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The Consequences to Housing as a result of the Credit Crunch.

Professor Peter Ambrose describes his famous graph showing the staggering increase
in debt in recent years as a result of the deregulation of lending criterea. This graph
was presented to Tony Blair when he was Prime Minister in the Zacchaeus Trust Report
on Affordable Housing in May 2005. Professor Ambrose explained the inevitable
consequences of allowing borrowing to continue without proper regulation to both
Tony Blair and in meetings with senior figures in the Treasury. His advice was ignored. 

The Zacchaeus Trust 2000 memoradum to the Prime Minister on Unaffordable Housing (May 2005)
contained a graph prepared by Professor Ambrose clearly demonstrating the massive rise in debt
out of proportion to incomes. In his opinion at the time there could be only one consequence, the
one we are now facing.

Housing Affordability Standard - April 2008 (2,454 KB)

Professor Ambrose works with the:

Zacchaeus 2000 Trust
38 Ebury Street, London SW1W 0LU
Telephone: 020 7259 0801 -
Fax 020 7259 0701 -
Mobile: 0796 11 77 88 9
e-mail: admin@z2k.org I

It is becoming increasingly evident that our housing situation is in crisis. Shortage of low cost rented housing, overcrowding, poor conditions, escalating prices with, at intervals, severe slumps, negative equity and rising repossessions, problems of labour recruitment and retention for employers, irresponsible house purchase lending leading to serious financial crises and even bank failures – all these are aspects of housing policy mismanagement.

The provision of sufficient safe, affordable housing in good condition is not some ‘social extra’ – it is a vital part of the economic infrastructure of the nation. Why have we reached this stage? Because in recent decades policies have been driven by crisis management, short-termism and ideologies that ‘the market’ will solve all problems. It will not – and the consequences carry very heavy costs.

All these arguments are made and evidenced in the Zacchaeus 2000 Trust Memorandum to the Prime Minister on Unaffordable Housing (2005) – available at www.z2k.org

Professor Peter Ambrose BA, AKC, MA, D.Phil, FRSA Visiting Professor in Housing Studies Health and Social Policy Research Centre Brighton University Friend of London Citizens Associate of the Zacchaeus 2000 Trust

Links:
Profile of Peter Ambrose
Urban Process and Power
Article on Affordable Housing

Other Reference Links
(Please note that Wikipedia is not accepted as a source for academic essays)

The Economics of Free Market

The US Political theory of deregulation

The UK Political theory of deregulation

The UK Political theory that kept deregulation

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