UK non-profit housing associations have been dismayed by the news that US private equity firm Blackstone is investing in UK social housing. Blackstone has bought a 90pc stake in Sage Housing, a social housing provider that makes a profit from its activities. The National Housing Federation has objected to the move.
Huge sums of money set aside to tackle the UK's housing crisis has not yet been spent. More than £375m is sitting in councils' bank accounts, the Huffington Post reports. The majority of the money - £235m – is being held by just 14 councils. Southwark (Labour) is holding £52.6m, while Camden (also Labour) is holding on to £37.6m.
Home-ownership will elude one in three UK millennials, with many likely to remain in rented accommodation their entire lives, according to a report by the Resolution Foundation. It said around 14 million 20-35-year-olds would be affected, with half renting in their 40s. A third will be renting when they become pensioners.
Over-50s now hold three quarters of all UK housing equity, according to a new study by global property adviser Savills. This generational divide is most notable in the South West, where 80pc of housing equity is owned by the over-50 age group. It suggests that many affluent London dwellers have moved to the country.
Theresa May has criticised the UK home building sector for not supplying enough properties to meet national demand. “The gap between permissions granted and homes built is still too large,” Ms May said. But is she right to blame developers?
Housing secretary Sajid Javid wants developers to "upfill" existing buildings by adding new levels of accommodation. Will the idea address the housing crisis? Or will it just create "some very fancy penthouses", as one architect has claimed?