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Help to buy is only helping to push up the price of our flat


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Help to buy is only helping to push up the price of our flat

"The developer keeps on asking for a new valuation after rejecting our first one"

https://www.theguardian.com/money/2021/jan/20/help-to-buy-is-only-helping-to-push-up-the-price-of-our-flat#comments

Obviously not new news to seasoned HPC'ers but nice that the sheeple idiots are finally seeing the penny drop.

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Is this for real..?.!..

"The Ministry for Housing, Communities and Local Government told me that it was “completely unacceptable” for developers to charge a premium for help-to-buy homes and that buyers should report suspected price inflation to the government housing body, Homes England

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10 hours ago, highcontrast said:

Help to buy is only helping to push up the price of our flat

"The developer keeps on asking for a new valuation after rejecting our first one"

https://www.theguardian.com/money/2021/jan/20/help-to-buy-is-only-helping-to-push-up-the-price-of-our-flat#comments

Obviously not new news to seasoned HPC'ers but nice that the sheeple idiots are finally seeing the penny drop.

What a numpty. Please value my house higher so I can pay more.🤦🏻‍♂️

Totally, utterly and completely counter intuitive. Where is the grumpy old parents/parents in law giving this developers and their own kids a kicking. I would be. 

£400k price, valued at £330k. That should tell them everything they need to know. 

Hey, if it’s a picture box cottage on the edge of town that attracts 30 viewers even in a slump market then I get it....pay 10% more and put it down to an extravagance. But I guess this help to buy flat in Barking doesn’t fit that ‘once in a lifetime forever home’ criteria. 

I guess we can read about this couple in 5 years time struggling to sell and blaming the valuer who said £375k 🤦🏻‍♂️

Edited by Pop321
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4 hours ago, Pop321 said:

What a numpty. Please value my house higher so I can pay more.🤦🏻‍♂️

Totally, utterly and completely counter intuitive. Where is the grumpy old parents/parents in law giving this developers and their own kids a kicking. I would be. 

£400k price, valued at £330k. That should tell them everything they need to know. 

Hey, if it’s a picture box cottage on the edge of town that attracts 30 viewers even in a slump market then I get it....pay 10% more and put it down to an extravagance. But I guess this help to buy flat in Barking doesn’t fit that ‘once in a lifetime forever home’ criteria. 

I guess we can read about this couple in 5 years time struggling to sell and blaming the valuer who said £375k 🤦🏻‍♂️

who the feck pays 400k for a flat in chithole barking ? 

HTB charge everyone the same and disregard where the property is, its as if these guys have a badge of honour saying they overpaid. 

 

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Not quite, it also enriched the people who bought the first wave of properties after HTB was introduced, whos increased value enriched the house owners who sold their houses to people who bought them with profits.

Are there any losers? The poor sods that bought before the gainz stopped. But they may not even see themselves as losers - if you can service the mortgage you can 'wait for the market to recover' (must be thousands of these types of people in London).

Also the poor sods that are the FTBs that can't afford anywhere and get told they are eating too many avocados. Yet it is difficult to quantify what loss they have made, as their position is the same, renting.

What is has done is turn a vast swarthe of people into 'I'm alright Jack' types....

If you took away HTB now I think there would be a significant (ie 10%+) adjustment in price downwards. Intellectually I think most of these people know that a modest decline of prices (which still gives massive gains over the past decade) is a better way to improve affordability than more props. 

Yet they can't bear to have their own asset value impeded, so they are happy to be silent hypocrites.

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