Flying Freehold
What is a Flying Freehold and should it matter?..link
Housing Market broken?
A new report suggests that it is getting harder and harder for young people to get on the housing market even if they have a deposit, wow hope that report did not cost much!
In some areas, even with a deposit of 10%, it’s not possible to buy because of the mortgage affordability. Only around 60% of young people meeting the criteria for 4.5 times and who have a 10% deposit are able to afford the cheapest homes in their areas.
Sustainability.
The existing free market will find its own level but in some cases, a market can be artificially boosted to maintain growth by giving product enhancements or discounts which we have seen in the housing market with the Help to Buy Scheme, the problem is if, or when, it gets taken away or changed.
Alternatives.
Renting is the obvious alternative, but the government has slaughtered landlords with different taxes, and as landlords are running a business they need to make a profit and hay-ho the tenant loses out as the rent has to be increased, these increases in rent then made it harder to save for a deposit.
As a parent, there is also the prospect of children living at home for longer, as mine are now teens that thought scares me! Consequently, I am sure we will see more and more families staying together for longer, ideally the government needs to relax the planning laws for use of outside buildings for habitable use to make this easier.
The answer is clear.
Many people say its basic economics, it’s all about supply and demand - if more houses are built more people will enter the property market, well yes and no. The problems do run deeper than this, builders don’t want to build affordable homes for a start as they are not the most profitable market.
The councils are being encouraged to build more council houses and have relaxed lending criteria for councils to borrow to build, which is fine if you meet the criteria for a council house, but that does not help everyone, there is a massive demographic who do not qualify for a council house and can’t afford to buy.
Perhaps the answer is cohabitation, students have been doing it for years and the elderly seem to favour it in retirement homes, perhaps it will raise a different set of problems, but people have to live somewhere, and a different way of living needs to be found.
One solution being trailed at the moment is houses being built on a factory line to reduce costs, this is touted as a fantastic new concept of prefabricated houses built at affordable prices, however, this has been done before or have they never been to a caravan park?
Perhaps we are getting close to realising there is no solution and any plaster we put on will only give a brief rest bite, it may be that we have had it too good for too long and the market needs to re-adjust itself, whatever happens you can be sure supply and demand is at the root of it all,
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