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

My Million Pound Council House - Channel 5 Documentary

Recommended Posts

If it's a council house then the title should be, the councils million pound house.

Well it was about right to buy ex-council houses. e.g. Man paid £15K for council house 22 years ago then sold it for 1.35 Million.

Share this post


Link to post
Share on other sites

Just watching this now - warning some of you of you watch this may well experience seriously elevated blood pressure!

"Jahlyn was able to remortgage her right to buy flat and use the money to purchase her second flat. She now is a property mogul with 4 properties in her portfolio worth over 1 million pounds"

Edited by streamingfreedom

Share this post


Link to post
Share on other sites

Have friends in North London and they are the only people who still live in their RtB house on a street of 40+ houses and flats, all the rest are now in the possession on BTL LLs.

40+ ex-council houses are now in the 'portfolio' of one Charles Gow, the son of a one-time Tory Housing mInister

http://www.mirror.co.uk/news/uk-news/right-to-buy-housing-shame-third-ex-council-1743338

Edited by juvenal

Share this post


Link to post
Share on other sites

Watched, Waste of time. Pure HPI ramping. They kept saying how one fella got his place for a pound but that was only an initial charge and he had to pay £9k 3 years later (50% discount). Still a great deal but they kept going on that he got it for a pound! And nothing about how much time and cost would have went into making the place liveable!

Young nurse turned BTL LL. Nothing about how much debt she has, only that she is worth x amount! Sorry, but net-worth is asset - liabilities.

Then the sad story about the RTB'er who bought her flat but now has to move 20 years later and is only going to make £20k from her 'investment'. Boo hoo. Show was a joke all the way through. Guess what, buildings get old and need replacing. Nothing lasts forever and nor will this ridiculous notion that houses are cash machines and pensions for everyone. Although, I have been coming round to thinking that the delusion may outlast me.

Share this post


Link to post
Share on other sites

Nothing lasts forever and nor will this ridiculous notion that houses are cash machines and pensions for everyone. Although, I have been coming round to thinking that the delusion may outlast me.[/font][/size]

Agreed it was ridiculous. For the lady who 'lost out' on her council flat I'm sure they picked the saddest looking person they could find in the block as well. Emphasised she was only offered 80k for her compulsory purchase and then right at the end added that she has now been offered 176k! She paid 60 so tripling your money isn't bad and that's the worst case individual they put forward!

Share this post


Link to post
Share on other sites

Agreed it was ridiculous. For the lady who 'lost out' on her council flat I'm sure they picked the saddest looking person they could find in the block as well. Emphasised she was only offered 80k for her compulsory purchase and then right at the end added that she has now been offered 176k! She paid 60 so tripling your money isn't bad and that's the worst case individual they put forward!

I think there was more to that particular story than they were letting on.

Share this post


Link to post
Share on other sites

Antithesis to this , is to watch that C4 documentary a while back where the old camp creepy guy thought he could get £1m for his grotty ex-council flat and then fulfill his dream and move to Vienna. Unfortunately nobody was willing to offer him that much, so he turned on the estate agent and starting to hit out at the 'greed' in London property.

Sorry - can't remember what it was called now.

Edited by spunko2010

Share this post


Link to post
Share on other sites

Well it was about right to buy ex-council houses. e.g. Man paid £15K for council house 22 years ago then sold it for 1.35 Million.

Never lived in a council house....but can't see any difference buying anything for £1 and selling it for £1 million 20 years later.....some low playing jobs IMO are worth more than other jobs that pay £1 million PA..........anyone who lived in a council house had possession of it for many years often generations and probably paid for it with rent paid over those years of occupation...... It is not the sale of good solid spacious homes in highly desirable places, it is the failure of replacing them that has compounded the problem of a lack of good affordable homes to rent to families in places where there are growing numbers of valuable but poorly paid jobs...;)

Share this post


Link to post
Share on other sites

IIRC there was another TV program on a few months ago highlighting councils in London who were having to buy back the properties they had previously sold.

Have friends in North London and they are the only people who still live in their RtB house on a street of 40+ houses and flats, all the rest are now in the possession on BTL LLs.

Same here, a good friend of mine lives N.20 area large council house in quiet road, large garden. Lived there over 30 years, works full time pays her rent and has no intention of ever buying...I doubt they would get a mortgage anyway.;)

Share this post


Link to post
Share on other sites

If my dad decided to sell his 3 bedroomed house, it would be worth around £150k (conservative estimate). Similar houses across the city in proximity to the University of East Anglia now have asking prices north of 200k as they are often rented to students. Council rent on these post war 3 br houses are about £88-95 a week.

Share this post


Link to post
Share on other sites

Just watching this now - warning some of you of you watch this may well experience seriously elevated blood pressure!

"Jahlyn was able to remortgage her right to buy flat and use the money to purchase her second flat. She now is a property mogul with 4 properties in her portfolio worth over 1 million pounds"

Yep, my blood pressure's gone up! <_<

Are we meant to applaud Jahlyn for her financial acumen that allowed her to buy 4 or 5 flats? Add into the mix 4 or 5 lots of ground rent & service charges, nonpaying tenant(s) and voids and suddenly it gets a bit dicey if there are mortgages to pay.

Share this post


Link to post
Share on other sites

Yep, my blood pressure's gone up! <_<

Are we meant to applaud Jahlyn for her financial acumen that allowed her to buy 4 or 5 flats? Add into the mix 4 or 5 lots of ground rent & service charges, nonpaying tenant(s) and voids and suddenly it gets a bit dicey if there are mortgages to pay.

She'll be looking like a right mug when she has to pay tax on turnover rather than profit.

Share this post


Link to post
Share on other sites

She'll be looking like a right mug when she has to pay tax on turnover rather than profit.

Ha ha! That crossed my mind. An update show in a year's time on the people featured would be good. ^_^

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   26 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

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.