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The Profits of Housing

Thoughts of a Leicester Socialist

One of the primary reasons why there is a housing crisis is because houses aren’t being built. During the 1970s the average number of homes built each year was 322,000. In 2012 only 127,000 homes were completed; while since the turn of the millennium, the number of households who have been forced to live in privately rented accommodation had doubled from two to four million.

The latter trend relating to the burgeoning private rental sector being intimately linked to the long-standing right-to-buy scheme (which led to the sale of more than two million council properties during the first three decades of its implementation). “Over a third of ex-council homes in London are now privately let with rents averaging over £200 a week more than those charged by council, an increased bill often picked up by taxpayers through housing benefit.”

rentcontrol

With the introduction of short hold tenancies, buy-to-let mortgages that…

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