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Replenish social housing from repesessions stockpiled by RBS

Since the 2008 Crash 199000 homes were repossessed by UK banks. (src:bbc)

In an effort to maintain house prices and maximise profit RBS has sold empty homes to RBS owned subsidiaries such as West Register (src:Telegraph)

This stock of unsold housing should be transferred to the state as social housing offered as part payment against the costs of bailout.

This would alleviate the pressure on affordable housing and enable the government to reign in rising rental costs using the free market rather than regulation or homebuyer subsidies.

Ongoing rental income and solid assets would improve the UK balance sheet while cutting the cost of placing families in temporary accommodation.

Ensuring repossessions are sold at first opportunity (or transferred to the state) would discourage speculative foreclosure and provide incentive for RBS to restructure debts that are effected by negative equity. Further reducing pressure on social and temporary housing.

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Currently ranked 40,470 out of 101,876 petitions ever created.

Diversity index: 100%

Status

Closed

Created By

Gareth Paxton

Created On

Tuesday 27 August 2013

Closing Date

Thursday 28 August 2014

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