We shall not be moved

I’M AMAZed at the lack of understanding by Government ministers and supposed ‘experts’ of the reasons for the housing crisis (Mail).

Worse still are their ill-thought out ideas on how to solve it.

this latest idea of having elderly home-owners downsize into sheltered accommodation is bonkers. I suspect few of those suggesting this know what ‘sheltered accommodation’ is.

I’m still living in a house I bought 20 years ago which is now far too large for the needs of myself and my wife. Our children are middle-aged, with homes and families of their own.

Apart from the odd weekend visit, our extra bedrooms are rarely used. But if I were to downsize, which I would quite like to do, it would be a wholly bad investment.

the value of my home increases at 8 to 10 per cent a year. If I were to downsize, the capital I freed up would earn, at best, about 1 per cent interest a year — not a good prospect.

the alternative, which many have taken and many more will take, is to use freed-up capital to buy a holiday home or buy-to-let. And it’s this option that’s been one of the biggest reasons for the housing crisis.

Owning a holiday home is no longer the preserve of the wealthy, and there are hundreds of thousands that stand empty for most of the year. this is not just in traditional holiday locations, but in every city, town and village.

I’m not criticising their owners; who wouldn’t invest in property, given the atrocious alternatives?

It would be interesting to know how many ministers, MPs and housing ‘experts’ own more than one property.

GEOFFREY GREGORY, Market Harborough, Leics.