Monday, Aug 02, 2010
Right-to-one way bet
Scotsman: Right-to-buy homes being sold back to councils
"CASH-STRAPPED Scots are selling their former council homes back to local authorities because they can no longer afford the mortgage payments. An increasing number of homes purchased under the right-to-buy are being bought back by councils and social landlords. Scottish Government figures show 303 Scots sold their house to social landlords in the last financial year using the Mortgage to
Rent (MTR) scheme. This represents a rise of 25 per cent on the 223 homes purchased the previous year and is almost double the amount sold between 2007 and 2008" All of this representing a massive loss for the taxpayer, of course.
Posted by mark wadsworth @ 12:14 PM (630 views) Add Comment
5 Comments
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1. Daveats said...
Why should a council tenant be allowed to by a home that is there for the low earners to be housed at 70 percent discount anyway??????????????????????????
2. quiet guy said...
"The Scottish Federation of Housing Associations (SFHA) says the majority are among the 500,000 former council homes that had been bought using right-to-buy powers brought in during the 1980s"
They bought in the 1980s and can't pay their mortgage when rates are the lowest in 300 years? That doesn't sound right or these people cannot manage their finances. I'd love to know what their personal budgets are like.
3. Rental John said...
Too much equity release - now the bills are stacking up and no cash or way out?
4. landofconfusion said...
Well what a surprise. Another failed Thatcherite housing policy. Sell them the house at a discount and then when they can't afford to live there any more (they'd bought a different house if they were any good at managing finances) buy it back off them!
And in the meantime bring in property speculators (BTL'ers) to fill the gap in social housing!
But it's OK as that doesn't happen here in England. We just let them use sell-and-rent-back companies instead and then after 6-12 months socially re-house them when they get evicted.
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