In a perfect world, what housing policies should be implemented in London?

[lessonsintightropes]

Suggestions below probably don't relate to the rest of the UK as the market is different. Here's my two pence worth for discussion:

• Very high and ongoing tax on foreign investors who buy central and zone 2 property for investment capital gain only and leave it empty (Islington Council currently estimate only 27% of new build property in the south of the borough is currently occupied, and are considering local taxation mechanisms to sort this out - such as unless they can prove the property is in constant occupation via utility bills etc then there's a large bill). This will then sort out the very wrong situation where foreign capital is invested in property which then lies empty

• Reintroduce some element of rent control and tenancy rights for those renting from private landlords - with protections in place for those landlords when tenants are in arrears, but also provide protection from extortionate rent increases for tenants at annual rent review, and right to occupy unless the owner wants to sell - giving families who are renting some basic standards of living and consistency so they are not moving DCs from school to school every year (I had 18 addresses in 10 years as a single woman because of vagaries of the BTL market, costing me over £1k each time in moving costs - wish I still had that cash now!)

• Reintroduce a major social housing building programme in zones 5 and 6 where there are good transport links into the middle to enable people in minimum wages jobs which London needs to keep going (such as bin men, nursery workers, cleaners etc) to live somewhere with a shortish commute at a reasonable price - and with limits, so if they earn over a certain amount (say the median earnings) then they have to move out. This could also be extended (at a higher rent) to nurses, police, teachers, etc). Secure tenancies until they hit a certain income level and are then given a year to move on

• Protect the most vulnerable (i.e. care leavers and teenage mums) with a safety net close to family but with a structured move on plan after two years with mandatory work requirements rather than (as still exists in a couple of places) rights to permanent low cost housing

What do you think?

For every house a person buys should it not be their first home, they pay a tax to build one. I know how that sounds but half the houses in this city are empty :(

Its ridiculous.

Oh, and make offers legally binding and get sellers to provide a full survey at viewing, like in Scotland. I totally would have done this enforce marketing our property unlike the two vendors we wasted money and time on and then withdrew from the sales.

Council tax should be a %age of house value, and not capped.

So the person with a £100m house would actually pay more than someone with a £500k house, instead of the same as at present.

Charge double tax on houses that are unoccupied for a period of 12 months or more.

and, make it lawful to carry out, without warning, inspections of large sheds and garages to see if they are being used as living accommodation but with no planning permission, building regulations or council tax. Confiscate those that are. Imprison the owners.

www.bbc.co.uk/news/uk-england-berkshire-21456790

www.express.co.uk/news/uk/463002/Spy-plane-reveals-scale-of-beds-in-sheds-crisis-four-times-worse-than-expected

YY to all those...

Close tax loopholes on income from rental properties that are registered to overseas landlords (but r really going into pockets of people here)

Sorry I don't no the technical terms

The housing situation is RIDICULOUS! Sorry for shouting peeps, just venting.

I live in inner London, I have a house, but how the hell are young people, or those affected by homelessness ever supposed to get a decent roof over their heads? So so wrong :(

My latest theory is that London will be full of empty properties and tumble weed because ordinary people will just have to go, particularly young people :(

I have nothing to add (not a Londoner) but am at the amount of unoccupied properties in London!

Is this because people have bought them to leave empty & sell on in a few years, making a sizeable profit or because they are second homes? I have heard of people with a house somewhere more rural & a flat in London but never of people just buying property to leave empty .

In parts of Devon & Cornwall, Buyers are required to prove that they will actually occupy a property in order to buy it. Presumably because the amount of affluent holiday home owners has made some places almost like ghost towns in winter & has pushed property prices well above the reach of many locals. Would that sort of scheme work in London at all do you think? Genuinely don't know .

Santa new development plans are getting sent abroad and sold off plan before they even come on the market here. Those that are buying have bottomless pockets :(

Meanwhile....

And, in fact, it's often foreign currencies that are financing any housing developments.

Its all wrong.

I'm no financier, I live in inner London, ordinary Londoners are struggling daily, there's buildings going up, cranes everywhere. It doesn't take a lot to work out.

There should be a tax on empty homes and while there is a shortage of homes investors should be limited to investing in new builds as that would stimulate supply. Rent controls don't work well in a shortage as NY shows. Black markets develop as it's very difficult to provide something for less than others are willing to pay for it. Once the underlying supply issue is dealt with though more secure tenancies would be a good idea as well as adopting the Scottish buying and selling process.

fix the REAL Problem; even things out so that there is more employment elsewhere in the country, not just in one overcrowded city. (no, I don't know how this is done!) This will reduce demand and over crowding, and so rents and house prices will come down due to market forces. Where I live, put the rent up too much and the tenants leave and no-one else comes in; so rents are controlled.

stop investing in stupidities such as HS2, to cut a few minutes from an already very fast link.

encourage people to leave London. Encourage businesses of all kinds NOT to be there.

double tax on long-term empty properties is already being implemented in my area, seems entirely reasonable to me. (as a landlord - why would I want my rental empty?)

come down heavily on the foreign 'buy it, leave it to rot' buyers as mentioned.

ps if you live overseas and rent a property in the UK out, there are NO tax loopholes. All money generated in the UK is taxable in the UK.

special I think the government is trying this - I thought the BBC move from London to Manchester was a bit weird at first but I think slowly other big companies will move north too.

But London as a city has such appeal - you aren't going to change that so I think having fast links in and out of the city is a good thing, people then, in principle, could live anywhere in the country and be within commutable distance in.

I know people don't like this either, but build up. More high-rise buildings.

I would curb the ability of overseas investors to buy in the UK as prices in London are being driven sky high.

I work in the financial sector and notice that a lot of buy to let landlords with one or two properties never seem to make much profit as the rental income is set off against expenses. Perhaps incentivise Landlords who let long term at a fair rent? DK how - maybe reduce the amount of CG when they come to sell or some other relief they can use against general income.

If you look at a map of social housing in London there are quite large amounts of in inner London. I would stop the sale of council or housing trust properties and make it easier for people who want to leave social housing and can afford to buy. They used to pay people off to leave, at least the housing trusts did, perhaps linked to a deposit scheme?

I would also welcome prioritising local people or those that work locally.

I think forcing people out of social housing because they earn say £40k is crazy. They cannot buy in London, pay their own rent and council tax and frankly I believe in mixed communities not benefit claimants ghettos.