This is what we are up against...

Spotted by Ben W at thebureauinvestigates:

On February 5 Tory and Labour MPs complained in the Commons that London’s housing market was “being turned into a Klondike for wealthy foreigners” with “less than 10% of available properties for sale … affordable to a [family] on average wages” and tenants forced to pay “extortionate rents”.

A few hours later the then housing minister sat down to dine with one of central London’s largest residential landlords and two other men whose companies operate in the top end of the London property market.

According to a seating plan for the Tory annual winter fundraiser, which has been analysed by the Bureau, they were amongst 50 attendees with links to the property industry, representing almost 10% of the total guests listed on the seating plan.

Two wealthy property tycoons and one of London’s biggest hereditary landowners are listed on the same table as David and Samantha Cameron…

In the past two years property companies donating for the first time have contributed more than £800,000 to Tory coffers. In addition some long-term supporters from the property sector have increased their donations.

YPP meet-up, Friday 10 October

A good turnout last week, six regulars and a new face.

Usual haunt, Brewmaster Pub near Leicester Square Tube station, alleyway at the back, tomorrow from 5.20-ish.

To discuss: Rochester by-election and the app.

YPP meet up, Friday 3 October

Sorry I couldn't make the last two weeks, family stuff, work stuff.

Usual haunt, Brewmaster Pub near Leicester Square Tube station, alleyway at the back, tomorrow from 5.20-ish.

To discuss: Rochester by-election and the app.

Reader's Letter Of The Day

From The Evening Standard (5 September, page 56):

 

It was the postwar policy package of rent controls, higher property taxes  and easily available council housing that enabled Lammy's parents to buy a house for £6,000. It was inevitable that house prices and rents would rocket after Thatcher and Blair dismantled and reversed this.

 

There's much to welcome in Lammy's housing plans. If anything he is too timid. Why not cap private sector rents at 20 per cent below current levels rather than 20 per cent higher, saving billions in Housing Benefit and easing the strain on working tenants.

 

Mark Wadsworth, Young People's Party

YPP Friday meet-up, 29 August

We had a good turnout two weeks ago; five members and two interested.

I can't make it tomorrow (family outing) but you can co-ordinate with each other in the comments to this post.

Our usual haunt is the Brewmaster pub near Leicester Square Tube station, tomorrow from 5.20-ish.

UK house prices are now about seven times earnings

Shaun Richards at Mindful Money has looked at Halifax' recent statistic that house prices are 5.02 time earnings...

Putting it another way using median earnings for everyone the ratio of earnings to house prices is now 6.9.

Well worth a read.

I left a comment as follows:

There is another reason for going with your 6.9 figure and that is because you have to compare like with like.

Halifax' £186,000 house price is not the average (that's about £260,000 according to the ONS) it appears to be the median.

So you can compare median house price with median wages = 6.9

Or you can compare average house price with average wages = 7.4

YPP Friday meet-up, tomorrow 15 August

1. Usual haunt, Brewmaster Pub near Leicester Square Tube station, tomorrow from 5.20-ish.

2. If somebody wants to suggest somewhere else for next week/next time then I'm fine with anywhere between Canary Wharf and Southwark on the Jubilee Line (I think that must suit a few of us).

3. We have made some progress with the app, so if you can get internet on your phone I'll show you it.