Unsold New Homes to be sold to Social Housing ?? !!

skint2008

http://news.bbc.co.uk/1/hi/business/7487078.stm

what's everyones thoughts on this, how likely is it do you think?

just about to exchange contracts on a new build where only 40% of their properties have sold

very worried I may spend £200K and have (no disrespect) social housing tennants next door!

chickmug

skint2008 wrote: »

http://news.bbc.co.uk/1/hi/business/7487078.stm

what's everyones thoughts on this, how likely is it do you think?

just about to exchange contracts on a new build where only 40% of their properties have sold

very worried I may spend £200K and have (no disrespect) social housing tennants next door!

Why not ask your solicitor to have it put inthe contract that the remaining houses will not be offered to such customers as your fears are well founded. I have seen it more than once over a long period in property. And it will send your house value substantially down.

Premier_2

You can never guarantee who will live next door to you.

I've got some social housing nearby to me - it is often part of the planning permission with any large building development. I'd be surprised there isn't some already planned where you are buying.

They are nothing like your stereotypical council estates of days gone by, but extremely pleasant neiighbours.

Conversely, you could have a multi-million pound lottery winner buy the house next to you.
http://news.bbc.co.uk/1/hi/england/norfolk/4623642.stm
http://news.bbc.co.uk/1/hi/england/norfolk/3497063.stm
http://www.dailymail.co.uk/news/article-1018730/Chav-Lotto-millionaire-Michael-Carroll-ordered-clean-wrecked-320-000-mansion--rent-immigrants.html

pinkshoes

I checked there was no "social housing" in my block of flats before buying, as in larger developments, they already have to give 1/3 of the properties to social housing.

I'm in no way saying all social housing is bad, but having lived in a street where 1/3 was social housing, although most my neighbours were nice, the whole street was ruined by the 1 or 2 households who didn't work, didn't respect their own or anyone elses property, got p*ssed and had street fights... I'm sure you all get the picture!

wymondham

I would have thought this is always a risk with flats, as well as houses - you can never tell who will be your new neighbour!

olly300

pinkshoes wrote: »

I checked there was no "social housing" in my block of flats before buying, as in larger developments, they already have to give 1/3 of the properties to social housing.

I'm in no way saying all social housing is bad, but having lived in a street where 1/3 was social housing, although most my neighbours were nice, the whole street was ruined by the 1 or 2 households who didn't work, didn't respect their own or anyone elses property, got p*ssed and had street fights... I'm sure you all get the picture!

You have no guarantees whereever you live.

If you live in a "normal" i.e. not multi-million pound house you could end up living next door to students who have all day and night parties, or your neighbour may decide to rent the property out to the council.

barnaby-bear

chickmug wrote: »

Why not ask your solicitor to have it put inthe contract that the remaining houses will not be offered to such customers as your fears are well founded. I have seen it more than once over a long period in property. And it will send your house value substantially down.

Yeah my mate's did this and when they did sell next-door and a few others to a housing association because of the added clause they offered my friends a house on the far side of the development, the other people in the close weren't offered alternatives. Seeing the results they are very pleased their solicitor added hte clause and their house is worth more than the idnetical model on the other side of the development they were originally destined for.

chickmug

barnaby-bear wrote: »

Yeah my mate's did this and when they did sell next-door and a few others to a housing association because of the added clause they offered my friends a house on the far side of the development, the other people in the close weren't offered alternatives. Seeing the results they are very pleased their solicitor added hte clause and their house is worth more than the idnetical model on the other side of the development they were originally destined for.

Glad to hear your friend did this as I know of many that didn't who were stuffed. Some tried to take legal action (sue for compensation) but were scared off when they got the quotes from the solicitor, for doing the work, and were told there was NO guarantee of winning.

pinkshoes

olly300 wrote: »

You have no guarantees whereever you live.

If you live in a "normal" i.e. not multi-million pound house you could end up living next door to students who have all day and night parties, or your neighbour may decide to rent the property out to the council.

Indeed there are no guarantees wherever you live, and I agree with this 100%, but what I don't want is a professional bum living next door, who's never worked, and has people coming round at all hours, and is there for life! Students I don't mind, because at worst it's just 1 year, and they're not that bad! (I can always get revenge during exam period if they're annoying!!) and most professionals generally have to get up and work, so although they might be noisy sometimes, they understand if you ask them to turn it down a bit!

I'll take my chances that the neighbour won't rent it out to the council, as they can probably get more money from professional let, and there are a lot of professionals seeking accommodation here! The only problem neighbours that I have EVER come across have been housing association ones, who appear to have no respect for any thing or anyone.

Mandark

It's a gamble in a weak market to buy on a new estate. You need to first check where the designated social housing is to be located on the estate. It's usually on the other side of one of the artery roads in the estate for marketing reasons.

But if the developer can't shift the 'private sector' houses, it might offer more of them to social housing landlords and that could mean, as other posters have said, social housing next door. And it's pot luck. You could get a good hard working family which can't afford to get on to the housing ladder or you might get the worst family in town.

But private buyer might let it. I think you should miss out on students on a new estate especially if it's in the suburbs.

ali-t

there might also be some people who buy with a view to renting them out - that way even with your clause you are still likely to have people renting the house next to you.

That has happened up the road from me where there are a lot of 4 and 5 bedroom houses and they have been rented out to DSS families with 3+ children. Like the other posters have said, there are no guarantees...