What would you do in my situation???

Dird

Red-Squirrel wrote: »

If they're working class young adults in low paid jobs, they'll have nothing to thank George Osborne for, he doesn't give a damn about them.

True that https://www.youtube.com/watch?v=vbLGG5UGEKw

Just buy the council house, someone said you're unlikely to qualify for the £33k to move.

All the haters here are just jealous & would love that £100k discount given the chance. A couple years ago my grandad went to council to get a quote on buying his 3 bed house, £45k. The plan was to pay but leave it in his name (given to me in his will) but I only had £20-25k and banks were all funny about a loan "for a house, but its not a mortgage" so I had to pass it up =/

Lord_Baltimore

Thank you for being so open ruthmt.

I can't help thinking that there are people reading this who will feel the system is working against them and that private home ownership is for donkeys;

I'd sit out the next 5 years for the £100k if I were you; as a homeowner you would have no chance of otherwise accummulating that kind of wealth unless you win the lotto.

I can't help thinking that there are people reading this who will feel the system is working against them and that getting up to their eyeballs in debt to pay their way in life is for mugs;

It seems some hadn't realised they were securing the futures of other people's children as well as their own.

I can't help thinking that there are people reading this who will be seething but trapped in a system that bleeds them for taking responsible financial decisions and working hard.

That's enough thinking I think .

Red-Squirrel_2

Lord_Baltimore wrote: »

as a homeowner you would have no chance of otherwise accummulating that kind of wealth unless you win the lotto.

Hmm, my small one bed flat went up in value by about 50K in less than 5 years and only a few grand of mortgage payments.

I have a funny feeling that there are a fair few older people around who've seen much bigger gains sitting on property with small mortgages...

Lord_Baltimore

Red-Squirrel wrote: »

Hmm, my small one bed flat went up in value by about 50K in less than 5 years and only a few grand of mortgage payments.

I have a funny feeling that there are a fair few older people around who've seen much bigger gains sitting on property with small mortgages...

So do you think that the OP's private property would increase by £100k within 5 years?

Red-Squirrel_2

Lord_Baltimore wrote: »

So do you think that the OP's private property would increase by £100k within 5 years?

Maybe, in some parts of the country.

There's also no percentage cap on how much can be gained on a privately owned home. Many older people own houses worth 10, 20, 30 or even more times what they paid for them.

Mostly I just objected to the suggestion that council housing has all the rewards and ownership none, because obviously that's far from true! I wouldn't give up owning my own home for a council tenancy on an estate somewhere, not the way things are at the moment anyway.

Would you? Be honest!

Thrugelmir

There was a time around 30 years ago when the GLC under the leadership of Ken Livingstone. Offered people people incentives to vacate Council property and buy instead. This amounted to all legal fees and stamp duty. All removal costs, a £2k contribution to loss of furnishings and decorations plus reimbursement of the connection of all services. Nothing has really changed. Other than the colour of the flag.

The Government will claw back a lot of the incentive given to vacate in stamp duty.

Lord_Baltimore

Red-Squirrel wrote: »

Maybe, in some parts of the country.

We seem to be approaching from different angles. It is indeed well known that historical increases have been astronomical in some circumstances and that some older people have benefited but could that apply here? The OP intends to buy "a small, ex local authority, terraced house" and I'm not sure the same gains are possible in the 5 years that the £100k can be accumulated by staying put. Who knows eh?

Thrugelmir wrote: »

The Government will claw back a lot of the incentive given to vacate in stamp duty.

True .