Buying cheaper than social housing for half the country

ukcarper

cells wrote: »

Average social rents are ~£385 pm PLUS THEY GO UP YEARLY
Mortgage with 10% deposit 3% interest rate.

North East & North West average terrace price less than £70,000
18 year repayment mortgage, repayments of £378 a month

Yorkshire&Humbar Average terrace price is less than £79,000
21 year repayment mortgage (£380pm)

Wales average terrace price is less than £83,000
22 year repayment mortgage (£384pm)

E-Midlands & W-Midlands average terrace price is less than £90,000
25 year repayment mortgage (£384pm)


So all cheaper than the council rents and you get to keep the house at the end of the 18 - 25 year period with no rent or mortgage to pay. Also the mortgage is more or less fixed for the term while the social rents just keep going up (greedy social landlords!)


So what do the crash wishers think?
Is the north and Midlands and Wales, home to more than half the population and housing stock expensive when it costs less than social rents?

Have you compared each area to average rent or average rent in that area ?

cells

ukcarper wrote: »

Have you compared each area to average rent or average rent in that area ?

The ONS does show the average social rent for an area but not the region average. So you would have to look them up one by one. Here is a few examples


Area : Years to clear a mortgage (10% deposit 3% rate) paying just social rent

Stoke-On-Trent = 15 years
£311/month social rent
£45,000 average terrace house

Blackpool = 18.5 years
£375/month social rent
£63,600 Average Terrace

Middlesborough = 10.5 years
£373/month social rent
£40,300 Average terrace


Darlington = 18 years
£350/month social rent
£59,200 average terrace

Manchester = 20 years
£352/month social rent
£63,900 average terrace



So in middlesborough if you bought the average terrace home on a 11 year repayment mortgage your repayment mortgage would be less than the social rents in the area. Actually a lot less as social rents go up 3-4% a year while the mortgage is fixed. Also you end up with a house at the end of it but with social rents you still need to pay rent at the end of the term


As I keep saying, the north the midland and wales is a bargin its frekin cheaper than social rents and you get a house at the end of it!


The crash-wishers need to change their argument from affordability to something else

cells

Graham_Devon wrote: »

I think the point has been somewhat missed.

Social rents are usually "paid" by social tenants. By that, they will usually be receiving housing benefit. This will be due to a variety of reasons such as diability, low income etc etc.

You can't get a mortgage and pay via housing benefit.

So it's all a bit academic really.

That's without looking at the fact you are comparing social rents as a national average and comparing them against local house prices. Social rents in the localities you are looking at are likely to be lower in the first place, so your sums won't work.

so is buying a home in the north, the midlands or in wales expensive or not.

bear in mind you now know that it costs less to buy said house on a repayment mortgage than it does to go rent a social house from the council

go on...





EDIT: Post this info onto your hpc website see what they think of it...

Graham_Devon

cells wrote: »

so is buying a home in the north, the midlands or in wales expensive or not.

bear in mind you now know that it costs less to buy said house on a repayment mortgage than it does to go rent a social house from the council

go on...





EDIT: Post this info onto your hpc website see what they think of it...

You appear to think you are making a point. But you are not.

There are so many flaws in your argument it would take too much time to list them all. So I've simply listed the biggest - that social rent is usually paid via social benefits and you can't get a mortgage on housing benefits. I really don't see the point in going any further, as it's a rather fundamental aspect of your post!!

I'll give you another just to show how absurd this all is- you are assuming all social renters need the cheapest 1-2 bed house going - a huge oversight.

Another - many social rentals are occupied by disabled people, people with learning disabilities etc.

I find your posts bizzare at the best of times - but this thread really does go to extremes all to tell us once again you think houses are cheap.

As for the HPC reference which seems to have come from nowhere - far from it being "my site" I've never even signed up to the site.

the_flying_pig

Housing benefit goes up in line with inflation?

cells

Graham_Devon wrote: »

You appear to think you are making a point. But you are not.

made me laugh

There are so many flaws in your argument it would take too much time to list them all. So I've simply listed the biggest - that social rent is usually paid via social benefits and you can't get a mortgage on housing benefits. I really don't see the point in going any further, as it's a rather fundamental aspect of your post!!

your mind is fried my dear boy

I didn't say people on housing benefits could go buy the average house. I said for less than it would cost to rent a council house, you can buy your own one. Therefore houses in those areas are very cheap. How can they not be when its cheaper to buy than to rent from a not for profit social landlord like the council/HA

I'll give you another just to show how absurd this all is- you are assuming all social renters need the cheapest 1-2 bed house going - a huge oversight.

The prices are based on the average (mean) terrace price for the area. Not the cheapest or a specific number of bedrooms

Another - many social rentals are occupied by disabled people, people with learning disabilities etc.

what has that got to do with buying being cheaper than renting a social house?

I find your posts bizzare at the best of times - but this thread really does go to extremes all to tell us once again you think houses are cheap.

They are cheap in the north the midlands and wales. very cheap

As for the HPC reference which seems to have come from nowhere - far from it being "my site" I've never even signed up to the site.

noted

wotsthat

Graham_Devon wrote: »

There are so many flaws in your argument it would take too much time to list them all. So I've simply listed the biggest - that social rent is usually paid via social benefits and you can't get a mortgage on housing benefits. I really don't see the point in going any further, as it's a rather fundamental aspect of your post!!

I think the point might be that if people could wean themselves off nanny's free milk it wouldn't take much for them to be able to buy in a lot of the country.

Of course this is impossible because the Internet demands everyone in social housing is disabled or vulnerable in some way.

cells

the_flying_pig wrote: »

Housing benefit goes up in line with inflation?

more or less, or at least council rents do

England Council Rent prices. £ Per week starting from year 2000

53.11
53.90
55.81
56.52
58.23
61.49
64.32
66.67
69.96
73.51
77.91
78.28
83.21
88.41
92.30
95.89

a little over 4% a year (which is probably more than inflation over that period?)

Greedy social landlords always putting the rent up while I keep my tenants rents flat!

cells

wotsthat wrote: »

I think the point might be that if people could wean themselves off nanny's free milk it wouldn't take much for them to be able to buy in a lot of the country.

Of course this is impossible because the Internet demands everyone in social housing is disabled or vulnerable in some way.

That too but I was simply pointing out that if I or anyone who can add two and two together, was offered an average council house in the north or midlands or wales (or a lot of other places too) I would say no thanks I would rather buy the average terrace.

Becuase the cost of buying would be lower than the cost of renting from a social landlord

So my question to the crash wishers or 'house prices are too high' believers is. How can house prices be too high when they are cheaper than social homes? Hell in a lot of cases a LOT cheaper than social homes!

Rolandtheroadie

Home improvements, repairs, buildings insurance.

All things a social housing tenant doesn't have to pay, but a home owner will have forever.