Turnbull2000 Posted July 11, 2008 Share Posted July 11, 2008 Shields Gazette - Council to help people onto the housing ladder STRUGGLING homeowners and first-time buyers could be thrown a lifeline by councils buying into properties in the region.Newcastle City Council is considering buying part-shares in hundreds of homes to stop families being thrown out as they face soaring mortgage bills. Yesterday other councils in North East England said they would be interested in the scheme. NewADVERTISEMENT, unsold homes could also be snapped up to help first-time buyers and keep the property market afloat under proposals being examined by the authority. Quote Link to comment Share on other sites More sharing options...
The Colour Posted July 11, 2008 Share Posted July 11, 2008 Yeah right - I wonder what NCC's budget is for this? Prolly around £3.50 Don't make me laugh. Quote Link to comment Share on other sites More sharing options...
The Ayatollah Buggeri Posted July 11, 2008 Share Posted July 11, 2008 Exactly. Where are they going to get the money to do this from? AFAIK councils up and down the land aren't exactly wallowing in spare cash. Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted July 11, 2008 Share Posted July 11, 2008 I'm sure all those Geordies will revel in the fact of their Council Tax bailing out mortgagees........ particularly the ones that MEW'd all the way to the top. Quote Link to comment Share on other sites More sharing options...
Minos Posted July 11, 2008 Share Posted July 11, 2008 Exactly. Where are they going to get the money to do this from?AFAIK councils up and down the land aren't exactly wallowing in spare cash. Could they borrow it and make the hard working council tax payers fund it? Quote Link to comment Share on other sites More sharing options...
Dylan Posted July 11, 2008 Share Posted July 11, 2008 How does the council buying unsold properties help FTBs, unless they're going to sell them on at a loss? Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted July 11, 2008 Share Posted July 11, 2008 if true, this has to be the most skewed council in the country. using the community tax funds of people in the borough to fund the private debt of others. its no way legal. can you imagine the poll tax chaos among renters paying for home owners debts ? no way. this is just one of those never going to happen silly stories. Mr Shepherd said the possibility of buying unsold new homes outright would be about keeping the housing market going and underpinning the North East economy. also. since when has peoples housing debt been the local economy ? the whole housing, borrowing, debt idiocy is all really coming out now. Quote Link to comment Share on other sites More sharing options...
The Colour Posted July 11, 2008 Share Posted July 11, 2008 How does the council buying unsold properties help FTBs, unless they're going to sell them on at a loss? Easy, just put a load of housing benefited chavs in there, and that will drive the prices of the other luxury flats down to a level FTbs can afford. Quote Link to comment Share on other sites More sharing options...
The Colour Posted July 11, 2008 Share Posted July 11, 2008 Could they borrow it and make the hard working council tax payers fund it? Who from? The banks? Quote Link to comment Share on other sites More sharing options...
stuckmojo Posted July 11, 2008 Share Posted July 11, 2008 Who from? The banks? From Northern Rock. that would close the loop. Quote Link to comment Share on other sites More sharing options...
Minos Posted July 11, 2008 Share Posted July 11, 2008 Who from? The banks? Sure. Or central government. Who has stopped lending to the government? Quote Link to comment Share on other sites More sharing options...
The Colour Posted July 11, 2008 Share Posted July 11, 2008 Sure. Or central government. Who has stopped lending to the government? What terms do you think the banks would give a council who is buying up residential property in this market? I am not saying you're wrong, just it's unlikely. Also as far as I was aware the local councils do not borrow money from central gov't. Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted July 11, 2008 Share Posted July 11, 2008 Who from? The banks? An extra £100 a year on council tax? Quote Link to comment Share on other sites More sharing options...
Converted Lurker Posted July 11, 2008 Share Posted July 11, 2008 From Northern Rock. that would close the loop. how bizare would that be...if NR did deals with councils to buy up un sold stock, to then sell as 'property bonds' (with guaranteed income), underwritten by the govt who owns the bank and funds the council, not quite a gilt but... Quote Link to comment Share on other sites More sharing options...
Sheer Heart Attack Posted July 11, 2008 Share Posted July 11, 2008 (edited) Meanwhile, in the crazy topsy-turvy world of the people that run our society and those who report on it, a report from BBC Look North. Click here to watch this report (embedded video on a BBC "News" page) They believe that more expensive houses should be built on historically-poor Tyneside to attract professionals to the region. You couldn't make it up. :angry: EDIT - Just to say this was from last night's programme. Edited July 11, 2008 by Pacific State Quote Link to comment Share on other sites More sharing options...
Converted Lurker Posted July 11, 2008 Share Posted July 11, 2008 (edited) Meanwhile, in the crazy topsy-turvy world of the people that run our society and those who report on it, a report from BBC Look North.Click here to watch this report (embedded video on a BBC "News" page) They believe that more expensive houses should be built on historically-poor Tyneside to attract professionals to the region. You couldn't make it up. :angry: EDIT - Just to say this was from last night's programme. This 'ar5e over tit' cycle always gets me, "build it and they will come", no chance. Went to the new Liverpool One development last night...pointless and really poor architecture, but never mind that, here's the pitch; "OK, we build a new shopping centre, now all the bright young things will work there and then walk to their new inner city apartment (bought with a 100% mortgage on ten times income), where they can juice a few bits of fruit and then get on the x-trainer in their super new gym and then have a super night out in the multiplex finished off by a super cocktail in the latest bar..." Only falls down at the first stage; pay peanuts and the monkeys stays at bottom of tree waiting for them (peanuts) to fall for free. How can you build a micro economy based on; selling cheap imported tat, at ever decreasing margins, and more importantly how will these 'bright young things' (en masse) ever escape that cycle? Edited July 11, 2008 by Converted Lurker Quote Link to comment Share on other sites More sharing options...
The Colour Posted July 11, 2008 Share Posted July 11, 2008 "OK, we build a new shopping centre, now all the bright young things will work there and then walk to their new inner city apartment (bought with a 100% mortgage on ten times income), where they can juice a few bits of fruit and then get on the x-trainer in their super new gym and then have a super night out in the multiplex finished off by a super cocktail in the latest bar..." Sounds a bit like the Chinese pitch: "We'll open a new mine here, build a village next to it, move the workers in, pay them in tokens, build a shop in the village, and allow the miners to only spend their tokens in it." Except that this would be in chinese of course: 我们将开启一个新的矿井在这里，建立一个村它旁边，动议的工人，支付他们在令牌，建立一个店在村里，并允许矿工只花他们的令牌在它 Quote Link to comment Share on other sites More sharing options...
stuckmojo Posted July 11, 2008 Share Posted July 11, 2008 Meanwhile, in the crazy topsy-turvy world of the people that run our society and those who report on it, a report from BBC Look North.Click here to watch this report (embedded video on a BBC "News" page) They believe that more expensive houses should be built on historically-poor Tyneside to attract professionals to the region. You couldn't make it up. :angry: EDIT - Just to say this was from last night's programme. that made me laugh. What are these professionals going to do for a living in Newcastle? work for the local 14k average wage? Quote Link to comment Share on other sites More sharing options...
Sheer Heart Attack Posted July 11, 2008 Share Posted July 11, 2008 that made me laugh. What are these professionals going to do for a living in Newcastle? work for the local 14k average wage? Telesales manager? Head up the local Anti-Sexism and Feminine Hygience Outreach Worker program? Quote Link to comment Share on other sites More sharing options...
Converted Lurker Posted July 11, 2008 Share Posted July 11, 2008 Sounds a bit like the Chinese pitch:"We'll open a new mine here, build a village next to it, move the workers in, pay them in tokens, build a shop in the village, and allow the miners to only spend their tokens in it." Except that this would be in chinese of course: 我们将开启一个新的矿井在这里，建立一个村它旁边，动议的工人，支付他们在令牌，建立一个店在村里，并允许矿工只花他们的令牌在它 except that'd work Quote Link to comment Share on other sites More sharing options...
notthereyet Posted July 11, 2008 Share Posted July 11, 2008 (edited) Shields Gazette - Council to help people onto the housing ladder A joke really, if councils really wanted to do something constuctive in the housing market the first thing they should do is halt the sale of council houses and start building more, not making up make believe schemes which only try to hold up high house prices with public money. Homes will be affordable to FTB when they fall to realistic values. Edited July 11, 2008 by TIMSY Quote Link to comment Share on other sites More sharing options...
stuckmojo Posted July 11, 2008 Share Posted July 11, 2008 so, the Geordie city council has 2 choices: pay £1 to build council houses which meet criteria on its own land or pay 10 to buy shoeboxes unfit for council housing purposes, with the certainty that they will need extensive overhaul in 10 years due to poor construction. Knowing the logic up here, it'll be the second. Quote Link to comment Share on other sites More sharing options...
VeryMeanReversion Posted July 11, 2008 Share Posted July 11, 2008 Newcastle, home of Northern Rock. The safe choice for your money. Maybe Applegarth has got a seat on council now? VMR. Quote Link to comment Share on other sites More sharing options...
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