Reader's Letter Of The Day

From today's Evening Standard:

Oliver Healey writes (Letters, 27 October) that "A London income tax could be used to eliminate the in-work poverty that millions of Londoners face because of high living costs".

The dividing line is not between high and low earners. It's between those lucky enough to have bought their own home more than 10 or 15 years ago and private tenants. A long-standing owner-occupier can live quite comfortably on a modest income, but private tenants lose half their income in rent and really struggle, even on above-average salaries.

What would bridge this gap is a London-wide property value tax to be distributed to all Londoners as a universal dividend. An average household in an average value home would break even; owners of "prime London"* would finally start paying for the privilege; and renters/recent purchasers would be able to use their universal dividend to cover half their rent or mortgage, thus reducing their living costs to a tolerable level.

Mark Wadsworth, Young People's Party

* With the benefit of hindsight, I should have included "BTL landlords". Ah well.

YPP meet-up, tomorrow Friday 23 October

The Brewmaster, Leicester Square Tube, exit 1 and turn left and left again into the alleyway (St Martin's Court) from about 5.20 pm.

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.

If you would like to be removed from this list, please advise.

Topics: Oh no, high rents and house prices are damaging London's economy (again)

They own land! Give them money!

From City AM:

Calls for more properties to be built in London to slow rampant price growth are being partly answered. The capital is leading the way in the Build to Rent scheme, with the number of rental developments in the pipeline more than double that in the rest of the UK.

The scheme allows developers to build properties for rent with the government sharing risk in order to encourage new housing investments....

“The momentum behind Build to Rent continues. It is moving firmly beyond theory and into reality. With continued support from both national and local government this progress can continue,” said Andrew Stanford, residential fund manager at LaSalle Investment Management.

“The growing number of long-term institutional investors in the sector will then find a suitable home for their capital, ensuring that housing supply and tenant choice can increase.”

We now appear to be in some bizarre parallel universe.

YPP meet-up, tomorrow Friday 16 October.

The Brewmaster, Leicester Square Tube, exit 1 and 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.

If you would like to be removed from this list, please advise.

Topics: Oh no, high rents and house prices are damaging London's economy

YPP meet-up, tomorrow Friday 9 October

Sorry I've been out of action for a couple of weeks, but we are back on at The Brewmaster, tomorrow from about 5.20.

Leicester Square Tube, exit 1 and turn left and left again into St Martin's Court (an alleyway). 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: The Daily Mash