MSE News: First-time buyers to get 20% discount on 'starter homes'

princeofpounds

Sigh. Another pointless scheme. They are in danger of sounding as ad-hoc as labour used to be. A scheme for every special interest group, which we all end up paying for directly or indirectly.

If schemes like these are needed, it is clear there is a structural problem, which requires structural reform.

The main reason house prices are structurally expensive is the artificial land shortage created by a planning system that is as tight as a mouse's ....

The conservatives have made some progress on this, but I guess the worst sort of politics comes out prior to elections.

Lord_Baltimore

Pincher wrote: »

Amusingly enough, Gorge Clooney seems to be house hunting in London right now.

Bet he gets a nice place near the Titty Twister aka the House of Commons

dombanks

Does anyone know when I can register for this scheme? Thanks

Willem-de-Blois

kayfaz wrote: »

I am 26 and not a FTB anymore...however I still think it's unfair to restrict age limit at 40.

Over 40 and FTB should have been their first priority!

just my 2pence...

I am 38 now but economically I am closer to 28 because I took a career change, returned to university and was part of the graduate year that experienced the effects of the crash. It is a blunt instrument to assume that all 40+ benefited from Right to Buy, Buy to Let and fake property prices.

Having said all that, at my age I need to consider this scheme, especially during the election year closing down sale. I may never get another chance.

brit1234

Another intervention to keep the housing bubble going. I wish they would stop all these housing interventions which are marketed at helping first time buyers but in reality and bungs of cash to the builders who fund the conservative party. We need a free market so house prices can find a natural level, not propped up.

I hope this scheme is stopped, why give tax payer bungs to builders when police, ambulance, fire service budget cuts are destroying them.

Running_Horse

stator wrote: »

Looks like it's being funded by developers not tax payers. So instead of providing 30% affordable homes or paying CIL / S106 money to the council they can opt to give a discount to FTB instead.

So, first time buyer A wants to buy a £250,000 new house and gets quoted £300,000 so the builder can sell exactly the same type of house for £200,000 to first time buyer B who has managed to sign up for the scheme.

Will buyer B be required to pay back any money to buyer A a few years down the line when they sell for an unearned extra profit?

stator

Running_Horse wrote: »

Will buyer B be required to pay back any money to buyer A a few years down the line when they sell for an unearned extra profit?

I believe like Right to Buy that yes it is going to be that you have to keep the house for X number of years or repay some of the discount.

reaprr

Can anyone explain this quote to me?

Communities Secretary Eric Pickles adds: "The 2008 housing crash blocked millions of hard-working, creditworthy people from becoming home owners, at a time in their lives when they should have been able to expect to get on the property ladder

Surely the housing crash was the best thing to happen to people trying to buy a house??

I cannot believe we have another scheme to keep house prices rising and people in mountains of debt!

Willem-de-Blois

Is there a link to some place where I can put my name down as an interested wannabe FTB?

6_6_6

stator wrote: »

Looks like it's being funded by developers not tax payers. So instead of providing 30% affordable homes or paying CIL / S106 money to the council

So it is being funded by the tax payer.. CIL is basically a tax, if they dont pay it, the money has to come from somewhere else. The developer will NEVER pay for this scheme. It will always be the tax payer / over valuation scam.