As we all know, in some parts of the UK (London, Manchester, Bristol) many areas which should have a local housing free-market have seen homes removed from the local housing market and the properties added instead to global asset markets instead.
There are 1,197 empty properties held as assets in portfolios in Kensington & Chelsea, which are no longer part of the local housing market. That is a lot of potential homes and it would require a lot of effort to build that many to replace them.
K&C Council, true to inept form, accidentally revealed the asset owners benefiting from reducing Britain's housing supply. Some named here:
https://www.theguardian.com/society/201 ... h-revealed" onclick="window.open(this.href);return false;
Kensington oligarchs named and shamed
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"people invest their money in houses!" Hardly a major shock or news story. Guess the Guardian was having a slow news day
Or is it the fact, the location makes it all the more newsworthy for them ?
no story move on
Or is it the fact, the location makes it all the more newsworthy for them ?
no story move on
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Not just the guardian. Plenty of policy makers, research institutes, etc increasingly vocal about the damage being done to the housing market by international investors.confused.com wrote:"people invest their money in houses!" Hardly a major shock or news story. Guess the Guardian was having a slow news day
Or is it the fact, the location makes it all the more newsworthy for them ?
no story move on
You will find the issue becomes a lot more important rather than people moving on. Probably the biggest economic crisis in the UK and focus of both the left groups and liberal free-marketers like me.
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My argument is that it is as you said very common place but it suits the agenda to highlight Kensington and Chelsea, Hmmmmmm I wonder why
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Probably because of a high profile fire which killed many and left even more homeless. As sad as it is it sometimes takes a tragic incident for the uninformed public to become aware and put pressure on politicians to act on behalf of citizens. Rotherham and concern for child social care being another example.confused.com wrote:My argument is that it is as you said very common place but it suits the agenda to highlight Kensington and Chelsea, Hmmmmmm I wonder why
Vancouver, Melbourne and other global cities with the same broken property market have legislated to try and fix their housing markets for their residents, workers and small business owners, but as usual UK government acts on behalf of cartels, oligarchs and money launderers instead.
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Not sure I would want the state trying to allocate housing as they see fit. Given that most of them are inept at best. Events have proven that the aforementioned council were just unlucky that the fire was on their patch. Could have happened in any concil in the land
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Not talking about state allocation of housing, I am talking about private individuals buying houses to live in. More strict rules on empty properties, foreign ownership and transparency of ownership to make it less attractive for international investors to buy property as assets.confused.com wrote:Not sure I would want the state trying to allocate housing as they see fit. Given that most of them are inept at best. Events have proven that the aforementioned council were just unlucky that the fire was on their patch. Could have happened in any concil in the land
If people move to a city to live and work they should not be competing with international investors for property - mixing a local homes and labour market with an international asset market does not work.
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Welcome to the global economy!!! Perhaps you would prefer venezualia
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Nope. I want a free and functioning housing market. We wouldn't let companies take on train contracts or buy power plants just so they can double the price or even worse, not bother running any service.confused.com wrote:Welcome to the global economy!!! Perhaps you would prefer venezualia