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BBC help to buy sob story - Covid means we may lose our first home


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Seems many new build homes won't be completed by the February deadline to allow people to use current HTB scheme - so buyers want an extension to the scheme by dishy Rishi.

Cue case studies of couple Greg and David - mid 30s - who are buying a town house in Salford and are worried about losing £2k in fees and Jamie in Luton who has a baby on the way!

https://www.bbc.co.uk/news/business-55652049

Given they are FTBs couldn't they use the new scheme coming in in April - albeit subject to the regional caps. Even then why is it my job to help subsidise someone to buy a townhouse in Salford just so some developers can make an even quicker buck?

Edited by MARTINX9
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1 hour ago, MARTINX9 said:

Seems many new build homes won't be completed by the February deadline to allow people to use current HTB scheme - so buyers want an extension to the scheme by dishy Rishi.

Cue case studies of couple Greg and David - mid 30s - who are buying a town house in Salford and are worried about losing £2k in fees and Jamie in Luton who has a baby on the way!

https://www.bbc.co.uk/news/business-55652049

Given they are FTBs couldn't they use the new scheme coming in in April - albeit subject to the regional caps. Even then why is it my job to help subsidise someone to buy a townhouse in Salford just so some developers can make an even quicker buck?

I feel sorry for them. If they lose the house they lose £2k. If they get the house, it’s a new build...so they will lose £30k if they come to sell. 

Help to Buy...it’s a lose lose scenario. Apart from, as you say, for those kind hearted developers. 😉 

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One of mrs spys friends  is coming up their 5 years HTB anniversary.

Constant whinging about worse mistake Evah!'

House is too small, too way away from shops n whatnot.

Neighbours are scummy - well, 20% went to social housing i.e. the people the LHA and council wont house.

And the arseend of the BTL boom, giving ~50% of rentals in the estate.

Im bracing for the increase in their mortgage.

 

 

 

 

 

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14 minutes ago, Pop321 said:

I feel sorry for them. If they lose the house they lose £2k. If they get the house, it’s a new build...so they will lose £30k if they come to sell. 

Help to Buy...it’s a lose lose scenario. Apart from, as you say, for those kind hearted developers. 😉 

tenor.gif

 

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4 minutes ago, spyguy said:

One of mrs spys friends  is coming up their 5 years HTB anniversary.

Constant whinging about worse mistake Evah!'

House is too small, too way away from shops n whatnot.

Neighbours are scummy - well, 20% went to social housing i.e. the people the LHA and council wont house.

And the arseend of the BTL boom, giving ~50% of rentals in the estate.

Im bracing for the increase in their mortgage.

 

I have a friend who lives on a new build development in Chelmsford Essex. They started building about 7 years ago and finished a few years back. There are about 200 houses and apartments in total , much of it sold under HTB. 

She said this time last year there was 1 house for sale , this year she has been able to count 19 (might be more) she thinks it is the people coming to the end of the 5 year interest free period that has caused such an increase in Houses For Sale. 

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1 hour ago, MARTINX9 said:

Seems many new build homes won't be completed by the February deadline to allow people to use current HTB scheme - so buyers want an extension to the scheme by dishy Rishi.

Cue case studies of couple Greg and David - mid 30s - who are buying a town house in Salford and are worried about losing £2k in fees and Jamie in Luton who has a baby on the way!

https://www.bbc.co.uk/news/business-55652049

Given they are FTBs couldn't they use the new scheme coming in in April - albeit subject to the regional caps. Even then why is it my job to help subsidise someone to buy a townhouse in Salford just so some developers can make an even quicker buck?

"Salford" "HTB" and saved through out my 20`s does not marry together properly.

when you have 7 figures and earn 6 figures a year then reproduce or never.  

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3 minutes ago, mrlegend123 said:

people who brought their help to buy houses 5 years ago are offloading them. people must be mad to use the scheme now. 

Sad part is there are still plenty of people willing to use it. The big draw is the just 5% Deposit needed. They could get a much better deal in the second hand /nearly new market but do not have the larger deposits needed. Sad. 

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41 minutes ago, spacedin said:

You'd think they'd want house prices to fall.

No... I don't think that's possible is it? The only conceivable answer is more government help. There must be some genius "scheme" that could help them on the ladder. Help to buy 10% shared ownership interest only mortgage perhaps? Would that help?

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people must know by now that the government will not let the housing market crash. I think it is worth more than the stock market. 

UN 2030 agenda is renting. over the last 2 years, pension funds have been registering as social landlords for build to rent.......bond market is dead, better returns for them is providing properties for rent. 

Rent will pay for most peoples pensions int the future 

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Just once, just once, wouldn't it be lovely if the state broadcaster ran a puff piece along the lines of "Help to Buy hasn't helped us at all". It could be about some lovely couple with their second child on the way, wise enough to see that houses were once affordable to people with their incomes, and now they aren't because of such schemes.

Don't hold your breath though, it is never, ever going to happen.

Edited by GeneCernan
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IMO, house prices will remain high to keep out first time buyers and build to rent to increase - the new business model to ensure the life of pension funds.

By 2040, 90% of people will be renters with the rent being reinvested into pension funds. 

Welcome to UN 2030.

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2 hours ago, MARTINX9 said:

Cue case studies of couple Greg and David - mid 30s - who are buying a town house in Salford and are worried about losing £2k in fees

Must be this place https://hallcoproperty.co.uk/portfolio/fletcher-park/

It's in an area called 'Monton Village'. That sounds nice. It concurs up images of garden fairs and cupcake stalls. Interestingly, the Royal Mail know this area by its historic name: Eccles

This made me laugh 

Prices From: £394.950

I'm guessing that's not including the help to buy loan. They must be mad. There are plenty of much better and cheaper places to buy in Eccles, (sorry, Monton Village), that they wouldn't need an additional loan to afford. 

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1 hour ago, mrlegend123 said:

people must know by now that the government will not let the housing market crash. I think it is worth more than the stock market. 

UN 2030 agenda is renting. over the last 2 years, pension funds have been registering as social landlords for build to rent.......bond market is dead, better returns for them is providing properties for rent. 

Rent will pay for most peoples pensions int the future 

Like a giant Ouroboros, pay rent on a flat to get the rent back from a pension. Sounds like a plan.

Edited by Tiger131
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19 minutes ago, mrlegend123 said:

IMO, house prices will remain high to keep out first time buyers and build to rent to increase - the new business model to ensure the life of pension funds.

By 2040, 90% of people will be renters with the rent being reinvested into pension funds. 

Welcome to UN 2030.

Build to Rent or Private Rental Service as some developers call it is going to be over subscribed , too many big players have jumped into it. 

They are not cheap to rent and the clientele they want to attract are young professionals earning well but not enough to buy. Those people after a few years will be able to afford to buy when they move up in their career. The model however works on them be willing to rent forever while earing their big salary's that is not going to happen. 

One big player is a USA company who have bought a London based developer recently ( won't give names) who are now going to only BTR. They believe that they can encourage the young to never buy as is the case with many in the USA . I think the sentiment is very different in the UK and this company are in for a shock. But they can always sell the flats off if they cannot rent them out.    

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1 hour ago, erat_forte said:

No... I don't think that's possible is it? The only conceivable answer is more government help. There must be some genius "scheme" that could help them on the ladder. Help to buy 10% shared ownership interest only mortgage perhaps? Would that help?

No it isn't possible. Just like FTL or perpetual motion. House prices only ever go up.

Moar help pls thx.

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2 hours ago, longgone said:

"Salford" "HTB" and saved through out my 20`s does not marry together properly.

Harsh, but it did make me chuckle

 

22 minutes ago, sammersmith said:

Must be this place https://hallcoproperty.co.uk/portfolio/fletcher-park/

It's in an area called 'Monton Village'. That sounds nice. It concurs up images of garden fairs and cupcake stalls. Interestingly, the Royal Mail know this area by its historic name: Eccles

This made me laugh 

Prices From: £394.950

I'm guessing that's not including the help to buy loan. They must be mad. There are plenty of much better and cheaper places to buy in Eccles, (sorry, Monton Village), that they wouldn't need an additional loan to afford. 

That just makes me depressed. Cramming 4 bedrooms and 3 bathrooms into 1340ft2. No hallway for shoes or coats. Cloakroom toilet off the kitchen (lovely). No storage - either for everyday things like the vacuum cleaner, nor an attic for annual things like suitcases and the Christmas decorations, meaning that one bedroom will have to be storage essentially. The old developer trick of not having wardrobes in the show bedrooms to make them look more spacious. The aspirational 5 year old Range Rover Evoque on the tiny drive, showing off the lack of parking on or off street for the two/three vehicle households these days.

Frankly, if you are desperate for a four bedroom house in happening Eccles (with its "Gin Bars and Craft Ale Houses" as said by the developer - couldn't that just mean a Wetherspoons?) I'd rather have this https://www.rightmove.co.uk/properties/82186783#/. Been on the market since August, so you could probably knock some money off it.

 

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14 minutes ago, A17 said:

Harsh, but it did make me chuckle

 

That just makes me depressed. Cramming 4 bedrooms and 3 bathrooms into 1340ft2. No hallway for shoes or coats. Cloakroom toilet off the kitchen (lovely). No storage - either for everyday things like the vacuum cleaner, nor an attic for annual things like suitcases and the Christmas decorations, meaning that one bedroom will have to be storage essentially. The old developer trick of not having wardrobes in the show bedrooms to make them look more spacious. The aspirational 5 year old Range Rover Evoque on the tiny drive, showing off the lack of parking on or off street for the two/three vehicle households these days.

Frankly, if you are desperate for a four bedroom house in happening Eccles (with its "Gin Bars and Craft Ale Houses" as said by the developer - couldn't that just mean a Wetherspoons?) I'd rather have this https://www.rightmove.co.uk/properties/82186783#/. Been on the market since August, so you could probably knock some money off it.

 

Jesus you're right, they're depressing. The song "Little Boxes" springs to mind. 

Fletcher-Park-CGI-Road-1000x564.jpg

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