Right-To-Buy Could Be Extended To Up To 2.5M Housing Association Tenants

[rollover]

Millions of working class families will be given the chance to buy their own homes under radical Tory plans to extend Margaret Thatcher's flagship housing policy. Under proposals being considered by Downing Street, the right-to-buy scheme - currently restricted to families in council owned properties - will be extended to up to 2.5million housing association tenants.

http://www.dailymail.co.uk/news/article-3006337/Millions-working-families-given-chance-home-radical-plan-extend-Thatcher-s-right-buy.html

Tories to expand Margaret Thatcher's 'right to buy' social housing sell-off to buy election votes

Panicking Tories hope to woo working-class voters by selling off millions of housing association-owned homes. New polls show George Osborne’s austerity Budget failed to give the Tories the boost they need to stay in power beyond May 7.

Edited March 22, 2015 by rollover

[long time lurking]

The debt tap must be running at a mere trickle

[pl1]

Ignore the rights and wrongs of this for a moment (I think it's unfair), what effect will this have on house prices?

[council dweller]

Well, as a council tenant I think this is pretty funny.

To think that a few year ago we were asked to vote on staying with the council or transferring to a Housing Association.

Many voted to transfer.

Now if the want to RTB they`ll be offered £16,000 (or thereabouts) whereas council tenants can get £72,000 if outside London.

Ho hum....

[rollover]

Comments:

Jim, Omaha, 7 hours ago

The Tories are desperately scrambling to feed the housing price bubble because once they stop and the bubble bursts the British economy will hit the skids. It's a giant Ponzi scheme that will not end well.

[leonardratso]

hmm, i know that comments on the dm have to be taken with a pinch of salt, as do the stories themselves 80% of the time, but i just did a quick skim thru them, and im really surprised at how many just f'it right off and see straight thru it as a vote puller. Usually its just a load of ukipers saying 'vote ukip' to stop this or that happening.

+1 to dm commentors - i never thought id see the day.

[Guest]

If you rent from a housing association you're already in a privileged position.

What about the 3.8 million households that rent privately?

Where's my free house?

[@contradevian]

Whatever the rights and wrongs (and there are many wrongs) about this, slightly odd that posters on a website who subscribe to the view that houses are overpriced, now feel wronged at the thought that houses might be sold 'at below market value.'

From what I can see I could buy mine for 50% off the current 'bubble value' which means its almost priced sanely.

However yes, the Tories are out to destroy social housing and they know a lot of the stock will end up in BTL hands in a few years.

Edited March 22, 2015 by RentierParadisio

[Guest Jemmy Button]

If you rent from a housing association you're already in a privileged position.

What about the 3.8 million households that rent privately?

Where's my free house?

Me and thee are basically screwed. (Four Yorkshireman " a housing association house? I'd love one of those....all I had was a TENT in a BTL's garden which I had to pay rent on.)

[zugzwang]

Whatever the rights and wrongs (and there are many wrongs) about this, slightly odd that posters on a website who subscribe to the view that houses are overpriced, now feel wronged at the thought that houses might be sold 'at below market value.'

From what I can see I could buy mine for 50% off the current 'bubble value' which means its almost priced sanely.

However yes, the Tories are out to destroy social housing and they know a lot of the stock will end up in BTL hands in a few years.

I'm aggrieved at the prospect of another chunk of social housing being flipped into the private sector for quick returns and then never replaced. I'm aggrieved at the prospect of UK rentiers and banksters getting a further extension to their murderous Ponzi scheme. I'm aggrieved at the prospect of Cameron and Osborne being returned to govt after five long years of treachery and deceit.

[@contradevian]

I'm aggrieved at the prospect of another chunk of social housing being flipped into the private sector for quick returns and then never replaced. I'm aggrieved at the prospect of UK rentiers and banksters getting a further extension to their murderous Ponzi scheme. I'm aggrieved at the prospect of Cameron and Osborne being returned to govt after five long years of treachery and deceit.

I am too, but if they are going to tip £30k of 'virtual equity' in my direction (for once) with the stick of above inflation rent rises, and the prospect of being chucked out anyway at some stage, it may be a hand I have to play.

[b w]

private renter here, guess I can go **** myself as im not special enough to rent subsidised secure tenure housing.

as ever government picking winners and losers in the housing lottery via tax payers money.

[@contradevian]

I think the ending of social housing will be a disaster for the UK, but then again the overpriced poor quality, and insecure private rentier hell that will be unleashed might just finally get the revolt we need to get rid of Labour/Tory (and their idle rentier parasites sponsors) for good.

Was reading some of the eulogies to Lee Kuan Yew's successful policies from the right, but over 80% of Singaporean's live in public housing (created by the British originally) and one suspects that was a major aspect of its success.

Edited March 22, 2015 by RentierParadisio

[stormymonday_2011]

To me it just shows the complete absence of original ideas in Camerons government

Virtually every policy leading into the General Election is a retread of something done in the 1980s.

The recent announcement on tightening the rule on Union Ballots was in the same vein.

The Tories are like a stuck record and Labour are not much better.

Both have visions of the future that are about 25 years out of date

Edited March 22, 2015 by stormymonday_2011

[Executive Sadman]

Its just trying to do what they did in before, load up the economy with more private debt to allow them to reduce the rate at which public debt is growing.

The MSM ignore the former and obsess over the latter, so osbourne can say 'i've reduced the deficit, the media will lap it up' and nothing will change.

When thats done he'll have to find something else to sell. The roads maybe.

[Bland Unsight]

I've always had a sneaking suspicion that the housing associations might be up shit creek without a paddle. Some of them are massive, e.g. Places for people. Highly leveraged, all their assets in property...

Could the government just walk away if they went bust? Tenants turfed out etc. Doesn't sound like good politics.

Could just be another mechanism to spread the risks associated with an expected crash?

[bomberbrown]

The one bed housing association flat I live in in London would cost over £450k in today's market (comparable sales). Even if I could, I wouldn't buy my place as even with 30% off, it would still be 40% over priced.

[@contradevian]

The one bed housing association flat I live in in London would cost over £450k in today's market (comparable sales). Even if I could, I wouldn't buy my place as even with 30% off, it would still be 40% over priced.

My point exactly

[long time lurking]

To me it just shows the complete absence of original ideas in Camerons government

Virtually every policy leading into the General Election is a retread of something done in the 1980s.

The recent announcement on tightening the rule on Union Ballots was in the same vein.

The Tories are like a stuck record and Labour are not much better.

Both have visions of the future that are about 25 years out of date

You forgot to add YOP scheme ,self unemployment with working tax credits is the new version

They should be called the Daveja VU party

[long time lurking]

Its just trying to do what they did in before, load up the economy with more private debt to allow them to reduce the rate at which public debt is growing.

The MSM ignore the former and obsess over the latter, so osbourne can say 'i've reduced the deficit, the media will lap it up' and nothing will change.

When thats done he'll have to find something else to sell. The roads maybe.

Thats the game debt needs to be ever expanding the gov`s credit card is now maxt out so the expansion of debt has to be shifted to the private sector ,looking at mortgage approvals i guess it must be contracting , I would also guess MMR has thrown a massive spanner in the works, add this to the fact the young just see housing so far out of reach due to price they have given,Dave&co a bit of a problem

It`s no coincidence that the discount offered is just enough to enable the buyer to obtain a no/very little money down mortgage

In other news ( ht Rollover)

Buy-to-let: bank offers 113pc mortgages – on repossessed flats in Spain

Edited March 23, 2015 by long time lurking

[janch]

I've always had a sneaking suspicion that the housing associations might be up shit creek without a paddle. Some of them are massive, e.g. Places for people. Highly leveraged, all their assets in property...

Could the government just walk away if they went bust? Tenants turfed out etc. Doesn't sound like good politics.

Could just be another mechanism to spread the risks associated with an expected crash?

I think you may have hit the nail on the head.

[Assume The Opposite]

Renting privately for almost 10 years. Anything for me? Nope.

[billybong]

A more radical plan advanced by Duncan Smith, to simply give away housing association properties to those who have worked for a year, has been ditched.

The true value of housing association properties.

[bomberbrown]

I've always had a sneaking suspicion that the housing associations might be up shit creek without a paddle. Some of them are massive, e.g. Places for people. Highly leveraged, all their assets in property...

Could the government just walk away if they went bust? Tenants turfed out etc. Doesn't sound like good politics.

Could just be another mechanism to spread the risks associated with an expected crash?

I think the key thing I took from the original article is this potential of RTB for HA is only applicable for properties acquired by HA after 1997. The home I live in was acquired by my HA back in 1984. I can guarantee you it has paid for its upkeep from the (non-profit) rent extracted from it over the 30+ years its been with my HA plus more.

Basically, my HA is doing what F***KING lazy governments/councils should have been doing for the last 30+ years.

A revolution is all that's left for the young adults of today, when they eventually wake up to how shafted they have been, it seriously is!

[@contradevian]

I think the key thing I took from the original article is this potential of RTB for HA is only applicable for properties acquired by HA after 1997. The home I live in was acquired by my HA back in 1984. I can guarantee you it has paid for its upkeep from the (non-profit) rent extracted from it over the 30+ years its been with my HA plus more.

Basically, my HA is doing what F***KING lazy governments/councils should have been doing for the last 30+ years.

A revolution is all that's left for the young adults of today, when they eventually wake up to how shafted they have been, it seriously is!

Couldn't agree more. But they won't wake up. They seem to fall for every 'rentier' con going.

We could fix a lot of problems in this country with a decent public/social housing sector in the UK. It doesn't really matter how 'inefficient' or 'jobsworthy'' etc Councils/HA's are, cos the alternative is the so called 'the private sector' and we really can't afford that.

When compare the sheer cost of Housing benefit being thrown at private rentiers, and the low quality shit they provide, social housing has been the bargain of the century.