tax woild be a ideal solution.
@whistlegrasssАй бұрын
To people worried about these changes causing problems, a lot of them are already in place in Scotland, and have been for years. For example, in Scotland, evictions need to be justified, there are no minimum tenancies and rates can only be increased once per year and are capped by the market rate. Definitely doesn’t solve the whole problem of cost, but does mean that tennants are better protected from the whims of landlords, which is a major positive.
@nauxsiАй бұрын
They're struggling in new builds and also with homes for rent.
@ricequackersАй бұрын
The root cause and the reason rents have shot up in the last 5 years is because the country is adding 700k new people every year while supply is largely static. All of these problems are downstream of the overpopulation problem.
@oliviagarnham3307Ай бұрын
Only sensible comment I read…
@cagethepepperАй бұрын
Cool it racist. Jk of course. Labour won't address this problem either, hence why I'll keep investing in property
@alex75hgftАй бұрын
Funny enough you guys don't mention that landlords are being taxed a lot more than they used to be a few years ago. Interest rates are much higher as well
@rationalis5867Ай бұрын
They don't care about balanced news. They tend to care about the progressive agenda. :)
@kacperpiotrowski7239Ай бұрын
Explain? Is it because higher rents are being taxed under an unchanged income tax threshold more?
@SgtAndrewMАй бұрын
@@kacperpiotrowski7239errr.... in English please?
@kacperpiotrowski7239Ай бұрын
@@SgtAndrewM I edit it, I was wirteing multiple comments on my phone so it got twisted. sorry about that
@EpicBaCkFliPzАй бұрын
So the house I have just bought was £103k in 2017, it's now £190k in 2024 (was £200k but lowered). With no work done to the house (back garden has actually deteriorated badly) Think if it this way, I started working in 2017, back then I would have needed £10k to put a 10% deposit on this house. I have been saving since then and have just over 10k not including the help to buy ISA 25%, I'd now need nearly 20k deposit for 10% on this same house... Had extra savings separately to make up the difference and got the house for a £175k but still, that statistic is crazy.
@mikedudley4062Ай бұрын
I don't recognise most of this. The government increased tax and legislation in last 8 yrs to save tenants, and the result was forcing rents up by 30% to pay for it... Then we had inflation up 10%, did no one else get a pay rise to pay for inflation? This was due to government overspending and creating inflation too. IF you want to blame anyone blame the Government for all of this. Then mortgages doubled taking away just about any profitability. A house I rent mortgage went up by £309. I raised the rent by £100, that was a year ago, now I'm raising it again another £60, but this is only half of the mortgage costs I've been paying for 2 yrs, on a property that's still £250 a month below Market value.... The Labour reforms will create another rental crisis as 10,000s of properties are sold, if you're complaining now, wait till next year.... And ALL caused by government interference try to help tenants, they've help no one, they've made it alot worse for everyone. That's why you get when you mess about with Tax, legislation and helping people. It always ends up far worse. That's why free markets work better. But you get the seeds you sow, this is what generation rent wanted
@LondonRider12Ай бұрын
I concur. I don't believe that a market will be fully self-regulating, but many of the recent changes leave little choice other than to track the market rent, or go bust. 😣
@burntheladderАй бұрын
Two months is plenty of time for a good landlord to find a new tenant in this market, and it gives renters the ability to move quickly when they inevitably end up in dodgy accomodation. Letting agents charge landlord to find new tenants, so this could force bad landlords out of the market.
@gertjanvandamme2068Ай бұрын
this is completely pointless if they don't deal with the lack of supply
@user-ue9bi2ui2qАй бұрын
Why no mention of the planning system??!!!! That is the underlying reason why properties are unaffordable !!!!
@danielplisboaАй бұрын
I really can't tell whether politicians proposing this type of intervention are just dumb or cynics. Of course it will only drive supply down and prices up.
@lonyo5377Ай бұрын
They are also trying to ensure more houses are built
@kacperpiotrowski7239Ай бұрын
Yeah. A land tax would be needed too, to truely solve the problem.
@temptemp4174Ай бұрын
A good reform suggestion to toss in there would be to make it illegal to ask for more than 1 months worth of deposit from British citizens but legal to ask for 2-3 months for asylum seekers/refugees and 3-6 months for settled dual nationals. We used to charge more for deposits where a customer was deemed a flight risk. British citizens with nowhere else to go aren't really going to run off anywhere, they will have to pay so it shouldn't be a concern.