The Independent newspaper recently published in its online version the headline:
“More than 8 million people in England are living in unaffordable, insecure or unsuitable homes, the report says.” If accurate, this predicament is unacceptable and in urgent need of remedying.
There have been many claims of similar housing crises over the past decade in the media. These claims suggest that all is very far from well in the housing sector. As the adage goes, there’s no smoke without fire!
This is why over the decades past, as a now retired surveying practitioner, I have considered the reasons for these failings, particularly as they adversely affect the poorer communities.
I’ve devised a new and better way to deal with the difficulties of the currently unaffordable level of house prices and associated housing issues because purchase prices being claimed to be ‘affordable’ are clearly not truly affordable.
Once you really look, it should begin to become crystal clear that it is the poorer buyers whom are in reality propping up house prices for all the wealthier home owners.
Why this is so is:- it is they who must borrow humongous sums of money, by mortgaging the very properties which they need to live in (at eye-watering levels of borrowing), so that the present very high prices prevailing in the so-called marketplace may be maintained. Who effectively gains the most from this?
It is primarily those fortunate enough to already have substantial property assets and who enjoy a healthy and almost guaranteed rise in the capital values of their relatively extensive holdings, so that when they choose to sell these they can recoup large financial rewards without having to do much to earn such gains.
Borrowers today by comparison, have increasing job insecurity issues, especially borrowers on the lower rungs of the property ladder who have to commit to high mortgages by taking on burdensome, risky and long-term borrowings. These families and individuals desperately need relief by way of a lessening of such large and onerous borrowing commitments.
It is time the whole out of kilter house-selling regime set up by the historic role played by estate agency is re-balanced, such that those wishing to make money from owning property are seen as causing the excessive un-affordability issues experienced by an increasing number of aspiring but poorer home owners in this country.
Is there a political party in the land that might contemplate such a re-think? It seems the jury is still out on that one!
After the Brexit issue has finally been resolved, we will need an efficient and fully functional housing marketplace for people wishing to move house so as to afford to buy, or alternatively rent, their next housing accommodation.
Judging by the slowdown of sales transactions shown in the recent sales completion statistics, efficient services such as these are simply not available at present.
For anyone interested in the best and only way to correct this unacceptable shortcoming, please read and study the proposals I am tabling and contained within The House Price Virtuoso Solution.
The background leading to this is available on the following web site:
The specific page covering The House Price Virtuoso Solution is at:
I would be happy to engage in online discussions about the technicalities and/or the necessary strategies needed in order to reach the conclusions of precisely how to improve local housing markets within the whole of England and Wales for the benefit of both owner-occupiers and all private tenants of residential property in our country.
Author of The House Price Virtuoso Solution (otherwise known as The Hendry Solution)