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  • Property-a-holics

    Right to Part Buy

    My gob is smacked

    http://www.24housing.co.uk/news/council-...-spin-off/

    Council tenants in Wandsworth who qualify for Right to Buy, but cannot afford it, have been given an ownership alternative.

    The scheme allows tenants to apply to buy a share of their home with a substantial discount.

    It will see many become leaseholders while paying a low rent on the rest.

    The percentage being bought would reflect the proportion of the current full £103,900 Right to Buy discount, so for example buying a 25% of a home share would mean a discount of £25,975.

    To be eligible, applicants must be secure tenants of at least three years’ standing who have not received housing benefit for 12 months before applying, and must also pass an affordability test.

    There will also be the opportunity of purchasing additional shares, known as ‘staircasing’, up to 100% of the property over time.

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    Just WRONG! However, this is a central government directive so I guess they don't have much choice.

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    Because they are not building anything to replace the ones they sell.

    There is already a chronic shortage of social housing in this country.

    This will only make things worse imho.

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    i agree if they are not replacing the houses, I thought the councils had to replace them now

    Also if you are a renter in Wandsworth this would be a good opportunity to get on the ladder in stages

    Right to buy helped people who would never have the chance to buy

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    It isn't possible for the council to sell 25% of a discounted property in a way that generates enough money to build a replacement

    RTB is a(nother) interference in a market that should either be left to its own devices or fully controlled by the state

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    Rodney, I've read several good sources who say less than 1 in 10 houses sold are replaced.

    At this rate, it won't be long before there is no social housing left

    Let's assume the governments friends in the BTR field start letting to HB/UC tenants (unlikely I know!), there is absolutely no way they will hold the rents at the same level as current LA or HA rates.

    The government (you and me), will then be forced to subsidise these rents even further.

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    More ideological nonsense there's no politicians left fit to serve anymore, I know what should be done...

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    Personally I would like to see all those tenants who receive HB to be moved into social housing

    If it isn't available it should be built or Govt should buy back on the open market private housing to convert into social housing

    RTB should be banned UNLESS a property can be sold for considerable profit with that profit converted into other social housing.

    The state has to pay for the rent for lots of social tenants so why not control the rent due by controlling the property?

    This methodology removes the business imperative that private LL are subject to

    Rather than sell off social housing it should have been built in its millions.

    Like it of not the state should provide subsidised accommodation for those who can't afford private rents.

    The UK is largely a low wage economy and the PRS is stretching tenants to the limit.

    This is simply not good for society in general.

    Social housing is the only solution providing it is ONLY given to single British nationality tenants.

    Everyone else can use the PRS.

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