Jeremy Corbyn Looking At ‘Universal Basic Income’; Says House Price Fall Could Help Tackle Housing Crisis

Corbyn said that the 1% drop in house prices reported for July by the Halifax this week could have benefits.

The Royal Institution of Chartered Surveyors has predicted a slump in property transactions following nervousness in the housing market post-Brexit.

Economists at the French bank Société Générale have said London prices could fall 30% and by 50% in the most expensive boroughs.

Asked if there were any benefits in the house price fall, Corbyn said: “It will make it easier for people trying to buy, it will make it very unlikely that those who want to sell will go ahead with the sale, unless they are terrified that the price is going to fall very rapidly and then they will get worse off.

“But it does give the opportunity for government intervention to buy properties as well, to convert into social housing and council housing.”

He said he was “very serious” that a Labour government should intervene directly to reverse the housing crisis felt by millions who could neither buy or rent an affordable home.

Asked what he felt about the way Britons viewed their houses as financial assets, he replied:  “It’s a problem that Britain has always had compared to the rest of Europe.

“We are brought up with the idea that your house is the biggest asset that you’ve got. In most cases, it is because you’ve spent the most on it.

“Other societies don’t. They see housing as more of something everybody needs and have actually a lower level of owner-occupation in than Britain. Britain is higher than most of Europe but is falling quite rapidly.

“And so we’ve got to work our way through this. The crucial thing is the housing crisis of homelessness, overcrowding and insecurity has to be addressed.”

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