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First-Time Buyers Get Council Boost


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Who wouldnt qualify?

If someone has had the opportunity to purchase a house previously and is say STR, wouldnt you say thats just being greedy?

FTB's are our future, if they choose to upsticks, what or who would you like to fill this void?

? Have you been drinking/smoking/snorting/popping/shooting/chasing?

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Question. Do you want overseas investors coming in and paying a high price for their property, or buying double the amount of UK property if house prices have crashed in half?

So what are you getting at exactly - thats its worth pricing out an entire generation of home buyers just make the odd oil baron pay an extra million or two for his london gaff ?.

Aside from the very top end capital city markets there is no evidence to suggest that HPC means significantly more properties bought by overseas buyers. I don't see them flocking to buy up properties in provincial spain, or the US for example.

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So why not foreigners home ownership tax?

I'd welcome it but government won't want to discourage any foreign investment even if it's just to a home owner it's still foreign money coming into the UK and we need that more than anything else right now.

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There is a facebook page for 'Jilted Generation', ostensibly created by the authors of the book of the same name which many of us on here have read.

The newest post on the wall of said group is from one of the group's members who links (with the heading "on a positive note") to the BBC story about councils paying the deposit for FTBs

Of all people, Jilted Generation would oppose such a cynical attempt to prop up the bubble, right?

Wrong - Jilted Generation's reply: "This does look good! Will be investigating some more"

:rolleyes: x1000

Edited by Beggar Thy Children
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There is a facebook page for 'Jilted Generation', ostensibly created by the authors of the book of the same name which many of us on here have read.

The newest post on the wall of said group is from one of the group's members who links (with the heading "on a positive note") to the BBC story about councils paying the deposit for FTBs

Of all people, Jilted Generation would oppose such a cynical attempt to prop up the bubble, right?

Wrong - Jilted Generation's reply: "This does look good! Will be investigating some more"

:rolleyes: x1000

I hope you've put them right! :huh:

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Reply from the Chief Executive of East Lothain Council:

Dear Mr XXXX and Mr XXXX,

Thank you for your emails. I am pleased to respond as follows.

The Council is the statutory housing authority for East Lothian and has an obligation to help people access suitable housing. We meet our obligation in a variety of ways depending upon local housing need, the specific legal obligations and restrictions that apply and our financial capacity.

The main part of our response to meeting housing need in East Lothian has been to do all we reasonably can to increase the supply of affordable rented housing by building Council houses. This will continue.

We are aware that this is not fulfilling all the housing need in East Lothian and our assessment is that this scheme will be of assistance to first –time buyers that can afford a mortgage but cannot access a large deposit. If we can help these people into their own homes, then that will help them access suitable housing and release housing for other people.

As the publicly available report made by officials to the Council Cabinet on 8 March explains, the scheme only applies to certain types of properties up to a maximum loan value. For example, new build properties are not included.

Based on the best information we can identify on mortgage defaults, and allowing for the interest that Lloyds TSB will pay on the funds deposited by the Council, we do not expect this scheme to cost the taxpayer any money.

Ultimately, as the statutory housing authority the Council has legal responsibilities for anyone homeless in East Lothian, including meeting the costs of dealing with homelessness. By intervening mainly to boost the supply of affordable rented housing with only limited interventions to help specific groups of people like first-time buyers, the Council intends to minimise the social and financial costs of homelessness and inadequate housing.

Yours sincerely,

Alan J *******

Chief Executive

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