Originally posted on May 9 on Inside Edge 2, my blog for Inside Housing
The May elections have a common theme when it comes to housing: can the winners really do what they say?
From Sadiq Khan to Marvin Rees, from Nicola Sturgeon to Carwyn Jones and from council leaders all over England to the voters of St Ives, winning the elections last week was the easy bit. The hard work starts now.
I’ll start with the poll closest to me: the referendum in St Ives on a Neighbourhood Plan that will ban the building of new second homes that has brought national attention.
More than 80% of residents supported the plan last Thursday and it’s impossible not to sympathise. Around a quarter of the homes in St Ives are either second homes or holiday lets and the problem is even worse in other Cornish communities. That does not just price out locals it also means a lack of year-round residents that makes it hard to sustain vital services and infrastructure.
Next time you read about ‘fat cats’ earning more than the prime minister here’s something to bear in mind: so does his house.
The summarised tax returns released by David Cameron this weekend show that he had a total taxable income of just over £200,000 in 2014/15. The first £141,000 of that were his earnings as prime minister: he has not taken a pay rise since 2010 and has also voluntarily waived a £20,000 prime ministerial expenses deduction since 2011.
Most of the Panama Papers coverage has concentrated on Cameron’s links to his father’s offshore fund and an inheritance gift from his mother. However, he is also the first prime minister to rent out his existing home while living tax-free in Downing Street. The accounts show that he had a net rental income of £47,000 from letting out his house in Notting Hill, an amount that notes to the accounts confirm is his 50 per cent share of the proceeds:
So the total rent (after expenses) received by the Camerons last year was £94,000 and in the first five years since he became prime minister they gained a total of £432,000 in rent.
However, that is not the total amount they will have ‘earned’ from their house as London house prices have also soared over the same period. The exact value of the Cameron house is hard to pin down, since they are reported to have spent £600,000 on renovations after buying it in 2006. Some reports put the value at £2 million in 2010, others £2.7 million.
Originally posted on February 4 on Inside Edge 2, my blog for Inside Housing
The person who sprang instantly to mind when I saw the promotional material for London Help to Buy on Twitter this week was Lizzie Magie (of whom more later).
The scheme offering 40% equity loans to buyers of new build property in London costing up to £600,000 was first announced in the Spending Review and formally launched this week. Here (thanks to Joe Sarling for drawing my attention to it) is the advert designed for digital media:
— Help to Buy (@helptobuy) February 3, 2016
The Angel, Islington, costs a little bit more than £100 these days and with studio apartments in one new development starting at £715,000 you can forget about building a house for £50 or renting one for £6. But you get the general idea: it seems that you can now get on the property ladder as easily as you can ‘Advance to Mayfair’ or ‘Go Back to Old Kent Road’.
Originally posted on November 3 on Inside Edge 2, my blog for Inside Housing
As MPs debated the Housing and Planning Bill on Monday it was hard to escape the impression that the real action was elsewhere.
From the extension of the right to buy to the forced sale of council houses to starter homes, key discussions had either already happened or were still taking place outside the Commons chamber. Yes, talks behind the scenes are an inevitable part of any Bill, but far more so with this one than any other that I can remember. Yes, the Deal removes what would have been a key element in the legislation from parliamentary scrutiny but this is about more than just that.
That’s partly because this is a back of a fag packet Bill that sets out some general principles with the detail to be filled in later. We still know little more about how the sums will add up for paying housing association discounts from forced council sales than during the election campaign. And, as Alex Marsh points out in relation to Pay to Stay, there are whole chunks of the Bill that give the secretary of state the power to do pretty much whatever they like.