Bermuda College lecturer Craig Simmons has slammed both political parties for their housing plans after pointing out the Island lagged behind other countries in home ownership rates.

He said the Progressive Labour Party's "paltry accomplishment on housing" was matched by a "vacuous proposal from the UBP".

He said: "It is unfortunate that housing has become a political football for would-be politicians. It is clear that neither party has a comprehensive plan for housing.

"To this point in the election campaign, we have heard only platitudes, despite low home ownership rates, evidence of overcrowding and hyperinflation in some sectors of the housing market."

Mr. Simmons said successive PLP and UBP governments have not given housing the attention it deserves, with both placing responsibility for housing in a number of different ministries ranging from Health to the Environment.

"This would explain why there is no coherent housing strategy or statutory body with responsibility to implement a strategy that serves the needs of not only low-income Bermudians, but also middle-income Bermudians."

The governments of Hong Kong and Singapore provide good examples of how to improve home ownership and availability of affordable housing, said Mr. Simmons.

"In Singapore, home ownership is more than 90 percent and what is more, it is above the national average for persons under the age of 40 years.

"The Singapore government began its commitment to home ownership in 1964 and has since provided the necessary institutional support for a successful housing strategy."

But Bermudian home ownership runs at just 57 percent.

He said in Singapore a statory body had helped boost home ownership with low interest mortgages, help with closing costs and restrictions on flipping properties to stop property speculation.

Mr. Simmons added: "The PLP's paltry accomplishment for housing is matched by a vacuous proposal from the UBP.

"I would like to hear the details of how the UBP plans on making it profitable for private firms to build homes for less than $450,000 or the extent to which the taxpayer will underwrite this project.

"Further, as high-density housing projects in the UK have shown, provision must be made for green space and recreational facilities, or else one creates a ghetto.

"The true cost of housing must extend beyond the cost of a building to include ancillary services to a community."

He said a housing policy report in 2005, showed construction rates since 1990 have significantly exceeded projected needs, which will cut down on open space available to future generations.

"Young people believe they are the victims of an inter-generational game; that they have been betrayed by an older generation that has profited from selling out their future.

"It might well be the case that our political leaders are torn between making the promises necessary to win an impending election and serving the interests of those not yet born."

He said there were different stratas of the housing market and the housing shortage was in the affordable catagory.

High rents are another huge factor for many struggling families. But the Household Expenditure Survey 2004 (HES) showed that while average household income increased 62 percent between 1993 and 2007, average rents were up 57 percent over the same period.

"You could argue that Bermudians are spending less on rent today than say, 15 years ago," Mr. Simmons said.

He realises that statement will likely spark a flurry of outrage from the public but he argued that Bermuda had many different housing markets, appealing to different income levels.

"There are some in Bermuda who have rents of $800 for a two-bed apartment — these people you will not hear from," he said.

He said many tenants moved around via word-of-mouth without having to pick one of the high price places advertised in the papers. But those entering the 'open market' were in for a nasty shock.

"You won't solve the affordable housing market by limiting the rents people can get for affordable housing because people just won't build affordable housing if it is not profitable," he said.

"People don't build affordable housing because they are good people. That is not the way to make a profit."

He said Government wasn't a major player in the rental market as it controlled around five percent of the properties, so its ability to influence the market was limited.

The surge in condo development should help bring housing costs down, believes Mr. Simmons.

"Condo prices are at best flat and if you look at the global property market prices are slipping.

"That will have some impact on Bermuda."