Currently, 1.7 million families are on housing waiting lists. In the meantime families survive in private rental accommodation that nets landlords profits of £31 billion per year.
Income is not net profit, net profit is not income.
No, I don\’t know what the figures is for gross private rent paid but I think we can take a stab at it.
Private rented housing is a vital and growing part of the housing market comprising almost 14 per cent of all households, or nearly three million homes in England.
So, some 3 million properties, to reach our £31 billion we\’d need the average rent to be around £10,000 a year. Seems about right to me.
So, yes, I do feel comfortable in stating that Eoin, the cheeky wag, has just declared that gross rental income is in fact net profit to landlords.
He\’s not included any costs at all: not depreciation, not renovation, not agency fees, not even financing costs.
About par for the course really, our academic specialist in feminist history not seeming to be all that good with numbers.
By building 100,000 Co-Operative homes we argue that you could switch these families from private rental accommodation that currently costs on average £8,000 p.a. to Co-Op homes costing the dwellers half that.
Yup, that is what he\’s doing, using gross income to mean gross profit. He\’s even shown that he\’s wrong in his own numbers: the Co-Op won\’t be making a profit on this but the costs are still, to the tenants, £4,000 a year….he\’s also leaving out financing costs as his plan starts off with a grant which doesn\’t need to be financed.
This is amusing too:
In Britain we have 17 billion tonnes of coal which can be used for the Carbon Capture Storage process.
Yes, we know we\’ve got lots of coal. What we don\’t have is a CCS technology that works, making the amount of coal we have something of a redundant calculation.