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sf-02

Greenwich Council to spend another £65 million purchasing homes off the market

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A month or two ago I put up on here how Greenwich Council in London were to spend £46 million buying homes from the market. Now it looks like another £65 million.

http://www.fromthemurkydepths.co.uk/2018/01/18/greenwich-council-spending-65-million-buying-more-private-homes/

It's the least cost effective way to spend Right to Buy income by a mile according to figures. Helps homeowners though. This is a Labour council. Not Corbynite though. More a mix of right wing Labour and clapped out councillors in seats for decades. Who knows how many are landlords or multiple homeowners.

If this is replicated at other councils the sums must be huge. Surely this needs a lot of exposure?

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The figures in the article show average homes purchase is £395k!

Many more than that can be built on their own land at £223k a unit. Not directly as govt bans it but using their own not-for-profit off-shoot which avoids caps and can borrow from banks as any developer does. They aren't doing this.

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29 minutes ago, sf-02 said:

A month or two ago I put up on here how Greenwich Council in London were to spend £46 million buying homes from the market. Now it looks like another £65 million.

http://www.fromthemurkydepths.co.uk/2018/01/18/greenwich-council-spending-65-million-buying-more-private-homes/

It's the least cost effective way to spend Right to Buy income by a mile according to figures. Helps homeowners though. This is a Labour council. Not Corbynite though. More a mix of right wing Labour and clapped out councillors in seats for decades. Who knows how many are landlords or multiple homeowners.

If this is replicated at other councils the sums must be huge. Surely this needs a lot of exposure?

Outragous....this could be prone to massive corruption !!!

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Ok not these sort of figures,but my mates sister bought her council house from the ALMO for £32k right to buy.MEWed it up over the years paying off credit cards,loans etc until it was £70k .Sold it back to the same ALMO she had bought it off when she split with hubby,who then put a family with 3 kids on welfare in it.She moved into a private rented on benefits as well.

All paid for by the poor sod who goes to work.Another example of why i dont,and wont ever go over the tax allowance.

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But....

if the council are increasing their stock, they are taking residents out of private rented thus reducing demand and lowering rental costs?

or

importing people from Calais having no effect on rental costs to the tax payer? 

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1 hour ago, TheCountOfNowhere said:

Outragous....this could be prone to massive corruption !!!

It's corrupt as h3ll

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I used to live in Greenwich during the week. Rented a 5 day room for work, in an ex council bungalow. The ex-council house next door was basically a 2 up / 2 down end of terrace and sold for £400k 

Developers are throwing up flats like there is no tomorrow on the peninsula. There's no way there is no land they cannot get built 

Stinks of potential landlord S24 escape corruption to me.

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I am currently renting in Greenwich while waiting for my mountains of Canadian immigration paperwork to go through. 

The council has a massive waiting list for housing, they sold off a ton of housing between 10-15 years ago. I am currently renting in an ex council block, looks like a dive from the outside, but beautifully built inside, next to no noise from the neighbours, its a bit of a fortress. 

I do think that this is an attempt to stop house prices from plummeting ( as nothing anywhere near me has sold in the two years I have lived here ) but, I also think that the council does not want to take the time it would require to actually build anything.  ( This area would probably be NIMBY central as well ). 

So a little bit of corrupt house price protection, a little bit of short termist reactionary planning. 

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45 minutes ago, fru-gal said:

Can they be bought with RTB? If so that has to be the most insane thing ever.

they just tick boxes and don`t do joined up thinking. 

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Greenwich has so many new housing developments coming on stream, particularly around the peninsula (with the dome) which is the main enterprise and growth zone from what I have seen.

I think the concern is that these apartments are all going to be completed in a housing slump, and so lie empty or get abandoned unfinished, thus destroying the growth plan for the area (new digital businesses, Dome as a major leisure destination, the next Canary Wharf etc.). 

Disgraceful waste of taxpayer money though. 

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17 hours ago, durhamborn said:

Ok not these sort of figures,but my mates sister bought her council house from the ALMO for £32k right to buy.MEWed it up over the years paying off credit cards,loans etc until it was £70k .Sold it back to the same ALMO she had bought it off when she split with hubby,who then put a family with 3 kids on welfare in it.She moved into a private rented on benefits as well.

All paid for by the poor sod who goes to work.Another example of why i dont,and wont ever go over the tax allowance.

Sure she could do better in the City (got a good cv after all)!

Or maybe too smart and knows what life really is all about.

Bring on a government which decides to regulate the country properly and do FA else!

Until then, let them find their own Playdo, not yours nor mine!

Edited by Fence

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14 hours ago, Dean said:

waiting for my mountains of Canadian immigration paperwork to go through

Best wishes. I had the chance back in the day while working there.  Canada was 100% brill then.  Would be a massive regret now if I hadn't snapped up a top notch wife here instead.  Plenty there mind you!  Exciting times for you.

Edited by Fence

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  • 406 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%



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