roblpm Posted September 2, 2008 Share Posted September 2, 2008 I just heard on 5 live and on the BBC website, says in England??!! Very odd?? Is this right?? What about Wales and us up here in Scotland??? How are we going to benefit from this scheme????????????? I've never done this before......................................... Muwa ha ha ha ha ha ha ha ha ha ha Quote Link to comment Share on other sites More sharing options...
chichi Posted September 2, 2008 Share Posted September 2, 2008 Almost certainly only in vulnerable labour seats? Quote Link to comment Share on other sites More sharing options...
cs02rm0 Posted September 2, 2008 Share Posted September 2, 2008 So people are struggling with their oversized mortgages (loans) and the solution is... more loans! Yay! What could possibly go wrong?! Quote Link to comment Share on other sites More sharing options...
1888 Posted September 2, 2008 Share Posted September 2, 2008 but its different in Scotland isn't it ? sounds a bit like the poll tax experiment in reverse would like them to clarify if Wales Scotland and NI are elligible if not then this is basically racist Quote Link to comment Share on other sites More sharing options...
terryturbojr Posted September 2, 2008 Share Posted September 2, 2008 but its different in Scotland isn't it ? You beat me to it. Quote Link to comment Share on other sites More sharing options...
Alfie Moon Posted September 2, 2008 Share Posted September 2, 2008 From Reuters: * A new shared equity scheme to help up to 10,000 first-time buyers earning less than 60,000 pounds buy new homes over the next two years. Buyers will be offered an equity loan of up to 30 percent of the house value, interest-free for five years, co-funded by the government and the housing developer. A government source said this scheme would also cost about 300 million pounds. The scheme will only help up to 10,000 people over 2 years with £300 million, ie £150 million a year. This scheme will have zero impact on the housing market and the house price crash will continue as before. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted September 2, 2008 Share Posted September 2, 2008 I just heard on 5 live and on the BBC website, says in England??!! Very odd?? Is this right?? What about Wales and us up here in Scotland??? How are we going to benefit from this scheme????????????? I've never done this before......................................... Muwa ha ha ha ha ha ha ha ha ha ha Er you got your parliament, lobby them to frack up your own economy if you please. We got a couple of your troopers doing a fine job here thank you. Quote Link to comment Share on other sites More sharing options...
Guest pioneer31 Posted September 2, 2008 Share Posted September 2, 2008 Blears said "We can't sit by and let decent hard working people go under, with their mortgages" The govt are like drug pushers. They helped sink hard working families in the first place, now that the electorate are totally f***ing sick of them, they're offering to help these families out. Why can't the media dub blears/brown/insert name of cabinet brown noser with the real story We're helping out (insert emotive phrase) hard working, decent, lovely, innocent, salt-of-the-earth g families with their over borrowing because we know they won't f*****g vote for us otherwise!! :angry: :angry:- Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted September 2, 2008 Share Posted September 2, 2008 Blears said "We can't sit by and let decent hard working people go under, with their mortgages"The govt are like drug pushers. They helped sink hard working families in the first place, now that the electorate are totally f***ing sick of them, they're offering to help these families out. Why can't the media dub blears/brown/insert name of cabinet brown noser with the real story We're helping out (insert emotive phrase) hard working, decent, lovely, innocent, salt-of-the-earth g families with their over borrowing because we know they won't f*****g vote for us otherwise!! :angry: :angry: - from most peoples point of view they ARE helping. Thats because most people view the house purchase from the wrong end... the price.. they see that they NEED to get the loans to pay the price. What is happening of course is the reversal to the truth, ie the price is dependant on the LOAN. So in sheepworld, the government is helping, in real world, they are not. Quote Link to comment Share on other sites More sharing options...
NotMyHouse Posted September 2, 2008 Share Posted September 2, 2008 So if this scheme is for England only (putting aside possibilities of misreporting from the media) then could it now destabilize the (up until now) apparently still thriving Scottish market, where, we have been assured, things are still peachy? Quote Link to comment Share on other sites More sharing options...
Scarecrow Posted September 2, 2008 Share Posted September 2, 2008 Hazel Blears has no say over what happens outside of England so this proposal couldn't be implemented elsewhere. Presumably there's only money available for England which may cause a bit of resentment from elsewhere. Quote Link to comment Share on other sites More sharing options...
Jadoube Posted September 2, 2008 Share Posted September 2, 2008 from most peoples point of view they ARE helping. Thats because most people view the house purchase from the wrong end... the price.. they see that they NEED to get the loans to pay the price.What is happening of course is the reversal to the truth, ie the price is dependant on the LOAN. So in sheepworld, the government is helping, in real world, they are not. Very true. We cannot be reminded often enough - there are lots of sheep. All politicians want their votes. So all politicians will do things that HPC thinks wrong. They are not being stupid, they are doing what they're supposed to do - trying to respond to the wishes of the majority. Its a mistake but undeniably a democratically inspired mistake. Quote Link to comment Share on other sites More sharing options...
Sledgehead Posted September 2, 2008 Share Posted September 2, 2008 (edited) From Reuters:* A new shared equity scheme to help up to 10,000 first-time buyers earning less than 60,000 pounds buy new homes over the next two years. Buyers will be offered an equity loan of up to 30 percent of the house value, interest-free for five years, co-funded by the government and the housing developer. A government source said this scheme would also cost about 300 million pounds. The scheme will only help up to 10,000 people over 2 years with £300 million, ie £150 million a year. This scheme will have zero impact on the housing market and the house price crash will continue as before. Oh dear, dear. I thought the scheme was trifling when I believed it would take the lions share of the £1bn if spent over 1 year. Max shared ownerships under scheme = £150m / 30%_of _average_house_price = £150m / (£178k * 0.3) = 2800 % of normal market transactions this represents = 2800 / 1.2m = 0.2% Edited September 2, 2008 by Sledgehead Quote Link to comment Share on other sites More sharing options...
Sledgehead Posted September 2, 2008 Share Posted September 2, 2008 (edited) Sky hate this! Dermot's interviewing Helen Williams from the National Housing Federation, of "house prices to rise by 25 per cent by 2013" infammy "You call this help for FTBs. Markets go both ways. How can it be helpful to get people to but a house that's going to fall in value?" Williams bleats her own agency's looney guesses as if they were fact "yes but house prices are set to rise." She then went on to say what a good idea this all was. You can view the NHF's deluded ramblings in an article on their website entitle : "Federation welcomes announcement as 'charter for saving thousands of households from nightmare of repossession' " The simple fact is this could lead to even more repos as FTBs stretch themselves still further to jump into a rapidly falling market. The fact is the NHF are the mouthpiece for 1300 housing associations, who beteween them are struggling to stay solvent. A collapse in HA portfolios is not an option. Sacrificing a few FTBs seems a small price to pay .... ... of course it's all pi$$ing in the wind. Then we hear some emails from viewers. They range from "this is not enough" to "AAAAAAAAAAAAAAAAAAAAAAAAAAAAGH that fackin tw@t". Dermot casually quips "interesting range of views there..." Edited September 2, 2008 by Sledgehead Quote Link to comment Share on other sites More sharing options...
Guest An Bearin Bui Posted September 2, 2008 Share Posted September 2, 2008 I just heard on 5 live and on the BBC website, says in England??!! Very odd?? Is this right?? What about Wales and us up here in Scotland??? How are we going to benefit from this scheme????????????? Scotland doesn't need to benefit from any free loan scheme as the market in Scotland is strong, there are sound fundamentals and in Scotland property never drops in value. Labour know this so have deliberately left Scotland out of the picture because the market here is doing so well on its own. Seriously, however, I think this is an issue for the SNP as it's housing policy which is a devolved matter. They have some of their own, home-grown half-baked schemes for ripping off FTBs shared equity Quote Link to comment Share on other sites More sharing options...
Patfig Posted September 2, 2008 Share Posted September 2, 2008 From Reuters:* A new shared equity scheme to help up to 10,000 first-time buyers earning less than 60,000 pounds buy new homes over the next two years. Buyers will be offered an equity loan of up to 30 percent of the house value, interest-free for five years, co-funded by the government and the housing developer. A government source said this scheme would also cost about 300 million pounds. The scheme will only help up to 10,000 people over 2 years with £300 million, ie £150 million a year. This scheme will have zero impact on the housing market and the house price crash will continue as before. Short termist, self interested total sh_t from Labour. Come on badger get our shirt sleeves rolled up and denounce this crap........ show Gordon up for the moron he is. Quote Link to comment Share on other sites More sharing options...
Fudge Posted September 2, 2008 Share Posted September 2, 2008 (edited) Oh dear, dear. I thought the scheme was trifling when I believed it would take the lions share of the £1bn if spent over 1 year. Max shared ownerships under scheme = £150m / 30%_of _average_house_price = £150m / (£178k * 0.3) = 2800 % of normal market transactions this represents = 2800 / 1.2m = 0.2% I have deleted because my sums were wrong. Edited September 2, 2008 by Fudge Quote Link to comment Share on other sites More sharing options...
hilltop Posted September 2, 2008 Share Posted September 2, 2008 Just accept it for what it is; a piece of window dressing that allows MPs to say to constituents 'We are doing are bit to help'. That is all. Ignore. Quote Link to comment Share on other sites More sharing options...
jp1 Posted September 2, 2008 Share Posted September 2, 2008 The "Free" loans - youd think from the BBC that the party is open to all FTBer earning under £60k - actually it'll be open to 5,000 FTBers this year, and 5000 next in the meantime developers have a few days to put "new" prices of circa £30k on their unsellable rabbit hutches Quote Link to comment Share on other sites More sharing options...
1929crash Posted September 2, 2008 Share Posted September 2, 2008 I just heard on 5 live and on the BBC website, says in England??!! Very odd?? Is this right?? What about Wales and us up here in Scotland??? How are we going to benefit from this scheme????????????? I've never done this before......................................... Muwa ha ha ha ha ha ha ha ha ha ha Housing is a devolved function. It's up to the Scottish Parliament and Welsh Assembly to do something similar, if they wish. Quote Link to comment Share on other sites More sharing options...
jp1 Posted September 2, 2008 Share Posted September 2, 2008 Sky hate this! Then we hear some emails from viewers. They range from "this is not enough" to "AAAAAAAAAAAAAAAAAAAAAAAAAAAAGH that fackin tw@t". Dermot casually quips "interesting range of views there..." Used to hate Dermot when he was on BBC Breakfast Since he moved to Sky, he's obviously been through a Beeboid-deprograming opeation, and comes out with some cool comments Quote Link to comment Share on other sites More sharing options...
south_side_sceptic Posted September 2, 2008 Share Posted September 2, 2008 Well thank goodness for that. I was concerned when I 1st read this but then I saw it wasn't in Scotland and it was only 10,000 people. Utter utter nonsense but the masses will lap it up as they are incapable of seeing rises as anything other than good. Quote Link to comment Share on other sites More sharing options...
AndrewP Posted September 2, 2008 Share Posted September 2, 2008 Lets get this straight. I’m a first time buyer on £60k (I’m not but bear with me for the moment) so I can get Hazel to cough up 30% of the price of a new build house. If the house is valued at £100k then that’s worth £30k. So for starters I’m only going to be looking at new builds so that nice Victorian terraced house down the road is out of the question – I guess that’s another tranche of FTBers that they can’t sell to now so their house goes down a bit further. At the same time the new build guys now know I can afford a bit more so they don’t accept my silly offer on the house and I pay more than I would otherwise have done so. So I buy this new build with my happy Hazel loan then in three years time I decide to sell it. However by then its no longer a new build so the family that I sell to don’t qualify for the free loan. That means that even BEFORE you take into account any price changes in the market between now and then my house will fall in price due to these new buyers not having the same subsidy. So, I pay more for my house than I would have without the loan and it drops in price (even without HPI) by the time I sell it as the subsidy is only temporary, And this is meant to help me? Quote Link to comment Share on other sites More sharing options...
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