Homes Mayday
PLUMMETING home ownership is a problem every bit as pressing as the industrial woes Theresa May set about solving yesterday. But it is surely simpler to fix.
The dire shortage of new houses, our soaring population and the buy-to-let explosion have combined to put buying beyond the reach of a generation.
Levels of private ownership have not been this low in England since 1986. The figures are nose-diving everywhere, not just in London and the South East.
Some sneer at Brits obsessing over owning a home. Germans don’t mind renting, they say. But why shouldn’t we aspire to the security of a property we can own and invest in for life instead of keeping a landlord in clover?
It is vital this Prime Minister does what David Cameron couldn’t — instigate a huge building programme, free up land and relax planning laws.
Her talk of turbo-charging productivity, innovation and growth in every corner of the country is a great dream — and we eagerly await the solutions.
But what of Maggie Thatcher’s dream, of home ownership for most families?
It has become a luxury for the middle-class and middle-aged.
Mrs May’s philosophy is “doing, not talking”. She will “get on and deliver”.
Come on then, Theresa. Deliver us a housing revolution to transform Britain.
Bank cowboys
BANKS that sold dodgy loans decades ago when the mortgage market was a Wild West cannot shirk their responsibilities.
It is incredible that a 90-year-old widow faces a £177,750 bill to pay off a £22,500 Barclays mortgage from 1989.
Yes, she and her husband signed on the dotted line. Yes, she got an interest-free loan. No, she wasn’t technically duped.
But “shared appreciation” mortgages, now withdrawn, massively favoured the lenders when house prices rose.
Most customers were elderly, naively trusting and hadn’t a clue what they were getting into. The banks knew full well.
Barclays is still up to its neck in compensation claims over the PPI scandal, which could worsen now a deadline is being set for 2019. Shared appreciation mortgages look like another disaster.
It should renegotiate with borrowers now.
Naval gazing
TWO months ago The Sun demanded Navy ships be sent to patrol the Channel to protect our wide-open coastline. We’re happy to see MPs are following suit.
It is crazy our 7,700 miles of shoreline, defended by three boats, can be penetrated so easily by migrant smugglers and potentially by terrorists. Security barely exists at our many tiny ports.
Meanwhile the Navy is sailing around the Med rescuing capsized migrants.
That’s surely a job for the Italians. Our ships should be protecting Britain.