The Whole Story

  1. Need for Housing Policies
  2. The Costs of Provision
  3.     Investment Advantages
        The Carpetbaggers
  4. A Crucial Misconception
  5. Post-War Policies
  6. The Cost of Subsidies
  7. The Descent of Housing
        Confronting Prejudice
  8. Complementary Housing
  9.     The Equity Spectrum
        Affordable Housing



  • A5 Bookfold Printout
    This printout of 'The Whole Story' on A4 paper folds into an A5 sized booklet. It also looks good on screen, but I confess, I needed professional help to make the printer settings work.
  • Housing Cost Models
    Excel spreadsheets used to generate the financial models of housing provision
  • Summary
    The Essentials of UK Housing Policy. Both good and bad.



The market favours the provision of houses by investment. They increase in value with time, because they are so durable and the cost of a loan decreases on an amount that is fixed on the day of purchase.


Equity is the current market value of a house less outstanding loans and it begins to grow from the start of an investment transaction. Complementary Housing uses equity to provide affordable homes for tenants and homeowners alike.


Macmillan Heath & Thatcher dismantled Bevan's low-cost rented sector. With three times longer in government than Labour, it took them forty years to do it. His National Health Service is also under attack, but more easily understood, it has been protected by the electorate for seventy years.

  • Rent-subsidies are designed to support the HIGH RENT dogma
  • Sales discounts exclude the low-rent options. They give away the equity of the stock and prevent it from being used to reduce rents.
  • These market distortions cause high, unstable house prices, rent-subsidies we can't afford and negative equity due to the transfer of rented stock to the ownership sector at far below market prices.


The Right-to-buy law is the enforcer of a HIGH RENT POLICY. It has abolished the low-cost rent option by giving away the equity of the stock. It has driven both private and public rents high and it has used high rent subsidies to enforce a high priced housing market. The RTB law has taken us back to the 1930s.

Our problems are the logical result of a return to pre-war housing policies.


Have the freedom to use the growth of equity in any way they choose.


Privately Rented Houses are high cost consumer services (PRCS). By far the most expensive way of providing houses. They are six times the cost-balanced rents of a mature stock that needs no subsidies. But without subsidies, a PRCS becomes slum housing for the poor.


By far the most efficient and cheapest means of providing decent houses is to use the equity of the rented stock entirely to reduce rents. Equity grows from the moment the first house is built. It accumulates and grows to provide an increasing contribution to the cost of the stock and allows rents to be reduced to the affordable levels of almost every household.

The Principle Cause of Crises in the UK Housing Market

In the second half of the last century, the central objective of Conservative Housing Policy was to restore the dominance of the private rented sector, as it was before WWII. Repeated failures followed ill-considered policies that distorted the market and the private rented sector diminished from 60% to 9%, until the most extreme distortion of the housing market was introduced by Thatcher in 1980 under the guise of a Right-to-buy law.

The Right-to-buy law gave away, as much as 70% of a house value, to sitting tenants. But of coarse, many of these discounts found their way into private companies, who devised whatever schemes and scams they could negotiate with tenants.

With discounts of this order, she completed 2 million sales over the next two decades and boasted under the privilege of parliament about the votes that they would bring to her. But her real objective was to extract the equity from the rented stock, which for forty years had frustrated their attempts to restore the private rented sector. The discounts paid, were extracted from the equity of the rented stock, which had previously been used to keep rents low. She drove all rents high. At last, she halted the decline of the private rented sector and she was prepared to pay the high rent-subsidies that escalated rapidly. Some would say - out of control, but later she knew, they could cut costs and blame it on the poor.