London Daily

Focus on the big picture.
Thursday, Mar 12, 2026

The housing market may be booming for a fortunate few, but the have-nots of Britain are still being left way behind

The housing market may be booming for a fortunate few, but the have-nots of Britain are still being left way behind

High earners and those with wealthy parents, aided and abetted by government schemes only designed to make the economy ‘look’ good, are forcing up house prices for the rest. After Covid, housing is the next crisis on the horizon.
Today I received an email from one of the UK’s leading estate agents for high value properties. I like to know what they are all up to, so I subscribe to all of their sites. On opening the message titled ‘The Outlook is Sunny’ I was informed of how positive the housing market is with strong levels of demand, 52% higher than this time in 2019, and told sellers should really take advantage of this good news.

I’m one of the millions who privately rent and, as a middle-aged single woman, there is no chance of me ever getting a mortgage and owning a home. I equally have no chance of renting a council property thanks to Margaret Thatcher’s very popular and vote winning policy 40 years ago ‘Right to Buy’. This involved selling off council houses and not replacing them because a home owning democracy would be a ‘better’ society. Which is true, if by ‘better’ you mean more compliant and in hock to the bank with mortgages for the bulk of their lives – the emphasis since 1979 has been on buying property and using it as capital rather than a home.

The consequences of ‘Right to Buy’ in 2021 are that: in the middle of a pandemic, with millions furloughed, unsure of their fate and an increasing dole queue thanks to entire industries disappearing; the housing market is also now blowing up. But the “outlook” is only “sunny” for those who have stable well-paid work and large deposits or access to the ‘bank of mum and dad’. These are the only people with any hope of being part of that fabled home owning democracy.

The truth is housing has always been the great class divide in Britain – a lever that all politicians like to pull when they need votes. Heating up the housing market virtually guarantees a bounce to the economy by making those not on the property ladder panicky about getting on it at any cost, even taking out mortgages they can barely afford on properties that simply aren’t objectively worth it. For example, a standard two bedroom flat in Newham in East London according to Rightmove costs around £455,000. That is pie in the sky for most families, not a realistic hope of owning a home.

All this just adds to the misery that is this hellish new decade. The hope millions have of being able to live in an affordable and safe community simply does not exist. Last year when the Chancellor of the Exchequer Rishi Sunak was putting financial packages together to support the economy, like every chancellor before him he cynically used the housing market to hoover up votes from the hopelessly aspirational and, of course, the middle class. No attempt was made to tackle the realities of a housing system that has been smashed for more than four decades.

The stamp duty holiday that the chancellor gave in 2020 on the first £500,000 of a property has been extended by three months in England, Northern Ireland and Wales but ended on March 31 in Scotland – with the think tank Policy Exchange calling for the temporary measures taken in relation to stamp duty and ‘Help to Buy’ schemes to become permanently funded by the taxpayer.

This is problematic in every way imaginable. Heating up the housing market based on a broken supply and demand system while doing nothing about the real issue (the lack of safe, affordable homes for everyone) leads to bubbles forming. Passing around borrowed money while the rest of the economy is shaking will only lead to one place and that is back to 2008. Do we really want to go back to dodgy subprime mortgages being sold to people that can’t afford the repayments on properties that have been artificially inflated by the market meaning the bricks and mortar is nowhere near equal to the debt? Thirteen years ago, this meant millions of mostly working class American families found themselves homeless and in debt, but because of the global nature of markets and the banking industry billions of working class people all over the world found themselves paying for the vast bailouts governments doled out to prop up the global banking industry after it gambled and lost.

We are almost a generation on since the last global crash – yet it seems no lessons have been learned. While in the UK the property market has been stable and in fact growing since 2010, that is because buy to let landlords have been filling the gaps the housing market left. Just 17% of our UK housing stock is socially owned – for all but the very lucky who have managed to get into a social home – the majority of lower earners live in inflated private rental properties.

In the last year since the first lockdown it is estimated by the Resolution Foundation that almost half a million families have fallen behind with their rent as a result of the coronavirus crisis. With the only government guidance being “to negotiate lowering rent,” the housing crisis, which has been at breaking point for many years is about to get crazily unstable. When any society has been through trauma, providing safe homes should be any government's first priority. Without a safe home, we have nothing.

After the Second World War both the Tory and the Labour parties committed to building mass social housing, in 2021 none of our politicians are talking about homes for the less well off. Why isn’t this top of the agenda again now?

Having a home somewhere safe to live as a base to get on with the rest of your life is fundamental, the Five Giants that William Beveridge set out to slay in 1942 as he introduced the idea of a Welfare State: Want, Disease, Ignorance, Squalor and Idleness, are again wide awake and making discomforting noises.

Disease has already reared its ugly head again and the world has learned the hard way over the last 12 months that a society without good healthcare for everyone is a false economy. Squalor won’t be far behind if we do not soon realise the same about housing.
Newsletter

Related Articles

0:00
0:00
Close
Release of Mandelson Files Raises Tensions as UK Seeks Stable Relations With Donald Trump
UK Documents Reveal Starmer Was Warned About Mandelson’s Epstein Links Before Ambassador Appointment
Nearly Five Hundred UK Mortgage Deals Withdrawn in Two Days as Market Volatility Forces Lenders to Reprice
Three Cargo Ships Hit Near Iran as Attacks Spread to Strategic Strait of Hormuz
Why British Police Repeatedly Declined to Investigate Jeffrey Epstein’s UK Links
UK Parliament Ends Hereditary Seats in House of Lords, Closing Chapter on Centuries of Aristocratic Lawmaking
EU and UK Urge Israel to Act Against Rising West Bank Settler Violence Amid Regional Tensions
US Senator John Kennedy Says Keir Starmer Should Not Be Trusted for Military Advice Amid Iran War Debate
UK High Court Rejects Attempt to Revive Terrorism Charge Against Kneecap Rapper
Revolut Secures Full UK Banking Licence After Multi-Year Regulatory Wait
Kentucky’s Bench Boost Powers Wildcats Past LSU in SEC Tournament Opener
British Couple Die After Being Pulled From Water at Australian Beach During Family Visit
Global Energy Agency Announces Record Release of 400 Million Barrels to Stabilize Oil Markets Amid Hormuz Disruption
British Airways Suspends UK Repatriation Flights as Middle East Travel Disruption Deepens
US Forces Prepare Ordnance at RAF Fairford as Strategic Bombers Deploy for Middle East Operations
Nigel Farage Faces Criticism After Saying Britain Should Stay Out of Iran War
Landmark UK Trial Begins Over Sony’s PlayStation Store Pricing
UK High Court Rejects Bid to Challenge Britain’s Chagos Islands Agreement With Mauritius
Finnish Duo Triumphs in England’s Annual Wife-Carrying Race, Winning a Barrel of Ale
How U.S. and UK National Security Strategies Are Reshaping the Global Business Landscape
Green Party Gains Momentum as Labour Shifts Toward the Political Centre
Royal Navy Destroyer HMS Dragon Sets Sail for Eastern Mediterranean as Regional Tensions Rise
UK Homebuilder Persimmon Warns Iran Conflict Could Dent Property Buyer Confidence
Roman Abramovich Signals Legal Fight if UK Seeks to Seize Chelsea Sale Funds
UK Ready to Back Emergency Oil Reserve Release as Middle East Conflict Pushes Prices Higher
Study of 40,000 Articles Sparks Debate Over Alleged Anti-Muslim Bias in UK Media
US and UK Army Chiefs Strengthen Cooperation on the Future of Armored Warfare
Britain’s Search for the Next ARM Intensifies as Startups and Investors Target the Semiconductor Frontier
Three US Strategic Bombers Arrive at RAF Fairford as Iran Conflict Intensifies
Cancer Death Rates in the UK Fall to the Lowest Level on Record
UK Government Bond Yields Retreat Slightly After Sharp Spike Triggered by Middle East Conflict
UK Chancellor Warns Middle East War Could Push Inflation Higher
UK Prime Minister Warns Iran Conflict Could Drive Up Prices and Threaten Economic Stability
Trump Declines UK Offer to Deploy Aircraft Carriers to Middle East Amid Iran Conflict
Prince Harry and Meghan Markle to Return to Australia After Seven Years for Philanthropic and Business Engagements
UK Government Signals Independence From Washington as Cooper Says Britain Does Not Agree With Trump on Every Issue
UK Experts Warn AI Chatbots Are Fueling Surge in Claims of Organised ‘Satanic’ Ritual Abuse
UK Political Parties Divided Over Strategy as Iran Conflict Reshapes Foreign Policy Debate
Britain Discloses Secret Military Repair Hubs Operating Inside Ukraine
Trump Says US No Longer Needs UK Carrier Support After Delayed Offer Amid Iran Conflict
Why Britain Has Become Involved in the US-Israel Military Campaign Against Iran
UK Gas Storage Falls to Under Two Days as Iran Conflict Jolts Global Energy Markets
UK Warned to Brace for Economic Shock as Iran War Drives Global Energy Price Surge
Starmer and Trump Hold First Call After Public Dispute Over Iran Conflict
UK Dentists Returned £1.3 Billion to Government as Shift Toward Private Care Accelerates
Expert Warns UK Must Build Emergency Food Stockpiles to Prepare for Climate Shocks or War
UK Plans Charter Flight to Evacuate British Nationals from Gulf as Regional Conflict Disrupts Air Travel
Families of Zimbabwe’s Liberation Fighters Call on Britain to Help Locate Skulls Taken During Colonial War
Iran’s Ambassador Warns Britain to ‘Be Very Careful’ Over Deeper Role in Expanding Middle East War
UK Military Leadership Defends Britain’s Defensive Role in Expanding Middle East Conflict
×