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Vested Disinterest

Evening Standard's Relentless Plugging Of Shared Ownership

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I try to pick up the Evening Standard on Wednesdays (with its Homes and Property section) just to raise my blood pressure...

Every week they have a page or spread on Shared Ownership. This week is no different, although for a change the intro and two of the three case histories are more bear than bull.

Anyway, the first case history is a bit like an advert, because the flat is on the market and they give a link and phone number for the agent (KFH), so I thought I'd track it down on RM and promote it even more on here:

http://www.rightmove.co.uk/property-for-sale/property-19641612.html

I thought we could come back in a month or two and see how they are getting on... (I will, anyway!)

I hunted but can't find the article online, so I typed up the salient bits (I leave it as an exercise for someone to bold all the dodgy half truths and to read between the lines):

Rebecca and fiance both 29 want to get out of their shared ownership home now. R works for Apple but her income is about to take a dive as she retrains to become a dance teacher, and so the couple - who bought a 40% share in the 1 bed Bermondsey flat last May for just under £80k - are on the move.

The flat is on sale for £250k of which their share is £100k (for info contact KFH blah blah), and the couple will soon boomerang back to live with R's parents while she studies.

They will continue to save and hope to buy on the open market in a couple of years. "The flat's value has increased and so financially it has been a good thing, and we have really enjoyed living in central London," said Rebecca.

But before I decided to retrain I was panicking a bit about the future. I couldn't see us being able to afford a whole flat or - when the time came to have children - [...] a house. We are a bit unusual in that we are downscaling now but it might have been best to stay with the parents and carry on saving in the first place.

What pisses me off so much about shared ownership is that the prices are plucked out of the air and seem to be non-negotiable (correct me if I'm wrong). For example the wording "The flat is on sale for £250k" makes it sound like it's a tin of beans in Sainsbury's.

Edited by Vested Disinterest

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Anyway, the first case history is a bit like an advert, because the flat is on the market and they give a link and phone number for the agent (KFH), so I thought I'd track it down on RM and promote it even more on here:

It reads like an advert because it is an advert! It really is disgraceful how newspapers get away with adverts dressed up as news items and I doubt any of the individuals actually exist, and the so called quotes made up by marketing types.

Its particularly annoying because if you were to create website/blogs or "flogs" doing something similar to promote products and services, there are a number of organisations that will come out of the woodwork and down on you like a ton of bricks. Strangely doesn't apply to newspapers.mad.gif

Edited by John Steed

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It reads like an advert because it is an advert! It really is disgraceful how newspapers get away with adverts dressed up as news items and I doubt any of the individuals actually exist, and the so called quotes made up by marketing types.

Its particularly annoying because if you were to create website/blogs or "flogs" doing something similar to promote products and services, there are a number of organisations that will come out of the woodwork and down on you like a ton of bricks. Strangely doesn't apply to newspapers.mad.gif

Too right. There are two interstitial images which are no more than ads for shared ownership developments unrelated to the stories. Both by "Origin" whoever they are, complete with phone number.

The only good thing about shared ownership is that it's the only way to get a secure tenancy in this country! It's a bit like a long term let with a HUGE deposit...

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The only good thing about shared ownership is that it's the only way to get a secure tenancy in this country! It's a bit like a long term let with a HUGE deposit...

Worse than that...you have all the responsibilities of the maintenance, new roof, windows, broken boiler...and to top it all will find it difficult if needing to sell..... :o

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The only good thing about shared ownership is that it's the only way to get a secure tenancy in this country! It's a bit like a long term let with a HUGE deposit...

That you might not get back? :blink:

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I try to pick up the Evening Standard on Wednesdays (with its Homes and Property section) just to raise my blood pressure...

Every week they have a page or spread on Shared Ownership. This week is no different, although for a change the intro and a two of the three case histories are more bear than bull.

Anyway, the first case history is a bit like an advert, because the flat is on the market and they give a link and phone number for the agent (KFH), so I thought I'd track it down on RM and promote it even more on here:

http://www.rightmove.co.uk/property-for-sale/property-19641612.html

I thought we could come back in a month or two and see how they are getting on... (I will, anyway!)

I hunted but can't find the article online, so I typed up the salient bits (I leave it as an exercise for someone to bold all the dodgy half truths and to read between the lines):

What pisses me off so much about shared ownership is that the prices are plucked out of the air and seem to be non-negotiable (correct me if I'm wrong). For example the wording "The flat is on sale for £250k" makes it sound like it's a tin of beans in Sainsbury's.

So, they bought the flat for under £200k last year (40% of price equaling something less than £80k), and now want to sell it for £250k. One of them wants to give up a high paying secure job to actualize herself when they can barely afford to live. I hope they get everything they deserve.

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So, they bought the flat for under £200k last year (40% of price equaling something less than £80k), and now want to sell it for £250k. One of them wants to give up a high paying secure job to actualize herself when they can barely afford to live. I hope they get everything they deserve.

Yeah! Like 40% of a flat. :-D

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So, they bought the flat for under £200k last year and now want to sell it for £250k.

But it's Lahndan, innit. It's different here, a 25% annual return is perfectly reasonable and all that.

Had a look on Google Street View. Seems like it's in the middle of a council estate thriving up-and-coming area:

pk3y4.jpg

Edited by Little Professor

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Shared ownership is the biggest con invented this decade by Developers and others.

Should not be considered by anyone hoping to get on the so called property ladder, it also holds and inflates property prices. :rolleyes:

Shared ownership is a form of committee. Have you ever seen a committee that can negotiate a sensible price?

Come to think of it, have you ever seen a committee that can negotiate anything?

The first recorded committee was the one that God set-up to design a horse. It produced a camel.

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But it's Lahndan, innit. It's different here, a 25% annual return is perfectly reasonable and all that.

Had a look on Google Street View. Seems like it's in the middle of a council estate thriving up-and-coming area:

pk3y4.jpg

It's correct term is Edgy chic or Urban Chic

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But it's Lahndan, innit. It's different here, a 25% annual return is perfectly reasonable and all that.

Had a look on Google Street View. Seems like it's in the middle of a council estate thriving up-and-coming area:

pk3y4.jpg

Which one costs a quarter of a million? A quarter of a million, I don't know whether to laugh or cry. If this story is true, then for me, the standout is 29 and like thousands of others, they have no other choice but to go back home. After the novelty what kind of stress and strain will this place on this family? This is repeated up and down the country. This is the real bank of mum and dad. This is what is keeping beat out FTB's afloat. What a total joke. We have no right to call ourselves a first world country. An innate right of citizens of a first world country is access to decent, affordable homes. Not going back to live with your mum when you're 30!

F*ck this joke country!

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Rant!

OK, I can see where you are coming from. I am a natural user of this forum so 'Any Govt sponsored mechanism that artificially keeps the prices of houses high has got to be wrong.'[TM] Right?

Well, to be selfish - while it is undoubtedly wrong for the country and economy - you paint a picture of poor saps that are sucked into this scheme like lambs to the slaughter.

Let me point out some benefits of shared ownership - I can't talk about flats in London but I can talk about 1/3 townhouse ownership in the South East.

Small mortgage and cheap rent; It's a way of buying yourself into social housing.

Disposal of capital allowing one to enjoy the full range of benefits - HB, JS etc etc. - I do contract work and this has saved me a fortune

Small exposure to a possible future crash/very low growth - OK we all want this - if it happens I will not lose much sleep over my measly 1/3rd

No crappy landlords, sub standard housing, large rent increases, 6 month tennancies, no pets, no dss, no kids crap

Brand new house with excellent insulation and very low running costs.

Ability to save large amounts of dosh (pile it into the mortgage/house share) and enjoy those benefits in times of need. - It's amazing how much more seriously employers take you if they sense that you don't give a shit.

I could go on...... I know that this is a lone POV on this thread but hey, it works for me and my STR fund due to my employment patterns

bty - I pay £180 mortgage and £400 rent on a 5 bed townhouse with a large garden, garage and 2 car drive within 30min commute of Euston.

Edited by Colin

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OK, I can see where you are coming from. I am a natural user of this forum so 'Any Govt sponsored mechanism that artificially keeps the prices of houses high has got to be wrong.'[TM] Right?

Well, to be selfish - while it is undoubtedly wrong for the country and economy - you paint a picture of poor saps that are sucked into this scheme like lambs to the slaughter.

Let me point out some benefits of shared ownership - I can't talk about flats in London but I can talk about 1/3 townhouse ownership in the South East.

Small mortgage and cheap rent; It's a way of buying yourself into social housing.

Disposal of capital allowing one to enjoy the full range of benefits - HB, JS etc etc. - I do contract work and this has saved me a fortune

Small exposure to a possible future crash/very low growth - OK we all want this - if it happens I will not lose much sleep over my measly 1/3rd

No crappy landlords, sub standard housing, large rent increases, 6 month tennancies, no pets, no dss, no kids crap

Brand new house with excellent insulation and very low running costs.

Ability to save large amounts of dosh (pile it into the mortgage/house share) and enjoy those benefits in times of need. - It's amazing how much more seriously employers take you if they sense that you don't give a shit.

I could go on...... I know that this is a lone POV on this thread but hey, it works for me and my STR fund due to my employment patterns

bty - I pay £180 mortgage and £400 rent on a 5 bed townhouse with a large garden, garage and 2 car drive within 30min commute of Euston.

I agree, and made a similar comment a bit further up (and someone mentioned partial ownership but 100% responsibility for maintenance - can you comment on that?).

At the same time, there's the simple fact that houses are too expensive, and in any other market that wasn't linked to global financial meltdown, prices would be allowed to fall. Can anyone see the shared ownership model working for the vast majority of "pre owned" housing?

Or maybe you're right - this is the new social housing model and I should just get over it :-)

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Yes, the Mods at the Evening Standard are VERY overbearing compared to other News papers. Noticed that for years, on house price articles.

They dont like negative, yet truthful, comments on HPI.

Edited by Milton

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I try to pick up the Evening Standard on Wednesdays (with its Homes and Property section) just to raise my blood pressure...

Every week they have a page or spread on Shared Ownership. This week is no different, although for a change the intro and two of the three case histories are more bear than bull.

Anyway, the first case history is a bit like an advert, because the flat is on the market and they give a link and phone number for the agent (KFH), so I thought I'd track it down on RM and promote it even more on here:

http://www.rightmove.co.uk/property-for-sale/property-19641612.html

I thought we could come back in a month or two and see how they are getting on... (I will, anyway!)

And look, it's still on the market. I wonder how many offers they've had? Or are offers below asking not allowed for these schemes - trying to prop up the market by not operating like a market at all.

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And look, it's still on the market. I wonder how many offers they've had? Or are offers below asking not allowed for these schemes - trying to prop up the market by not operating like a market at all.

mods: could you edit the thread title/subtitle (adding "Sep 2011" somewhere) so people don't think this is fresh news? It is annoying when you suddenly realise you're reading an old thread.

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The Standard must have tipped off KFH that the world is watching, thanks to their little PR stunt.

(I emailed them yesterday - it was still on the market then.)

Edit to add:

Actually, to give the ES credit, they do have an easily found article from 2008 highlighting the problems of Shared Ownership and there are loads of comments (right up to 2011) too.

Edited by Vested Disinterest

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  • 334 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% +
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