One of the lesser noted aspects of the last few years is
a soaring housing benefit bill. The rate of increase has slowed somewhat in the
last four years yet the increase is still £4billion or so per annum. This is despite
the initiation of policies such as the benefits cap that were intended to
reduce the outlay. What on earth is going on?
Government policy is driving people from the socially rented to the
‘affordable rent’ sector- ie to housing with higher rents (up to 80% of market
value). At the same time, social house building has been very low. One
Government department, the CLG, is increasing rents and cutting housing
investment and another one, the DWP, is having to foot the bill. Right to Buy
is reducing the stock further without simultaneous house-building. Housing
Associations are building up surpluses but, as a glacial sector, they are
failing to build at a sufficient rate. Read more on the RSA website.
Eight in 10 homes in London’s poshest postcodes now sell below asking
price, Coutts finds
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Sellers in areas such as Belgravia and Mayfair face hundreds of thousands
of pounds in losses as property prices fall
Eight out of 10 properties in Londo...
7 hours ago

