Free land for those who will build social homes on it. Is this the radical solution to the UK’s housing problem? | Phineas Harper
Source: Guardian Housing ↗
A bold south London initiative to give land to community groups rather than private developers could transform the system Lewisham council, in southeast London, is developing ambitious plans to transfer public land to community groups in an attempt to get new social housing built in the borough.
According to papers tabled at Wednesday’s council cabinet meeting, the local authority is devising a new housing strategy, which includes giving packages of public land worth up to £2m each to community-l.
⚡ Effects Interpreter
🌍World Economylow impact
What this means for you
- ▶Distant markets sometimes move on rumour before the facts even settle.
- ▶Export-heavy economies might see demand wobble as buyers wait and watch.
🏙️Local Economylow impact
What this means for you
- ▶Slight businesses nearby might tweak their prices in the weeks ahead.
- ▶Your local economy has a way of catching these currents eventually.
🏦Rates & Bankslow impact
What this means for you
- ▶Building societies typically wait for a clearer trend before moving.
- ▶Fixed-rate shoppers might want to compare deals soon.
❤️Healthmedium impact
What this means for you
- ▶A little perspective usually helps once the initial shock fades.
- ▶It's easy to underestimate how much stories like this weigh on people.
💷Wealthmedium impact
What this means for you
- ▶Diversified savings usually cushion the blow from stories like this.
- ▶Money set aside for the future can afford to sit tight through this.
🏠Housinglow impact
What this means for you
- ▶The local market typically takes its cue from sentiment as much as data.
- ▶Anyone remortgaging soon might want to watch how lenders respond.
🌍 Effects for your country
The U.S.'s central bank rate currently stands at 3.75%, so a global rates move like this could feed through to local borrowing costs. The U.S.'s economy is growing at 2.3% with inflation at 3.2%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the U.S.'s own central bank rate closely. With the U.S.'s unemployment at 4.4%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone — the real impact in the U.S. depends more on local healthcare capacity than the figures above.
The UK's central bank rate currently stands at 3.75%, so a global rates move like this could feed through to local borrowing costs. The UK's economy is growing at 0.8% with inflation at 3.2%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the UK's own central bank rate closely. With the UK's unemployment at 5.6%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone — the real impact in the UK depends more on local healthcare capacity than the figures above.
France's central bank rate currently stands at 2%, so a global rates move like this could feed through to local borrowing costs. France's economy is growing at 0.9% with inflation at 1.8%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track France's own central bank rate closely. With France's unemployment at 7.9%, personal-finance effects like this land on a labour market that is already under strain. Health-system effects are harder to localise from economic indicators alone — the real impact in France depends more on local healthcare capacity than the figures above.
Romania's central bank rate currently stands at 6.5%, so a global rates move like this could feed through to local borrowing costs. Romania's economy is growing at 0.7% with inflation at 7.8%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track Romania's own central bank rate closely. With Romania's unemployment at 6%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone — the real impact in Romania depends more on local healthcare capacity than the figures above.
The UAE's central bank rate currently stands at 3.65%, so a global rates move like this could feed through to local borrowing costs. The UAE's economy is growing at 3.1% with inflation at 2.5%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the UAE's own central bank rate closely. Health-system effects are harder to localise from economic indicators alone — the real impact in the UAE depends more on local healthcare capacity than the figures above.