Private landlords are unprincipled
I HAVE examined the agenda at the UWE housing, planning and the economy conference reported in The Post on February 27 and wish to ask as to whether the issue of the Bristol Buy to Let market was discussed and if not why not ?
Housing unaffordability post 2002 was driven by the Buy to Let landlords and the high rents of their tenants whose tenancies are worthless due to the stipulations of private finance.
The UK housing market is 30% over-valued (IMF) and I assert that the key issue of rebalancing the economy is that the housing market is "too large to fall".
It is being propped up by the terms of the "bail out" of private sector Northern Rock and other banks both by the Bank Of England QE and by the high rents of private tenants (in part subsidised by the taxpayer and 23 billion of housing benefit) who are now the bottom rung of the housing ladder. this is iniquitous.
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More profoundly disquieting still is when an entire conference attended by government ministers and professors seems to fail to address one of the major drivers of "the Banking Bust" .
It is the private landlords with multiple ownerships who have dominated the entry level of home ownership for the past decade and the housing boom that was bailed by the unqualified acceptance of multiple private mortgage debts by the state.
I say to the attendees that failure to address this is a collusive self-delusion of the propertied that takes analysis to a level of sub Orwellian fantasy.
At a local level it is deeply unprincipled that these landlords now charge such high rents, perhaps 30-40% too high on IMF data.
I assume that if the market had simply been left to correct itself these landlords would simply have gone bust.