To think I found a solution to the London property crisis?

[Toriali]

AIBU to think the London property crisis could be resolved if we'd convert the oversupply of luxury flats into social housing or lower the price so that first time buyers can purchase them?

London's councils will hopefully rehouse all the families living in sub standard and hazardous tower blocks.

Why not make a few luxury apartments available for low income families? Or offer them to first time buyers at a more reasonable price?

This got me thinking... luxury flat developers turn to discounts as London sales slow

Looks like there's going to be a lot of empty apartments. What the heck are we going to do with them? AIBU?

In order to get planning permission many luxury blocks have to have add a (low) proportion of affordable housing. My former boss used to be keen to make the flats 'key worker' housing. At the time in some Boroughs they were the only new affordable housing. I am out of the loop now but I can't see that would have changed much.

When I worked in South London, there was a large Colombian community, more arriving weekly. Like attracts like. The capital
is possibly the one city they've heard of and where their uncle/brother/mate lives.

This is part of the problem isn't it - everyone moving to the UK wants to live in London or one of a handful of big cities like Manchester. This creates under-supply which pushes up house prices/rents and places a huge burden on public services in those areas. Perhaps it is time to look at whether or not people coming to the UK are allowed to settle just where they want? Guernsey has a good system for this with a two tier housing market - some properties can be bought by anyone and others are denoted "local market" and can only be bought by local people - usually with long established links to the area. This means that there is a supply of affordable housing across the island in a range of property sizes - perhaps we need something similar to accommodate people with long standing links to an area and key workers?

Its also a pity that when the Tories introduced "right to buy" they didn't insist that the proceeds were automatically reinvested in new social housing.

"Its also a pity that when the Tories introduced "right to buy" they didn't insist that the proceeds were automatically reinvested in new social housing."

When it started, the government insisted that all proceeds be used to pay off council debt, and once that was cleared, then it could be reinvested into anything the council wanted including housing. Because councils were so much in debt, most never got it cleared. But easier to cite just part of the regulation about what to do with the proceeds than look more deeply into council funding.

I think one important lesson people could take is that collectively we need to pay far more attention to local government. Voting, lobbying and even standing for election. Many of the things for which central government is blamed have actually happened because of decision by local councils.

Yes, they are all cash-strapped, but some perform significantly better than others. People deserve all to be good.

People deserve all to be good.

Again, this is achieved by strong central support. It equalises.

Tories have cut the funding grants to the bone.....

Guernsey has a good system for this with a two tier housing market - some properties can be bought by anyone and others are denoted "local market" and can only be bought by local people - usually with long established links to the area.

True

This means that there is a supply of affordable housing across the island in a range of property sizes

False. We lived in Guernsey and were local market (15-year housing licence) and our rent was ridiculously high - comparable with London. This was partly because of the rateable value legislation which states that people with a larger income have to live in bigger houses.

To an extent I agree with the principle, because it retains the cheaper housing for those who are on lower incomes, but rents and property prices are still very high. No way could we have afforded to buy, even had we sold our house in England.

Unfortunately the share to buy part ownership is out of reach of most people in London.

Our younger son has recently bought a flat in London on this basis. He could only afford it because he got a better job and because we were able to help him out with the deposit. His 2-bedroomed flat cost more than three times as much as his brother's 4-bedroomed house in another part of the UK.

I would stop buy-to-let mortgages. If people want to become private landlords, fine, but I think they should have the money up front to buy the property outright. Under the present system, the tenant ends up paying the landlord's mortgage plus a bit more, whereas they could more easily afford to take out a mortgage on the property themselves - if they could get one. Many people paying private rents are paying more than they would for a mortgage but they can't get one - presumably because they are "high risk", yet the fact their rent is higher must surely make them more likely to default.

Laiste I know exactly what you mean. I've offered to build homes in my village on small parcels of land which are greenbelt but too small to farm. The school and transportation have supported the gypsy community that came and was moved on but can't accommodate locals. It's very wrong. Then the farmers complain they don't have enough casual Labour!!!!

What about finding a way to prohibitively tax landbanking - both of undeveloped land and London flats.
www.theguardian.com/cities/2017/jan/31/britain-land-housing-crisis-developers-not-building-land-banking
www.architectsjournal.co.uk/news/labour-moots-land-banking-tax/8653458.article

Lots of good ideas here. Need to read through links later.

Just came on to clarify that I'm NOT Corbyn I fact I can't stand the man.

I prefer politicians to be more statesman/ stateswoman like. But he's beat me to this idea, I think there's a long thread on here about that.

But you got to give it to him...he's got principles. Something a bit rare in the recent crop of British politicians I find.

Well, it seems that although more affordable housing should be provided in new luxury developments, it might not be possible to hold the developers to their promises

www.homesandproperty.co.uk/property-news/homes-at-battersea-power-station-blow-for-first-time-buyers-as-affordable-housing-target-at-luxury-a111481.html

636 'affordable' flats at Battersea Power Station being cut to 386

Is that Wandsworth or Lambeth council?

Well, here's a turn up

amp.theguardian.com/uk-news/2017/jun/21/grenfell-tower-families-to-be-given-68-flats-in-luxury-apartment-complex