business, housing, Law, politics, property, real estate

Why are first time buyers priced out of the UK housing market?

It’s because the market has become distorted. It’s not just about too many buyers chasing too few properties. It’s not about interest rates. It’s because first time buyers are not just competing against other first time buyers but also the buy-to-let market.   So why the distortion?

It’s because councils no longer own sufficient stock to meet their social housing responsibilities. Too much of it has been sold under right-to-buy and more than 40% is now owned by private landlords. So councils have to rent-back properties on their own estates to meet their statutory housing responsibilities and pay those inflated costs through the housing benefits system. It is that state-subsidised demand which has pushed private-sector rents and property prices through the roof. Everybody loses: the taxpayer; first time buyers; private renters. Everybody that is, except the private landlord. V. Charles Ward, Author, ‘Housing Regeneration: a Plan for Implementation’

Law, property, society, Uncategorized

When Neighbours Go to Law

More than 90% of contested cases settle before they get to trial. But the impossible cases to settle are the neighbour disputes where the parties hate each other so much that they can’t even speak. In 2012 John Edwards and Mary Kendrick had to pay out tens of thousands of pounds to cover the costs of neighbours Stephen and Barbara Evans after they wrongly took down the Evans’ new fence, which they said was sited in the wrong place. But the prize goes to Belgravia residents Hameed and Imran Faidi whom in 2009 incurred a £140,000 legal bill after pursuing to the Court of Appeal their complaint that they were disturbed by the sound of high heels tap tap tapping on the £100,000 oak floor of the upstairs flat …..

Extracted from Legal Profession Is it for you? (V. Charles Ward)

 

via Daily Prompt: Neighbors