Thursday, 22 December 2016

I'm surprised it's still as high as twenty percent.

From the BBC:

Home ownership among 25-year-olds has fallen by more than half in 20 years, according to council leaders.

A survey carried out for the Local Government Association (LGA) by estate agents Savills showed that just 20% of those aged 25 own their own property, compared with 46% two decades ago...


The Home-Owner-Ist target is zero percent - unless they are helped out by Bank of Mum & Dad taking out a second mortgage on their own home - so they've still some way to go.

The LGA said government needed to tackle the shortage of affordable homes to rent and buy. It says it found that, on average, private renters pay 34% of their household income on rent, while social and affordable renters pay 29%. Homeowners, however, spend an average of 18% of their household income on their mortgage.

False comparison. The average amount paid in mortgage repayments is irrelevant, the question is, what percentage of your income would you have to buy a home today? Probably about the same as if you stayed renting.

But the average size of a deposit to get a mortgage is 62% of annual incomes, or 131% in London.

'Nuff said.

Responding to the LGA survey, a Department for Communities and Local Government spokesman said: "We've halted the decline in homeownership, with the number of first-time buyers up nearly 60%, and over 335,000 households helped into homeownership through government-backed schemes since 2010. Our upcoming Housing White Paper will clearly set out how we plan to build the homes this country needs."

That's the sickening bit. The owner-occupation rate is steadily drifting downwards as planned, and to maintain a 75% owner-occupation rate there have to be around 300,000 first time buyer households every year, not 335,000 over six an a half years. And they chuck in the 'lack of supply' myth just to emphasise how little they really care.

Thursday, 8 December 2016

YPP London meet-up, tomorrow Friday 9 December.

5.20 to 7.30 or so, The Brewmaster, Leicester Square Tube Exit 1, turn left and left again into the alleyway (St Martin's Court).

We put a yellow YPP leaflet on the table so that you can recognise us. Contact me at gmwadsworth@gmail.com or on 07954 59 07 44 if you need more info.

Topics: Xmas.

Thursday, 17 November 2016

YPP (London) meet-up, tomorrow Friday 18 November.

5.20 to 7.30 or so, The Brewmaster, Leicester Square Tube Exit 1, turn left and left again into the alleyway (St Martin's Court).

We put a yellow YPP leaflet on the table so that you can recognise us. Contact me at gmwadsworth@gmail.com or on 07954 59 07 44 if you need more info.

Topics, same as last week: Is anybody up for standing as the pro-Heathrow expansion candidate in the Richmond Park by-election, if we haven't already missed the deadline?

Dress code: coat, scarf, gloves.

Thursday, 3 November 2016

YPP (London) meet-up, tomorrow Friday 4 November

5.20 to 7.30 or so, The Brewmaster, Leicester Square Tube Exit 1, turn left and left again into the alleyway (St Martin's Court).

We put a yellow YPP leaflet on the table so that you can recognise us. Contact me at gmwadsworth@gmail.com or on 07954 59 07 44 if you need more info.

Topics: Is anybody up for standing as the pro-Heathrow expansion candidate in the Richmond Park by-election, if we haven't already missed the deadline?

Dress code: coat, scarf, gloves.

Thursday, 13 October 2016

YPP (London) meet-up, alternative venue tomorrow Friday 14 October

Convened by Joe, 5.30 onwards, The Vintry, Abchurch Yard, London EC4N 5AX, nearest Tubes Monument or Bank.

Contact me at gmwadsworth@gmail.com or on 07954 59 07 44 if you need more info.

Tuesday, 4 October 2016

Reader's Letter Of The Day

From today's Evening Standard:

Regarding your article on business rates, there is hope for London's retail and office tenants. There is plenty of evidence to show that increases in rates are offset by equal and opposite reductions in rents, therefore the only losers from this in the long run will be landowners.

They have enjoyed substantial capital gains and increases in rents over the past seven years [i.e. since the last revaluation], so few will shed a tear for them.

Joe Momberg


A pity that either Joe or ES didn't add the 'Young People's Party' sign off.

Or to put it another way, Business Rates is just a super-tax on rents; total London rents have risen by £10 billion or something over the past seven years, and the government has finally got round to increasing this tax to what everybody with a little foresight expected it would be anyway.