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 Decline of Housing
        Confronting Prejudice
  8. Complementary Housing
  9.     The Equity Spectrum
        Affordable Housing



  • A5 Bookfold Printout
    'The Whole Story' can be printed on A4 paper in a way that allows it to fold into an A5 sized booklet.
  • 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.


Private Rented Consumer Service
Home ownership
Rented Investment Houses
Right-to-Buy Law



  • Just at the time when investment in our rented stock was maturing and subsidies were no longer needed, rents were increased, in order to support the rapidly diminishing private rented sector.
  • Heath announced the doubling of council rents in 1971 and UK house prices followed. They doubled almost immediately and they became extremely unstable.
  • Peer nations in Europe who retain large low cost rented stocks enjoy stable house prices.
  • Housing Benefits rose rapidly as their role changed to provide the rent-subsidies that were necessary to support the High Rent Policy.
  • It has created a new under class, the socially trapped class of the propertyless poor. It was from here that the inheritance of poverty began. Social mobility and child poverty in the UK, are amongst the worst in europe.
  • Forty percent of first time buyers depend on help from property owning parents.


Macmillan Heath and Thatcher pursued the same objectives, 'to restore the private rented sector, as it was before the war'. But Bevan's council houses stood in their way. They were financed by affordable rents and by the growth of equity in the stock. Loans required to establish the stock were subsides, but they were grossly exaggerated. No more than tax subsidies for house buyers, they were temporary and mostly paid off by 1972, when Heath abolished them.



The Cost Equation for the post-war public investment in affordable rented housing.

Equity grows with time and the rents needed to balance the equation fall.


Loan Cost - Affordable Rents - Equity Income = Subsidy or Surplus.

C - R - E = S

The post-war UK stock began to mature in the late 1960s. Even with low-rents, they produced surpluses within a single generation.

But Conservatives discarded this threat to their High Rent policy and they began to squander our resources of equity.

First they imagined that the buried equity of the stock could be used to subsidise housing poverty, simply by increasing council rents. But in 1971 the market reared up and bit them.

Since then, the market has reacted violently against the distortions of dogma that have delivered an inefficient and distorted market to new buyers, the cost of high rent-subsidy to the tax payer and the return of slum conditions for tenants.