Labour’s Right To Buy Idea For Private Tenants Is Ludicrous, Says NLA

The National Landlords Association (NLA) has slammed the Labour Party’s suggestion that private tenants could be given the chance to buy their homes at a discounted rate from their landlords. In an interview with the Financial Times, Shadow Chancellor John McDonnell said he hoped the policy would be a solution to the “burgeoning buy-to-let” market. The policy replicates the right to buy scheme that was introduced by the Thatcher Government, allowing social housing tenants to buy their homes at a fraction of the market price. Read more on the NLA website.

https://landlords.org.uk/news-campaigns/news/labours-right-buy-idea-private-tenants-ludicrous-says-nla-0

New Mortgage Lending In UK Reaches Highest Level Since 2008

British households are taking on the highest levels of fresh mortgage debt since the beginning of 2008, spurred by low interest rates from the Bank of England.  Banks extended new mortgage commitments to borrowers worth £69.6bn in the three months to the end of September, an increase of 14% on the same period in 2016 and the highest amount recorded over a three-month period since the start of 2008, official figures show. The figures come after John McDonnell, the shadow chancellor, warned that banks are becoming increasingly engaged in a “race to the bottom” on mortgages, credit cards and other consumer loans that has worrying parallels to years before the financial crisis. Read more on the Guardian website.

Labour Attacks 'Skyrocketing' Rent Rises

Councils would be given the power to limit "skyrocketing" rent increases, John McDonnell has said, as he set out Labour's approach on the economy. The shadow chancellor pledged to help people "at the mercy of an unforgiving, unrestrained housing market". And he said a future Labour government would build 100,000 council homes a year and boost home ownership. Ministers said the "proposals for excessive state regulation" would "destroy investment in new housing". At a conference on the economy hosted by Labour in London, party leader Jeremy Corbyn said government intervention was needed to solve the housing crisis. Read more on the BBC website.

Labour Calls For Councils To Help First-Time Buyers

Councils should offer cheap, local-authority backed mortgages to help first-time buyers and bring in rent regulations, according to the shadow chancellor, John McDonnell. In a speech at Labour’s state of the economy conference, he said the party wants to address the “freefall decline in home ownership among young people”, pointing to a number of Labour councils that are underwriting mortgages or lending money directly. The idea of councils offering loans for property goes further than George Osborne’s Help to Buy scheme, which guarantees part of a mortgage to enable people to buy with smaller deposits. Read more on the Guardian website.

Shadow Chancellor Promises Action On Homeless Families

Labour will provide accommodation for 100,000 children in homeless families, shadow chancellor John McDonnell has pledged. Speaking at the annual Labour Party conference in Brighton, McDonnell said ongoing austerity measures are hitting families hard. He said austerity is “not just a word” for the 100,000 children in homeless families who live in bed and breakfast or temporary accommodation. On behalf of this party I give those children my solemn promise that when we return to government we will build you all a decent and secure home in which to live,” he said. Figures published last week show that, as of the end of June, 66,980 individuals or families were registered as having no home of their own - an increase of 12 per cent from the same date last year.

A total of 99,080 children were among those living in temporary accommodation.   Read more on the Children & Young People Now website.