Our housing market really isn’t working and it is a crisis for young people especially. Government intervention in the rental market (even if well-intentioned) makes matters worse, with less availability and rising rents.
Now there is talk of rent controls, but one only has to look to Scotland to see how that works out; rents going up faster than anywhere else!
There’s an insane Catch 22 here; rents are often higher than mortgage repayments on a similar property, with the net result that young tenants can’t save for the deposit that would allow them to buy.
Likewise, the cost of refurbishing old properties (there are a lot in Ceredigion) is such that the only viable option is to sell a renovated house (often unaffordable to local young people) or use it as a holiday let.
Instead of doubling down on a failing policy, maybe it’s time to look at alternatives. A different rental model for long term tenants would be a start; lower rents and long term security combined with greater tenant responsibility is worth looking at. Likewise, we must find a way of getting decaying old properties back into use. Tax breaks and a shared equity model could do this, without requiring vast sums of tax payers’ money.
The usual suspects will criticise such ideas; hopefully they will put forward some workable alternatives.