London’s Horrendous Housing Crisis: Slums, Unfettered Greed and the Unacceptable Exploitation of Workers

Housing crisis: a photo from the 1970s, sadly as relevant today as it was then.Please support my work as a reader-funded investigative journalist and commentator.




 

Regular readers will know that Britain’s housing crisis — and especially the crisis in London — is something that angers and depresses me on an almost permanent basis, and for one unassailable reason —  because housing is, essentially, a human right, and yet, during the course of the 21st century, it has become the key commodity in the enrichment of the few at the expense of the many. See my archive of articles about the housing crisis here, here, here and here.

The saying “safe as houses” came into being because housing was traditionally regarded as stable, somewhere money would neither be gained nor lost, but since Margaret Thatcher’s assault on social housing in the 1980s, and the artificial housing bubble maintained by the government and the banks since the days of New Labour, it is now an unregulated cesspit of astonishing greed and the immoral exploitation of others.

Thatcher’s selling off of council houses, and her refusal to allow councils to build any new housing, started a slowdown in the rate of housebuilding that has never been reversed, and the greed that has grown to dominate the housing market in Britain has also been ramped up due to an increase in demand as the population has increased, and the cynicism of politicians and bankers, who worked out that an ever-growing housing bubble was a seemingly viable substitute for genuine economic growth, as well as delivering free money in extraordinary quantities to those — generally the baby boomers and my generation, those born between the end of the Second World War and the end of the 60s — who were fortunate enough to have got on the property ladder before the frenzy began. Read the rest of this entry »

London’s Insane Housing Bubble – and the Sickening Greed that is Strangling the Capital

Everywhere I look in London, monstrous new housing developments are rearing up — unaffordable to most working people, and largely bought up by foreign investors. While some take up residence, others leave their investments empty or join the frenzy of home-grown landlords in the buy-to-let market, fleecing an ever-increasing percentage of London’s workforce, who simply cannot afford to buy a property and have no choice but to cough up whatever outrageous amount they are asked to pay by landlords who have been unregulated since the days of Margaret Thatcher, the great liberator of unfettered greed.

This is the new London, in which those involved in new housing developments act as pimps for rich foreigners and for Britain’s own wealthiest property owners, and struggling British workers are preyed on by their fellow citizens, in a market driven by the greedy sense of entitlement that motivates far too many landlords, and a housing bubble kept inflated by the government and the Bank of England, whose refusal to raise interest rates is the primary driver of an economy in which profiteering on housing is seen, by far too many people, as their only viable investment.

However, the situation is now so dire that last week a YouGov poll commissioned by the Evening Standard — normally nothing more than a front for the mortgage industry — revealed that “[h]alf of Londoners want house prices to fall.” Read the rest of this entry »

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Andy Worthington

Investigative journalist, author, campaigner, commentator and public speaker. Recognized as an authority on Guantánamo and the “war on terror.” Co-founder, Close Guantánamo and We Stand With Shaker. Also, photo-journalist (The State of London), and singer and songwriter (The Four Fathers).
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