Housing News Digest
Housing News Digest
The Tenants' Union Housing News Digest compiles our pick of items from all the latest tenancy and housing media, sent once per week, on Thursdays.
Below is the Digest archive from November 2020 onwards. From time to time you will find additional items in the archive that did not make it into the weekly Digest email. Earlier archives are here, where you can also find additional digests by other organisations.
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Archive
Renters protest against ‘rampant profiteering’ outside landlords’ convention
Robert Booth The Guardian (No paywall)Tenants facing soaring rents staged a protest against “rampant profiteering” outside a landlord convention in London where investors were told how to “build a £25m property portfolio, using none of your own money”.
Dozens of renters chanted: “Landlords! Parasites!” outside the National Landlord Investment Show and demanded a rent freeze, as the average monthly UK rent has increased by £110 – more than 10% a year – according to the property website Zoopla.
Inside, landlords described how they had waiting lists of more than 200 people wanting a single property, allowing them to pass on interest rate increases.
https://www.theguardian.com/money/2023/jul/04/renters-protest-ag…
# Hot topic International, Rent, Housing affordability, International.Financialization of housing: a tale of 13 cities
Christine Whitehead and Kath Scanlon The London School of Economics and Political Science (UK) (No paywall)Financialization of housing has been an issue since at least the 1980s when technology improved information and efficiency in finance markets. This in turn enabled large scale international flows of funds. But it became much more obviously an issue after the Global Financial Crisis and the introduction of Quantitative Easing in many countries which led to far lower interest rates. This in turn increased the incentive to look for secure returns as well as potentially profitable gaps in the market and regulatory systems.
https://blogs.lse.ac.uk/lselondon/financialization-of-housing-a-…
# Research alert International, Housing market, International, Planning and development.Cost of living: What are your rights as a tenant when you're renting?
BBC BBC (No paywall)Rents are rising at their fastest rate since records began in 2016.
But with a quarter of tenants struggling to pay, what are your rights?
How much can my landlord increase my rent?
Most tenants have a rental agreement called an assured shorthold tenancy.
Some of these are "rolling" - which means tenants pay rent weekly or monthly, with no fixed end date.
In England, the landlord:
can usually only put up the rent once a year
must give at least one month's notice
Any rent rise must be fair and realistic, in line with local properties.
Sally Rooney: Renters are being exploited and evictions must be stopped
Sally Rooney Irish Times (No paywall)Why has the Government opted not to extend its moratorium on evictions? The decision has not so far proven popular, except among the relatively small and wealthy population group who are themselves private landlords. In the context of a housing emergency, in which many of those evicted will face the prospect of immediate and possibly prolonged homelessness, the resumption of evictions will not only be personally catastrophic for those affected: it will trigger an unprecedented escalation of a national crisis. Many people in the State, including many children, will be left with nowhere to live, through no fault of their own, as a direct result of this decision.
https://www.irishtimes.com/life-style/2023/03/18/sally-rooney-re…
# Hot topic International, Rent, Housing affordability, International.Greens' rental price control policy: Davidson rubbishes criticisms
RNZ Radio NZ (No paywall)Green Party co-leader Marama Davidson says criticisms of their new policy that it would reduce housing supply or lead to black-market deals are "rubbish".
The party has long called for things like caps to rental price controls and minimum standards, and on Sunday launched their election policy of introducing a renters' rights bill in the first 100 days of a new government.
The party sold its policy as ensuring renters could access a warm, safe home as a human right, but Infometrics principal economist Brad Olsen warned it could force some landlords out of the market, and disincentivise improvements to rental homes.
Property Investors Federation vice president Peter Lewis told Morning Report landlords were already struggling with rising costs, and such a policy would mean many selling up.
https://www.rnz.co.nz/news/political/493091/greens-rental-price-…
# Hot topic International, Rent, Housing affordability, International.Europe's financial stability risk remains 'severe' -EU watchdog
Reuters Reuters (Paywall)Financial stability risk in the European Union remains at a "severe" level and the downturn in the housing market could become even more broad-based, the bloc's financial risk watchdog said on Thursday.
High inflation, a drop in household's disposable income, rapid rate hikes by the European Central Bank and notable bank failures overseas have challenged Europe's financial sector this year, even if lenders remain relatively healthy.
"The European Systemic Risk Board (ESRB) concluded that financial stability risks in the EU remain severe," the ESRB, headed by ECB chief Christine Lagarde, said in a statement.
"The end of the prolonged low interest rate environment has changed the risk landscape worldwide, with the full impact of the sharp rise in interest rates only being felt over time," it added.
https://www.reuters.com/world/europe/europes-financial-stability…
# Hot topic International, Housing affordability, International, Planning and development.US construction spending beats expectations in May on housing
Reuters Reuters (Paywall)U.S. construction spending increased more than expected in May as a severe shortage of houses for sale boosted outlays on single-family homebuilding.
The Commerce Department said on Monday that construction spending rose 0.9% after gaining 0.4% in April.
Economists polled by Reuters had forecast construction spending increasing 0.6%. Construction spending advanced 2.4% on a year-on-year basis in May.
Spending on private construction projects jumped 1.1%, with investment in residential construction rebounding 2.2% after dropping 0.9% in the prior month. Private construction spending had risen 0.4% in April. Spending on single-family housing projects accelerated 1.7% in May.
https://www.reuters.com/markets/us/us-construction-spending-beat…
# Hot topic, Research alert International, Home ownership, International, Planning and development.‘My landlord hiked my rent twice in a year, so I moved into a van to save money’
Sarah Davidson inews.co.uk (No paywall)Toni Galloway bought her fully converted Ford Transit medium wheelbase van 10 months ago after her landlord put her rent up twice in six months.
The 53-year-old carer turned glamour model had been living in Liverpool city centre in a “tiny” studio flat costing her £550 a month.
“Then my landlord put my rent up to £575 and I managed to scrape through for six months but I couldn’t afford to get to Scotland to see my parents, my kids or my grandchildren.
https://inews.co.uk/inews-lifestyle/money/landlord-hiked-rent-tw…
# Hot topic International, Housing affordability, International, Personal stories.