See you later, regulator
Posted: April 3, 2012 Filed under: Buy to let, Mortgages, Private renting 2 CommentsAnother day, another consultation and still no prospect of regulating buy to let.
The Financial Services Authority (FSA) closed the consultation on its Mortgage Market Review (MMR) on Friday to a chorus of calls from lenders for more flexibility and pleas from organisations like Shelter for no more concessions to the banks. The charity also produced an animation to press its case against reckless mortgage lending.
Read the rest of this entry »
Sinking the Unsinkable, Chapter 2
Posted: March 29, 2012 Filed under: Uncategorized 2 CommentsThe second part of my epic tale of the voyage of the RMS Torytanic. The story so far: A shortage of berths has prompted Captain Cameron to promise nothing less than an ‘accommodation revolution’ on the back of the ‘affordable ticket’ scheme dreamed up by his assistant purser, Mr Shipps. It will be iceberg season by the time the Torytanic completes its maiden voyage but fortunately for them she is designed to be unsinkable.
Ship’s journal of Captain D Cameron, Esq, Sunday October 16: The crossing is proving much slower going than my chief engineer, Mr Osborne, promised when we set sail. There are murmurings of discontent from passengers all over the ship and I’m not sure how much longer I can get away with telling them that they are better off than they would be on RMS Labour under Captain Brown or his replacement Mr Miliband. Fortunately, the loud parties organised by our Greek and Italian passengers have given them something else to moan about.
Rearranging the seats
Posted: March 27, 2012 Filed under: Housebuilding, Planning Leave a commentSo the people in Range Rovers in Barbours appear to have beaten the people in Range Rovers in pinstripe suits. But it remains to be seen how much difference the new National Planning Policy Framework (NPPF) will make to new housing in general and new affordable housing in particular.
After the final version of the document was published on Tuesday, The Telegraph was quick out of the blocks to claim victory for the Barbours and its Hands Off Our Land campaign. It cited explicit protection for the green belt and encouragement for local authorities to use brownfield land first. The National Trust and the Campaign to Protect Rural England both said the government had listened to their concerns (not surprising when documents released at the same time as the NPPF revealed that planning minister Greg Clark met them five times and had another seven meetings with other environmental organisations to discuss planning between July and September).
Sinking the Unsinkable, Chapter 1
Posted: March 22, 2012 Filed under: Uncategorized 3 CommentsThe story so far: Rummaging through a collection of books at a car boot sale, I came across this remarkable journal of a ship’s captain telling the story of a perilous voyage on the high seas. Originally published in five chapters in 24Housing magazine, I’ll be running it in five blogs here over the next three weeks. The story begins one fine September day last year…
Ship’s journal of Captain D Cameron, Esq, Sunday September 18: A spell off the bridge leaving my vessel in the less than capable hands of my first lieutenant, Mr Clegg, and officers from our sister ship RMS Libdem. Thanks to the ingenuity of my chief engineer, Mr Osborne, I will be able to listen in through the ship’s communication system to check if anything is seriously awry.
The black comedy of property taxation
Posted: March 20, 2012 Filed under: Budget, Housing market, Mansion tax 1 CommentWhy is it that so few chancellors ever consider the effect of their decisions on taxation on housing?
The obvious answers are political ones: housing is near the bottom of the list of priorities; no chancellor can afford to alienate the homeowning majority; and any changes to the tax system inevitably create losers as well as winners.
As George Osborne puts the finishing touches to the Budget, speculation continues about several measures that could have a huge impact: a long-overdue clampdown on stamp duty avoidance (Osborne has already committed to this – see my blog for Inside Housing here); extra council tax bands (a distinct possibility); and a mansion tax (advocated by the Lib Dems but supposedly ruled out for now by David Cameron). Yet all of the ideas are about raising revenue for tax cuts elsewhere. There is no suggestion of the more general reform of property taxation that is so badly needed.
Rubber stamp
Posted: March 19, 2012 Filed under: Budget, Housing market, Mansion tax Leave a commentSo George Osborne will come down ‘like a ton of bricks’ on people who avoid stamp duty by buying homes through offshore companies. What took so long?
The chancellor confirmed in TV interviews over the weekend that the loophole beloved of celebrities, rock stars and the global super-rich will be closed in the Budget on Wednesday.
Read the rest of this post on Inside Edge, my blog for Inside Housing.
Jules Birch 