Theresa May Gave A Very Important Speech About Housing…But You Probably Didn’t See It

Yesterday Theresa May gave a speech in which she directly addressed you. What she said was pretty significant. The problem is this: you probably didn’t see it.

The speech in question was given by the Prime Minister at the National Planning Conference and it was clipped on mainstream TV news programmes but, given that only 24% o 18-24-year-olds get their news from the TVand that the only age group for whom TV viewing time has increased is the over 65s, you will be forgiven if you didn’t manage to catch it.

Why should you care about a speech about planning, anyway? Well, believe it or not – of all the speeches the Prime Minister gives – this one is directly relevant to you if you’re young and worried about the cost of housing.

*The Debrief *has it on good authority that up until Theresa May became Prime Minister, the term ‘housing crisis’ was banned in Whitehall. It wasn’t allowed to be acknowledged because if it were, the government would have to discuss their proposed solutions, or rather lack of, to it.

When you think about that, it’s really quite something that the Prime Minister stood on a dodgy podium in front of an equally dodgy brick-themed back drop and said the following in reference to the private rental trap that is a reality for an increasing number of people:

‘The result is a vicious circle from which most people can only escape with help from the bank of mum and dad’, she said.

‘Talking to voters during last year's election campaign, it was clear that many people, particularly younger people, are angry about this.’

‘Angry that, regardless of how hard they work, they won't be able to buy a place of their own. Angry when they're forced to hand more and more of their wages to a landlord to whom their home is simply a business asset’.

‘They're right to be angry’.

Did you hear that? The Prime Minister acknowledged that it’s more or less impossible to buy a home of your own without access to the ‘bank of mum and dad’. She also acknowledged that the cost of housing – both to buy and to rent – has reinforced and worsened economic divisions in this country which has led to worsening social mobility and public-sector workers – like nurses and teachers – unable to take jobs in some places (like London) because they simply cannot afford to live there on their salaries.

May echoed the words of former Conservative minister, David Willetts who also gave a speech about generational fairness yesterday, and said that all of this had also ‘exacerbated divisions between generations’.

It shouldn’t be remarkable that a Prime Minister is openly accepting all of the above, but it is because, for so long, they have ducked the housing crisis and passed it around like the political hot potato it is.

Ok – that’s the problem, what about the solution? The Prime Minister said that the number of homes being built did not match up to the number of planning permissions that had been granted in England since 2010. Because of this, there aren’t enough houses to meet demand which has maintained high prices.

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Who’s fault is it? According to the Prime Minister, it is, in part at least, down to the developers for whom, she said, it is sometimes more financially beneficial for them to hold onto land than it is for them to build on it.

May also openly criticised the huge bonuses received by construction bosses which, she pointed out, ‘based not on the number of homes they build but on their profits or share price’. She added, ‘in a market where lower supply equals higher prices, that creates a perverse incentive, one that does not encourage them to build the homes we need’.

At the end of last year there was justified public outcry after house builder Persimmon announced that their 140 staff members would share total bonuses amounting to £500 million. Yes, £500 million. Their Chief Executive, Jeff Fairburn, was set to receive £110 million all to himself, he has since given away £25 million of that figure.

It’s certainly refreshing and long overdue to hear all of this coming from the Prime Minister. However, if this was intended to convince young people that the Conservatives are the party who are going to solve the housing crisis then it may not work because it’s unlikely many young people saw or read about this speech.

Labour, who are undeniably better at reaching younger voters, responded to the Prime Minister’s words by blaming the government for the housing crisis (which is the prerogative of the part in opposition).

‘This housing crisis is made in Downing Street’, said Shadow Housing Minister John Healey. ‘It's time the Tories changed course, and backed Labour's long-term plan to build the genuinely affordable homes’

Follow Vicky on Twitter @Victoria_Spratt

This article originally appeared on The Debrief.