Tuesday, December 11, 2012

London's Newham Council leading the pack

food bank © fintag

News comments:
Slightly off piste but its going to impact something and someone.

As is being reported, London is the asset dump of the world. If you have cash, buy some London property, lock it up and come back in a few years and sell it for multiples. The impact has been huge. Horrible semi detached houses in out of the way Chiswick sell for USD10m and bedsits off Kensington High Street once frequented by out of work actors sell for USD2000 a square foot.

The locals are being displaced. Not only displaced but being forced into renting.

Lots of pension cash is going into buy to lets and groups of displaced and homeless people are living together "friends" style. This is normal except under the Housing Act 2004, two different blood relatives and 3 or more people constitute a HMO (High Multiple Occupancy) and there are rules. Its a bit vague as to whether these properties need to be licensed but Newham Council is the first in the country to license ALL rental properties.

They have hired a big team because licenses means more work for health and safety inspectors and hard earned cash from the landlords who have to register. Landlords will have to install smoke alarms, carpets that cannot fray and enjoyable living spaces.

Other councils are watching. By the end of next year all houses will be licensed. HMRC will be pushing this through. Rents will be forced upwards and people squeezed even more.

Upshot? You tell me.

Today's shorts:
UK to be junk status very soon (bloomberg)

USA to get its AAA back (cnn)

UK sells its soul (telegraph)

Today's longs:
Corn, corn, corn (bloomberg)

Long tents, bridges and sleeping bags. Short space, freedom and squatting.


Anonymous said...

This is great news!
Rents wont be forced up, slum landlords crowding out young people with their high LTV, interest only BTL deals have had their day and will be forced out.
Now as they rush for the exits, hopefully they'll do to prices on the way down what they did on the way up.
In the end young people will be able to buy their own property without having to rely on government subsidising the building trade with grants and schemes.
Hopefully these parasites will learn a lesson and generations of greedy old duffers tellng their kids to invest in 'bricks and mortar', squat on the windpipe of the next generation, while they inflate their way to riches, will come to an end.
London will once again become a vibrant, living city with families, homes and lives rather than the bastardized, neon, transient shithole it has become.
Well done Newham!

Hiếu Lê said...

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Nguyễn Khắc Hiếu said...

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- công ty vận tải hậu phương cung cấp dịch vụ cho thuê xe tải giá rẻ