Polly Today

If banks need bailing out, so councils need money to buy every repossessed home to stop yet more homelessness…

How does this work then? Does she really think that a house which is repossessed is then destroyed?

What happens in a repossession of course is that ownership of the asset changes. Whether it\’s a new private owner or it\’s a local authority or housing association, there\’s still the same number of houses in the country capable of housing exactly the same number of people.

In fact, we might think that a private buyer is going to get someone into it rather more swiftly than a local council would. A private would be landlord is after all motivated by profit to get the asset earning him something….likely to produce a tad more urgency than people acting without such an incentive.

Indeed, if you\’re looking for a business idea then buy to let is going to be very attractive in a year or two\’s time.

If you can get anyone to finance you that is.

1 thought on “Polly Today”

  1. Effing and Blinding

    Only a year or two?

    I am getting news from the folks in Sydney (where property dipped probably a year ahead of UK). Queues for rental property are 40 deep. Desperate renters are offering a full year’s rent to push up the queue. It is madness.

    As always in these times, there will be fortunes to be made during the crunch and buy to let will be up there.

    Big danger is that the likes of Polly will use her disproportionate influence on our politicians to make life harder for landlords. I can’t think of a faster way of turning a neighbourhood into a slum than reducing landlord returns (other than bombing it).

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