Will cutting back immigration make a difference at all? As far as I can tell, less immigration would decrease the demand for rented accommodation, making it more affordable. This would put less pressure on people to buy houses as renting won't be such a long-term drain on finances, decreasing demand and therefore increasing supply without having to increase construction rates significantly. That's just looking at renting. Many people have been welcomed from Hong Kong in the past few years and they have been buying houses, some as full cash buys, propping up prices. I think these people SHOULD come here but I do expect the pressure on house prices to lessen once the migration slows. It's strange that immigration is never really mentioned despite it appearing to be a huge factor, along with cheap money.
I'm not sure if I would describe anything discussed here as 'thought leadership'. Perhaps the country should target the low hanging fruit. 250,000 empty properties? Bring in legislation to limit the number of properties an individual can own to two. Give 5 years for people to dispose of their properties to either the council or private purchasers. This should reduce house / land prices in a controlled manner. Increase affordability in the housing market and rentals market. This in turn should encourage people to invest in businesses rather than making rent. The UKs economy will continue to suffer while property sucks up unproductive capital. Property needs to continue to be built and allocated.
Will cutting back immigration make a difference at all? As far as I can tell, less immigration would decrease the demand for rented accommodation, making it more affordable. This would put less pressure on people to buy houses as renting won't be such a long-term drain on finances, decreasing demand and therefore increasing supply without having to increase construction rates significantly.
That's just looking at renting. Many people have been welcomed from Hong Kong in the past few years and they have been buying houses, some as full cash buys, propping up prices. I think these people SHOULD come here but I do expect the pressure on house prices to lessen once the migration slows. It's strange that immigration is never really mentioned despite it appearing to be a huge factor, along with cheap money.
I'm not sure if I would describe anything discussed here as 'thought leadership'.
Perhaps the country should target the low hanging fruit. 250,000 empty properties?
Bring in legislation to limit the number of properties an individual can own to two. Give 5 years for people to dispose of their properties to either the council or private purchasers.
This should reduce house / land prices in a controlled manner. Increase affordability in the housing market and rentals market. This in turn should encourage people to invest in businesses rather than making rent. The UKs economy will continue to suffer while property sucks up unproductive capital.
Property needs to continue to be built and allocated.