Priced out of a home

Islington has some 13,000 families on the council housing waiting list. It’s a massive problem, with no miracle solution.

Do the math… Labour bang on about the 50% target; but even if Islington were to builds 1,000 new homes a year, and even if 50% of every development was social housing; and even if not a single new household comes onto the waiting list in the meantime; it will still be 26 years before they are all housed.

And the housing crisis is not just about social rented housing; the campaign Priced Out is highlighting the impossibility for many would-be buyers of owning a home. Priced Out aren’t just complaining; they have some solutions too. Such as not allowing an unregistered landlord/agent to have more than 2 owned properties – thus increasing supply; increased house building; and increased levies on buy to let owners (without passing rental costs onto a tenant).

I’d advocate switching stamp duty from purchaser to vendor as well. That would give an advantage to first-time buyers, who would not have to pay; it would not require any new bureaucracy; and it could actually encourage vendors not to keep raising their house price.

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1 Comment »

  1. […] is £275k. So why not switch stamp duty from the purchaser to the vendor? As I’ve argued before, that would by definition help all first-time buyers; and it could even console vendors for falling […]

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