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Will!

Right to sell

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I saw this post on the Labour Policy Forum:

Right to sell

Quote

I have been a home owner for over 20 years, but now, with advancing age and declining health, I no longer have the financial resources that I did when I was in full time employment.  A few years ago, my hot water boiler broke down, and the cost of replacement was a significant burden.

I found myself comparing my position with that of friends in social housing, where such expenses are the responsibilty of the landlord, and wishing that there was a way that I could put myself in a similar position.

After some though, I realised that what I would really like would be a "Right to sell" - the inverse of the Tory Right to buy scheme that has put severe strain on social housing stock.

In principle, it would enable me to sell my home to the local authority or a housing association, probably at below the market value (for balance with the right to buy sytem), and I could continue to live there, while paying a controlled fair rent.  I would have the normal rights of a social housing tennant, but on my death, or should I need to move to a care home or sheltered accomodation, my house would be available for re-letting by the council / housing association.

I would therefore be in the position of security of being a social housing tennant, without the stress of having to make a physical move.  The council / housing association would receive rent, and eventually an increase to their housing stock at low cost.

I have discussed this idea with several friends, both social housing tennants and private homeowners, and they all seem to think that it's a good idea.  Obviously, there would need to be a lot of consideration of the finer details, but it does seem that in principle it could be popular.

Of course, housing associations have been buying private dwellings for letting for many decades.  This was most recently part of government policy in 1992, when Norman Lamont attempted to reverse the house price crash with a £577m grant as part of the Housing Market Package to Housing Associations to make such purchases.  History relates how successful that was, both for improving the stock of social housing and reversing the HPC.

I wonder for how much this chap would be willing to sell his house to a Housing Association 'below the market value' and how he feels about the spare room subsidy?

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16 hours ago, Will! said:

I saw this post on the Labour Policy Forum:

Right to sell

Of course, housing associations have been buying private dwellings for letting for many decades.  This was most recently part of government policy in 1992, when Norman Lamont attempted to reverse the house price crash with a £577m grant as part of the Housing Market Package to Housing Associations to make such purchases.  History relates how successful that was, both for improving the stock of social housing and reversing the HPC.

I wonder for how much this chap would be willing to sell his house to a Housing Association 'below the market value' and how he feels about the spare room subsidy?

Yes. People could sell it at the last Land Registry recorded transaction price adjusted by CPIH.  That would create a potent signal to those who purchase property as a financial instrument. 

Increasing social housing stock is essential. It won't happen while government is spending billions subsidizing builders who supply overpriced houses to property investors. 

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' In principle, it would enable me to sell my home to the local authority or a housing association, probably at below the market value (for balance with the right to buy sytem), and I could continue to live there, '

Cake. and eat it.

Sure sell it to the LA.

Then your housign needs will be assessed and you'll be be moved somewhere more suitable to your needs i.e. a single bed flat in an OAP building.

 

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  • 336 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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