There is no escaping the fact that over the last couple of decades, the rise in the number buy to let properties in Clapham has been nothing short of extraordinary. Many in the “left leaning” press have spoken of a broken nation, the fact many youngsters are unable to buy their first home with the rise of a new cohort of younger renters, whom have been daubed ‘Generation Rent’ as landlords hoover up all the properties for their buy to let property empires. Government has been blamed in the past for giving landlords an unfair advantage with the tax system. It is also true many of my fellow professionals have done nothing to avail themselves in glory, with some suspect, if not on some rare occasions, downright dubious practices.
- Less of private home building (again look at the graph) over the last two decades.
- A loss of conviction in personal pensions meaning people were looking for a better place to invest their savings for retirement.
- Ultra-low interest rates for the last nine years since the Credit Crunch meaning borrowing was cheap.
- A massive increase in EU migration from 2004, when we had eight Eastern European countries join the EU. That brought 1.4m people to the UK for work from those countries – and they needed somewhere to live.