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THE WORKERS PARTY

Housing: thoughts of a young renter

by Arthur (“Housing: thought of a young renter” is a member of the WP Writers Group)

In recent months, news outlets covering the current state of housing in Britain have all reached a consensus: we are living in a housing crisis.

Damning facts presented in this news include:

Only one fifth of adults aged 18 – 34 in the UK own their own home with their own children, and every other young adult is either living with their parents, or purchasing cheaper, smaller houses, with extended mortgage terms and budgeted lifestyles.

Additionally, to afford rent for their accommodation, coupled with ever-increasing mortgage rates, young people are frequently required to rely on their parents, especially considering those who have low income. However, for those not being helped by their families, or even those who are, first-time buyers still need to prove that they can afford significantly more than what their mortgage payments will actually be, meaning they cannot purchase a home for themselves.

At the end of 2023, it was reported that the lowest amount of homes were sold in nearly a decade, and the number of first-time UK house-buyers has hit an all-time low.

Families are no longer up-sizing their home to accommodate their children. People now start families later in life, and have less resources to thrive. Subsequently, our national birth-rate is declining. Another consequence? More and more migrants are welcomed into our country via the interests of corporations – and naturally, greater pressure is placed upon limited and deteriorating housing stock. It only gets worse when you consider the fact that migrants then end up in the most dire housing conditions.

This situation, coupled with the cost-of-living crisis, affordability gaps, and many other economic struggles the British people and their families are facing, is dire.

As hurdles continue to multiply for first-time buyers, people turn to private rented homes, therefore becoming subservient to the buy-to-let economy.

And, as the Renter’s Reform Bill is continuously watered down by the government, after King Charles’ recent speech, no commitment is being made toward banning no-fault eviction. In most recent news, landlords are to receive £70 billion in government housing support, it is evident that landlords are being provided further power and leeway for taking advantage of the housing market.

There is a lack of social housing in this country, as well as a lack of adequate housing generally. Our government would rather protect wealthy property developers over building more affordable, beautiful homes and improving both the quality and safety for homes already existing across the country.

Not only are there not enough homes – and consequently, prices and rent is extortionate.

The Workers Party promises to provide guaranteed housing for every citizen of the country.

The housing crisis is the result of an anti-human political, corporate and banking elite’s chokehold over home ownership, putting profit at the focus of the housing economy. Together, we can change this.

Read our manifesto for more information in regard to solving the housing crisis: https://workerspartybritain.org/manifesto-britain-deserves-better

One thought on “Housing: thoughts of a young renter

  1. It is important to situate UK housing problems in the history of the UK economy. One important point for UK citizens to understand is how mortgages have moved from being soley given by Building Societies to Banks – recall that in the late 80s many BS converted to Banks. This is a major change in the economy. Prior to 1971 UK Banks were prohibited from the mortgage market. When this was changed the UK went from a badly managed industrial economy to a financialised (non-productive) economy. All of this stems from Bank of England policy changes in 1971 under Charles Goodhart – who worked with Milton Friedman and the IEA. The Heath government was the first neoliberal government, Heath was under the control of the Powellites (neolibs including Joseph & Thatcher). So yes Enoch Powell was the first neoliberal politician in the UK. There is more that can be added showing what happened to the UK economy. Understanding how useless the UK middle & upper classes are at running the economy, means that we can implement national /local policies to create real economic growth. Open to having discussions.

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