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Redrow makes me sick

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Read this in the evening standard.

https://www.standard.co.uk/business/redrow-chairman-pleads-for-clarity-over-future-of-godsend-help-to-buy-model-a3927176.html

Redrow chairman pleads for clarity over future of 'godsend' Help to Buy model

...

Of 5913 home sales, 1850 were done via Help to Buy. Morgan said the government-backed equity scheme “has been a godsend for buyers and the industry”. 

 

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It wasn't sent by God  but by the tax payer...often the renter worker that now has to borrow more and pay more if they aspire to own a home.

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3 minutes ago, Wayward said:

It wasn't sent by God  but by the tax payer...

It was sent by George Osborne, who is now the editor of the Evening Standard whose website published this story.

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47 minutes ago, Wayward said:

It wasn't sent by God  but by the tax payer...often the renter worker that now has to borrow more and pay more if they aspire to own a home.

Well put.

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9 hours ago, Dorkins said:

It was sent by George Osborne, who is now the editor of the Evening Standard whose website published this story.

Nails it

Osbo's legacy is coming under fire - he's pushing back.

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28 minutes ago, rantnrave said:

Nails it

Osbo's legacy is coming under fire - he's pushing back.

A eight year rolling bailout and profiteering opportunity for the banks and housebuilders paid for by putting up VAT and more than doubling the national debt.

The Tory boys and their endlessly vaunted 'economic competence'... :rolleyes:

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27 minutes ago, zugzwang said:

The Tory boys and their endlessly vaunted 'economic competence'... :rolleyes:

Its easy to see why the well off and privileged love the Tories, its very hard to understand why anyone else would.

Self seeking comes to mind; as do other words.....

Edited by dougless

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1 hour ago, rantnrave said:

Nails it

Osbo's legacy is coming under fire - he's pushing back.

If you look at the expected outcomes of Osborne's two main interventions in the housing market it's pretty clear what he was trying to do:

S24 - force BTL landlords to sell up

Help to Buy - pump the housing market full of credit to keep house prices high

So it looks like he was trying to shift ownership of the housing stock from BTL landlords onto first time buyers while keeping prices high. It's a vision of a Britain of debt slaves forced to work all hours so they can overpay for the basics. It's pretty much the Corn Laws but for shelter instead of food.

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13 minutes ago, Dorkins said:

If you look at the expected outcomes of Osborne's two main interventions in the housing market it's pretty clear what he was trying to do:

S24 - force BTL landlords to sell up

Help to Buy - pump the housing market full of credit to keep house prices high

So it looks like he was trying to shift ownership of the housing stock from BTL landlords onto first time buyers while keeping prices high. It's a vision of a Britain of debt slaves forced to work all hours so they can overpay for the basics. It's pretty much the Corn Laws but for shelter instead of food.

It gets worse

Help to Buy's implementation brought forward to create a mini house price boom (that was supposed to make us all happy) in time for the 2015 election.

Section 24 to then be implemented and kicking in to get FTBs in their own homes in time for a theoretical 2020 election.

Osbo knew that the demographic balance in the housing market would shift in the latter half of this decade. Mrs. May clearly didn't and got a painful lesson in 2017.

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Why allow houses to get cheaper when you can just tax the population in order to facilitate buyers to take on more debt than even the banks were prepared to give them, through a top up loan backed by said taxpayers?

Utter madness and of course never, ever challenged by the mainstream media who are quite happy to promote it as actually being help for buyers rather than the taxpayer subsidy to builders that it very clearly is.

The UK is totally dependent on the housing market to generate new credit in the economy it seems - difficult to see a real HPC in the absence of a more general all-out financial/economic crash.

 

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The house building Industry has a very good lobbying side, with free money up for grabs they should.  The other side have little to nothing.  It is pushing against an open door with huge funding.  Vomit inducing,  but win:win builder bosses and Politicians,  loose The Plebs.

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How about making it easier to borrow to self build, easier to self build.....easier for people to live off of easy cheap money, state help with help to build and sell, dividends, bonuses and inflation proof pensions.. Not so easy for workers with wages not increasing in line with inflation, growing amounts of debt required and a rising general cost of living...some have it easier, time to adjust the balance of the scales, weighted somewhat? 😉

 

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18 minutes ago, Freezer? Best place for it said:

The house building Industry has a very good lobbying side, with free money up for grabs they should.  The other side have little to nothing.  It is pushing against an open door with huge funding.  Vomit inducing,  but win:win builder bosses and Politicians,  loose The Plebs.

It's win-win for politicians until they push the population too far and end up out of power for 20 years. No City sinecures for ex-backbench Opposition MPs, the bankers want ex-ministers with contacts.

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Not just Politicians and Ministers, but other bezzie mates in the right places to lobby and push the dream...

Look at this guff spouted by the Chester and Warrington Enterprise partnership...I've dealt with a few on that board and they're bestie mates with Stevey Redrow and no doubt the other 'home building', 'dream selling' lot. 

"If you’ve already bought a home in Ellesmere Port – congratulations! Average values have increased over the past three years by 7%"

Despite being a sh!thole, with an over abundance of Ind estates and chemical factories.  Got to be the HTB keeping it going!

http://www.871candwep.co.uk/news/the-ports-the-place/

Stevey Redrow lived down the road from me for years.  I was friendly with his old business partners ex wife.  She despises the industry and the things it got up to, pump, pump, pump! The stories she tells would put you off a new build for life and cry at the moral integrity of the Authorities in this country (tho provided her with a few quid...nice place on the Wirral and all that!)

 

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  • 244 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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