Wandsworth Council To Offer £50,000 Deposits To Tenants

[57percent]

I live in wandsworth. Not sure how they have any money for this as the council tax is half of nothing.

Is there a way to complain?

[IDN]

http://ww3.wandswort...fo.aspx?UID=927

Councillor Govindia.

Lying Thieving Scumbag who wants debt slaves in his neighbourhood on 50-100 year mortgages.

Go F@@ Yourselves Tories.

Sincerely,

2-3 million First Time Buyers.

i bet the ******* has a BTL portfolio

[@contradevian]

I think we can guess the "ethnic profile" of the lucky people to get deposits. The same ones that always qualify for social housing no doubt.

[MattW]

The only bit I like about that article is the fact that Right to Buy in Wandsworth has fallen off a cliff since 2003 and that the discount has now been reduced from £38,000 down to £16,000. Woot!

Agreed.

The £50k may be a loan but surely this would be better invested in creating affordable housing rather than propping up the already heated London property market?

[Democorruptcy]

Councillor Ravi Govindia

Other Councillors representing this Ward:

* Councillor Leslie McDonnell

Public Affairs Manager The Home Group, Registered office: 2 Gosforth Park Way, Gosforth Business Park, Newcastle upon Tyne, NE12 8ET

http://ww3.wandsworth.gov.uk/committ/mgDeclarationSubmission.aspx?UID=1167&HID=145&FID=0&HPID=1604629

We provide a variety of affordable homes for rent and shared ownership throughout the North of England, Yorkshire and the Midlands.

http://www.ourproperty.co.uk/directory/61421.html

* Councillor Robert Morritt

Managing Director Westmore Court (Investments) Ltd, 42 Westmore Court, Carlton Drive, SW15 2BU

Property Management (Various)

http://ww3.wandsworth.gov.uk/committ/mgDeclarationSubmission.aspx?UID=944&HID=90&FID=0&HPID=1604646

Edited June 22, 2011 by Redhat Sly

[mikthe20]

Councillor Ravi Govindia

Other Councillors representing this Ward:

* Councillor Leslie McDonnell

Public Affairs Manager The Home Group, Registered office: 2 Gosforth Park Way, Gosforth Business Park, Newcastle upon Tyne, NE12 8ET

http://ww3.wandswort...=0&HPID=1604629

We provide a variety of affordable homes for rent and shared ownership throughout the North of England, Yorkshire and the Midlands.

http://www.ourproper...tory/61421.html

* Councillor Robert Morritt

Managing Director Westmore Court (Investments) Ltd, 42 Westmore Court, Carlton Drive, SW15 2BU

Property Management (Various)

http://ww3.wandswort...=0&HPID=1604646

FFS!

(good work there chap)

[Trampa501]

I am also sure most housing benefit recipients will have no problem meeting the payments on a £600,000 loan.

Especially with the tremendous number of good paying, stable private sector jobs created under Blair-Brown-Cameron.

I think "investors" (family or otherwise), will look very hard at this, and may invest. Not beyond possibility that jobs could be found for those on hb.

I can see why Wandsworth think this is a goer. Quite apart from the VI of certain councillors, I'm sure they see the possibility of getting "dead wood" tenants back into the capitalist/debt society, and also see a continuing rise in property values in the borough. All mistaken imo, as the consequent crash will be even bigger... In the meantime, it's "fill yer boots" time.

[leicestersq]

Words fail me. This is utterly corrupt.

And it doesnt help the housing problem one bit. All that can happen is that armed with 50 grand, someone who couldnt have afforded a place in Wandsworth, can presumably now do so, and that means someone else who doesnt get the 50 grand gets bumped out.

And the person who previously could have afforded it was likely to be someone who had worked harder, saved harder and learned harder than the person with the grant. Not always of course, but on average they would be.

Where is the incentive to work and do well, if money is taxed off of you in this way, and given to those who have put less effort in such they can outbid you?

[Democorruptcy]

Words fail me. This is utterly corrupt.

And it doesnt help the housing problem one bit. All that can happen is that armed with 50 grand, someone who couldnt have afforded a place in Wandsworth, can presumably now do so, and that means someone else who doesnt get the 50 grand gets bumped out.

And the person who previously could have afforded it was likely to be someone who had worked harder, saved harder and learned harder than the person with the grant. Not always of course, but on average they would be.

Where is the incentive to work and do well, if money is taxed off of you in this way, and given to those who have put less effort in such they can outbid you?

If a property VI at each council can push through scheme like this it helps all property VIs in the country.

Maybe the leader of the council doesn't get it?

[email protected]

[SarahBell]

That's someone's pension they've giving away.

[leicestersq]

That's someone's pension they've giving away.

Yes, lots of bad things going on. Money earned through work is taken away in tax, and partly given to the recipient of the 50 grand, which is then used to buy a house buy outbidding someone else, causing the price to rise and the recipient of the payment to get more money. As you correctly say, probably not all of that 50 grand is from tax, some will have to come out of someone's pension. And the result of all of this is someone who doesnt deserve it gets better housing, at someone else's expense.

Utterly immoral.

[Trampa501]

If they do proceed with this, watch a succession of other councils follow. Although this is a Tory measure, I wouldn't be at all surprised to see a Labour council follow suit, under the excuse of "helping low paid families to get on the housing ladder".

[Democorruptcy]

If they do proceed with this, watch a succession of other councils follow. Although this is a Tory measure, I wouldn't be at all surprised to see a Labour council follow suit, under the excuse of "helping low paid families to get on the housing ladder".

It's not new, it's just their version of government policy.

http://www.guardian.co.uk/uk/2011/mar/23/budget-2011-first-time-buyer-scheme

The difference with the Wandsworth scheme is that it is not for new builds. The initial excuse for the schemes was to get more houses built.

[Trampa501]

It's not new, it's just their version of government policy.

http://www.guardian.co.uk/uk/2011/mar/23/budget-2011-first-time-buyer-scheme

The difference with the Wandsworth scheme is that it is not for new builds. The initial excuse for the schemes was to get more houses built.

So it's actually an Osborne scheme! Words fail me.

The First Buy scheme will be open to those with a household income of less than £60,000 a year who can put down a 5% deposit on a new home – but housing industry insiders claim it is "window dressing the wider problem" and will benefit the construction industry more than first-time buyers.

Those who qualify will be eligible for a loan worth up to 20% of the value of the property, jointly funded by the government and housebuilders. The loan will be interest-free for five years and only be repayable when the house is sold.

Osborne intends the fund to help first-time buyers who are currently only able access mortgages requiring much bigger deposits, as lenders tightened their criteria in the wake of the credit crunch and recession. The government hopes the fund will result in the building of 10,000 new homes and protect 40,000 jobs in the construction industry.

But Matt Griffith of first-time buyer pressure group PricedOut said the fund could be dangerous for potential borrowers: "When independent economists are predicting a 10% fall in house prices this year, having the government encouraging first-time buyers to get on to the ladder using a 5% deposit looks foolhardy at best and, at worst, pretty irresponsible.

"Osborne is behaving like a shopkeeper trying to shift overpriced stock by offering a clever financing scheme. Consumers would be wise to be sceptical and steer clear – the big problem is that prices are still far too high".

Edited June 22, 2011 by Trampa501

[Laughing Gnome]

any resident who owns their own property is not going to come to the council demanding to be housed....

The scheme is for council tennants and first time buyers (unspecified sort) if I read correctly.

There is no requirement for a council tennant to be either unemployed or on housing benefit, although I would expect many working council tennants recieve in-work housing benefit.

Quite what the point of this ridiculous and unwelcome scheme is from Wandsworths perspective it is hard to fathom.

From our perspective it's pure poison.

[Laughing Gnome]

Words fail me. This is utterly corrupt.

For once I entirely agree.

[Milkshock]

The scheme is for council tennants and first time buyers (unspecified sort) if I read correctly.

There is no requirement for a council tennant to be either unemployed or on housing benefit, although I would expect many working council tennants recieve in-work housing benefit.

Quite what the point of this ridiculous and unwelcome scheme is from Wandsworths perspective it is hard to fathom.

From our perspective it's pure poison.

well these people are still less likely to come to council in the future for assistance, regardless if they do so now or not, if they are paying for their own place.

if you are renting you have no interest in maintaining payments yourself to a landlord - why not get the council to pay it? this is clearly what the council want to avoid.

is it clear who they will actually be buying these properties from, i assume these properties arent owned by the council - or are they?

if they are owned by the council it makes even more sense for the council to get these places off their hands due to maintenance/hassle etc.

Edited June 22, 2011 by Milkshock

[Si1]

The scheme is for council tennants and first time buyers (unspecified sort) if I read correctly.

There is no requirement for a council tennant to be either unemployed or on housing benefit, although I would expect many working council tennants recieve in-work housing benefit.

Quite what the point of this ridiculous and unwelcome scheme is from Wandsworths perspective it is hard to fathom.

From our perspective it's pure poison.

the mitigating circumstance is that for each £50,000 handed out, the same amount has to be extracted from the local economy elsewhere, an equal drag, in the long run, on house prices, equal in size to the boost that it gives in the first place

the question is - just how many of these will be made available:

The council is to lobby Government for the financial freedom to create a "deposit pool" funded from the sale of council housing and future development.

The council is also calling on the Government to give tenants the freedom to use their Right to Buy discount to buy in the private sector, freeing up social housing for other families.

ahh - they can't set up the scheme without government approval - I suspect they won't get it

[Democorruptcy]

the mitigating circumstance is that for each £50,000 handed out, the same amount has to be extracted from the local economy elsewhere, an equal drag, in the long run, on house prices, equal in size to the boost that it gives in the first place

the question is - just how many of these will be made available:

ahh - they can't set up the scheme without government approval - I suspect they won't get it

But the Housing Minister has called for more "innovative" schemes and said mortgages restrictions are "shutting the stable door after the horse has bolted".

It's exactly what they want.

[W1zard]

For once I entirely agree.

This rancid country is corrupt from top to bottom. Plus its gloomy, freezing cold and rainy, full of non working spongers, no places in schools and clogged up roads and motorways for ten hours a day.

Its becoming so bad you actually have to trick your mind into thinking its better in order to remain sane.

This country is now full of people who have fled other lands to chase fortunes which their own countries could not provide them but by doing so are turning this country into the land they left behind.

[Milkshock]

This rancid country is corrupt from top to bottom. Plus its gloomy, freezing cold and rainy, full of non working spongers, no places in schools and clogged up roads and motorways for ten hours a day.

Its becoming so bad you actually have to trick your mind into thinking its better in order to remain sane.

This country is now full of people who have fled other lands to chase fortunes which their own countries could not provide them but by doing so are turning this country into the land they left behind.

this is the truest thing i have read today.

Edited June 22, 2011 by Milkshock

[Si1]

But the Housing Minister has called for more "innovative" schemes and said mortgages restrictions are "shutting the stable door after the horse has bolted".

It's exactly what they want.

what he doesn't want is a collapse of the housebuilding industry as this would store up the next boom and bust cycle, there is a need to keep things ticking over

you call this scheme innovative?!?!

[W1zard]

this is the truest thing i have read today.

When I was a kid we were pretty skint and I remember visiting parents friends in their nice houses and thinking 'im going to learn stuff, work hard and buy myself a home like that when its my turn'.

Then low and behold as my generation begin to reach the upper levels of their lifetimes earning capacities and its our 'turn' to buy a home in which to be proud of with the real money you have worked so hard to accumilate I find unless I apply a bonkers multiple to my salary I can barely afford a characterless shoe box.

You then look around to see what salaries in other countries enable them to buy and you seriously wonder weather its worth bothering to try and live on this overcrowded cold gloomy little island full of cheaters and corrupt organisations.

Im running out of time with this. Wedding next year and then the missus will want some permanent roots to begin a family so unless we see some big HP falls to scare her off any prospective purchase I will be forced to buy the shoe box.

[Milkshock]

When I was a kid we were pretty skint and I remember visiting parents friends in their nice houses and thinking 'im going to learn stuff, work hard and buy myself a home like that when its my turn'.

Then low and behold as my generation begin to reach the upper levels of their lifetimes earning capacities and its our 'turn' to buy a home in which to be proud of with the real money you have worked so hard to accumilate I find unless I apply a bonkers multiple to my salary I can barely afford a characterless shoe box.

You then look around to see what salaries in other countries enable them to buy and you seriously wonder weather its worth bothering to try and live on this overcrowded cold gloomy little island full of cheaters and corrupt organisations.

Im running out of time with this. Wedding next year and then the missus will want some permanent roots to begin a family so unless we see some big HP falls to scare her off any prospective purchase I will be forced to buy the shoe box.

to be honest the benefits system is the biggest industry going now in this country and when you look at some of the payments made by councils to landlords in terms of hb, its better off taking the piss and living off that ad infinitum. you might be handed 50k on a plate to let you buy your own place as well. its not like you have been given any other option - except leave the country - and why should you be forced out when you have done nothing wrong?

Edited June 22, 2011 by Milkshock

[Tonkers]

This rancid country is corrupt from top to bottom. Plus its gloomy, freezing cold and rainy, full of non working spongers, no places in schools and clogged up roads and motorways for ten hours a day.

Its becoming so bad you actually have to trick your mind into thinking its better in order to remain sane.

This country is now full of people who have fled other lands to chase fortunes which their own countries could not provide them but by doing so are turning this country into the land they left behind.

Imagine just how fabulous we are to come to: £60 a week for doing eff all, rent paid, then to cap it all they give you £50K to buy a house? I'd be killing myself to get here too. You don't even need to learn the language.