Jump to content
House Price Crash Forum
Sign in to follow this  
THOR33

Council Houses!

Recommended Posts

New user here, a great site with a lot of good comments, bit confused by the abbreviations but i'll get the jist of it sometime....

I like everyone is awaiting anxiously for the HPC as inevitable as i hope it will be........

But, I KNEW I should have done what my colleagues have been doing before....to buy their council house!

A colleague like i expressed on a post a while ago bought his for £22,000 a while ago, now worth £115,000.00...he has had no renovations done to it, the doors and the kitchen are typical council, and yet people are willing to buy..the areas not the best but it's not bad.....

God, I'm 35 yrs old and the craziness of whats f****ing happening with house prices makes me reel, i read this site with anticipation of learning something new and the average views makes me think what i have done for a while...I won't bore you all with what it is but you've all enlightened me with similar views in the past...

Hey-ho! should have bought a f'ing council house! now thats making money!

whats everyones view on this??

Yours

Thorgrim

Share this post


Link to post
Share on other sites
New user here, a great site with a lot of good comments, bit confused by the abbreviations but i'll get the jist of it sometime....

I like everyone is awaiting anxiously for the HPC as inevitable as i hope it will be........

But, I KNEW I should have done what my colleagues have been doing before....to buy their council house!

A colleague like i expressed on a post a while ago bought his for £22,000 a while ago, now worth £115,000.00...he has had no renovations done to it, the doors and the kitchen are typical council, and yet people are willing to buy..the areas not the best but it's not bad.....

God, I'm 35 yrs old and the craziness of whats f****ing happening with house prices makes me reel, i read this site with anticipation of learning something new and the average views makes me think what i have done for a while...I won't bore you all with what it is but you've all enlightened me with similar views in the past...

Hey-ho! should have bought a f'ing council house! now thats making money!

whats everyones view on this??

Yours

Thorgrim

I live in one with my mother, i have every intention of buying it (at the right time, with a very big discount). Im hoping i can give the money to my mum and pay for it outright so she can live in it until she is finished with it and i can go off and get my own place.

Probably shouldnt have a discount to buy a council house, dosnt make alot of sense to me but oh well thats the system.

Share this post


Link to post
Share on other sites

This housing boom, and which side of the fence you are on will now define your life till you die.

Alarmingly, If you buy, you have to outbid investors with collosal tax breaks and public sector employees on various schemes (paid for by your taxes). The real cost of a home is massively higher even at low rates.

If you take on a mortage as an ordinary buyer, there is no room left for a pension from income or to do much saving.

Its likely that the market will thus shift towards people renting because they cannot afford to buy as they do not get the breaks, and investors continuing to make handsome gains in real rental income offset with tax breaks.

We are heading to the most fundemental change in society in more than 100 years as we head towards this rentier society.

Share this post


Link to post
Share on other sites

Grass is always greener eh !!!!

Just be aware that banks and building societies have tightened their lending criteria on ex-local authority properties, so if you want to sell the ex-council house properties , you may have a limited number of people viewing due to them not being able to obtain a mortgage for the property.

Heres the full article.

http://money.independent.co.uk/property/ho...ticle300861.ece

:unsure::unsure::unsure::unsure:

Share this post


Link to post
Share on other sites
This housing boom, and which side of the fence you are on will now define your life till you die.

Alarmingly, If you buy, you have to outbid investors with collosal tax breaks and public sector employees on various schemes (paid for by your taxes). The real cost of a home is massively higher even at low rates.

If you take on a mortage as an ordinary buyer, there is no room left for a pension from income or to do much saving.

Its likely that the market will thus shift towards people renting because they cannot afford to buy as they do not get the breaks, and investors continuing to make handsome gains in real rental income offset with tax breaks.

We are heading to the most fundemental change in society in more than 100 years as we head towards this rentier society.

I've said it before but no-one's ever really responded. No government will allow levels of owner occupation to drop significantly - it's a key measure of national prosperity, rightly or wrongly. Political suicide for it to fall, hence Prescott's concerns (albeit with muddled solutions)

And furthermore, if people can't afford interest payments on a house of their own, how will they be able to afford to pay the landlord's interest payments. There will not be a rentier society in this country, of that I am certain.

Share this post


Link to post
Share on other sites
Grass is always greener eh !!!!

Just be aware that banks and building societies have tightened their lending criteria on ex-local authority properties, so if you want to sell the ex-council house properties , you may have a limited number of people viewing due to them not being able to obtain a mortgage for the property.

Heres the full article.

http://money.independent.co.uk/property/ho...ticle300861.ece

:unsure:  :unsure:  :unsure:  :unsure:

This dump should be pretty much exempt from whats outlined in that article (thanks for the post though).

I lot can happen in a couple of years, so nothing definate yet, and no rush.

Share this post


Link to post
Share on other sites

It all Boils down to the Million Dollar question: -

Were's the cash going to come from to fuel permanently high house prices?, (the Government dont have the cash either ;) )

and at what cost to the UK economy?, as people will have less of a disposable income which businesses depend on to fuel growth, etc,etc

and at what cost to Family life too?

Wonder why there's so many chavs?, because people cant afford to live like the traditional family unit, etc,etc

Simple!

House Prices come down

Period! :D

Share this post


Link to post
Share on other sites
I've said it before but no-one's ever really responded. No government will allow levels of owner occupation to drop significantly - it's a key measure of national prosperity, rightly or wrongly. Political suicide for it to fall, hence Prescott's concerns (albeit with muddled solutions)

And furthermore, if people can't afford interest payments on a  house of their own, how will they be able to afford to pay the landlord's interest payments. There will not be a rentier society in this country, of that I am certain.

Your flying in the face of the facts. Over the past 10 years one law after another has extended breaks in favour of investors all the way from removal of MIRAS to SIPPS as houseprices have rocketed to there highest in history in real terms. This doesn't happen by accedent.

If you look at the big picutre you will see that 35% of the electorate own property, thats 70% of households which are owner ocupiers, but only 35% of the population. It is this vote of 36% of the electorate that has seen Labour in with a very large majority. Hardly political sucide.

People can afford to pay rent, as investors get tax reliefs so rents WILL ALWAYS BE CHEAPER THAN BUYING. Therefore the landlords interest payments are always cheaper for them to pay then their own! For instance if a investoment property is bought under a SIPPS arrangement, the investor will get upto 40% off the houseprice, and thus his rents can be 40% cheaper than a homebuyuers mortage costs.

The UK is certain to be a rentier society in just a few more years.

Share this post


Link to post
Share on other sites
Your flying in the face of the facts. Over the past 10 years one law after another has extended breaks in favour of investors all the way from removal of MIRAS to SIPPS as houseprices have rocketed to there highest in history in real terms. This doesn't happen by accedent.

If you look at the big picutre you will see that 35% of the electorate own property, thats 70% of households which are owner ocupiers, but only 35% of the population. It is this vote of 36% of the electorate that has seen Labour in with a very large majority. Hardly political sucide.

People can afford to pay rent, as investors get tax reliefs so rents WILL ALWAYS BE CHEAPER THAN BUYING. Therefore the landlords interest payments are always  cheaper for them to pay then their own! For instance if a investoment property is bought under a SIPPS arrangement, the investor will get upto 40% off the houseprice, and thus his rents can be 40% cheaper than a homebuyuers mortage costs.

The UK is certain to be a rentier society in just a few more years.

But this doesn't really address my point. The level of owner occupation has not dropped, and why would any government want to presde over falling levels of OO?

The SIPPS argument has been debated before. It will have limited effect; rents cant be "40% cheaper"- that would be a case of the tax incentive tail wagging the investment dog.

Edited by Casual Observer

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.