Bankruptcy, Ernest Hemingway once wrote, comes gradually, then suddenly. For years, England’s dysfunctional housing market was a distant concern for most district councils in the relatively affluent home counties; now, unexpectedly, it is in their faces, out of control and threatening to overwhelm them.
Hastings, a coastal district in East Sussex, has warned it could become effectively insolvent this year as the housing crisis rips through. High house prices, soaring rents, housing benefit cuts, a 120% year-on-year rise in evictions, shortages of social housing and a shrinking, volatile, local private rented sector have created a perfect storm.
