Petition to Stop 'Help to Buy'

HPC_Ghuol_Hunter

Is it just me or is it not a bit sick that a collective bunch of bitter and twisted forum lunatics have gang together to propose and petition the end of the 'Help to Buy' scheme? A scheme that lifts thousands of young professionals out of their rent forever loser status into being a fully functioning member of society and homeowner? Just because a few financial idiots band together under a belief and banner of a house price crash, doesn't mean that they should have carte blanche to ruin the happiness and livelihoods of others.

http://www.housepricecrash.co.uk/forum/index.php?/topic/231179-petition-to-stop-help-to-buy/

It's beyond pathetic.

Cakeguts

Are you sure you are not confusing Help to Buy with shared ownership. The point about Help to Buy is that the builders put the price of the properties up by the amount that the Help to Buy loan from the government so it only helps people who are no good at saving to buy a house at an inflated price. People who are no good at saving are at high risk of repossession when the interest rates go up so they aren't really being helped at all they are just being put more at risk.

Renting is only seen as second best in the UK. In lots of other European countries it is seen as normal for people to rent for their entire lives. For someone who is no good at saving renting is actually safer in terms of not becoming homeless because they can claim benefits to pay the rent if they lose their jobs and they can move at short notice to somewhere cheaper. This is much more difficult if you have bought a house using Help to Buy that is now worth a lot less than you paid for it and you can't pay the mortgage because the interest rates have gone up. There are no benefits to help you pay a mortgage. Having to save for a deposit for a house is the practice required for saving so that people don't lose their homes if they lose their jobs. They will have a safety net. Help to Buy is aimed at people who don't want to go without to save for deposit. New houses have a premium so they tend to drop in value straight away anyway but with the extra inflated price with Help to Buy funded homes there could be a lot of young professionals who have got negative equity who don't know how to budget to pay a mortgage. I can see a disaster waiting to happen with a lot of these homes bought under Help to Buy.

Arklight

The "baby boomers" who have stolen housing stock from the current generation should be invoiced for their Right to Buy gains.

It's awful the way that generation has appropriated the housing stock for their own financial gains.

Private_Church

Cakeguts wrote: »

Are you sure you are not confusing Help to Buy with shared ownership. The point about Help to Buy is that the builders put the price of the properties up by the amount that the Help to Buy loan from the government so it only helps people who are no good at saving to buy a house at an inflated price. People who are no good at saving are at high risk of repossession when the interest rates go up so they aren't really being helped at all they are just being put more at risk.

Renting is only seen as second best in the UK. In lots of other European countries it is seen as normal for people to rent for their entire lives. For someone who is no good at saving renting is actually safer in terms of not becoming homeless because they can claim benefits to pay the rent if they lose their jobs and they can move at short notice to somewhere cheaper. This is much more difficult if you have bought a house using Help to Buy that is now worth a lot less than you paid for it and you can't pay the mortgage because the interest rates have gone up. There are no benefits to help you pay a mortgage. Having to save for a deposit for a house is the practice required for saving so that people don't lose their homes if they lose their jobs. They will have a safety net. Help to Buy is aimed at people who don't want to go without to save for deposit. New houses have a premium so they tend to drop in value straight away anyway but with the extra inflated price with Help to Buy funded homes there could be a lot of young professionals who have got negative equity who don't know how to budget to pay a mortgage. I can see a disaster waiting to happen with a lot of these homes bought under Help to Buy.

Spot on post.................... I was chatting to my Belgian friends a couple of weeks ago and housing came up in the conversation and they were saying how in Belgium tenancy agreements are typically 10-20yrs so tenants have the security in knowing they aren't going to be kicked out in 12 months time and can plan their lives around this fact. Successive UK governments ,both Labour and Tory hae done nothing more than fail to address the issue with renting.

Help to buy is as you say just storing up major problems for the future and most people can see the writing on the wall but again the "educated" middle classes who failed to see the world financial crisis writing on the wall pre 2008 can't see it and many see it as a "right" to be able to buy a house they can't actually afford.

copperclock

Cakeguts wrote: »

Are you sure you are not confusing Help to Buy with shared ownership. The point about Help to Buy is that the builders put the price of the properties up by the amount that the Help to Buy loan from the government so it only helps people who are no good at saving to buy a house at an inflated price. People who are no good at saving are at high risk of repossession when the interest rates go up so they aren't really being helped at all they are just being put more at risk.

Renting is only seen as second best in the UK. In lots of other European countries it is seen as normal for people to rent for their entire lives. For someone who is no good at saving renting is actually safer in terms of not becoming homeless because they can claim benefits to pay the rent if they lose their jobs and they can move at short notice to somewhere cheaper. This is much more difficult if you have bought a house using Help to Buy that is now worth a lot less than you paid for it and you can't pay the mortgage because the interest rates have gone up. There are no benefits to help you pay a mortgage. Having to save for a deposit for a house is the practice required for saving so that people don't lose their homes if they lose their jobs. They will have a safety net. Help to Buy is aimed at people who don't want to go without to save for deposit. New houses have a premium so they tend to drop in value straight away anyway but with the extra inflated price with Help to Buy funded homes there could be a lot of young professionals who have got negative equity who don't know how to budget to pay a mortgage. I can see a disaster waiting to happen with a lot of these homes bought under Help to Buy.

The thing is, there is a difference between the ability to save back enough money for an emergency fund and the ability to save £30,000 plus for a 10% deposit on a house.

Or, put another way, just because you would struggle to save £30,000 in a reasonable time frame, it doesn't mean you're 'no good at saving'.

I'm not saying that Help to Buy is a good thing, but this idea that there are a group of people who don't deserve home ownership because they struggle with the absolutely massive deposits required nowadays isn't really fair.

The-Joker

HPC_Ghuol_Hunter wrote: »

Is it just me or is it not a bit sick that a collective bunch of bitter and twisted forum lunatics have gang together to propose and petition the end of the 'Help to Buy' scheme? A scheme that lifts thousands of young professionals out of their rent forever loser status into being a fully functioning member of society and homeowner? Just because a few financial idiots band together under a belief and banner of a house price crash, doesn't mean that they should have carte blanche to ruin the happiness and livelihoods of others.

http://www.housepricecrash.co.uk/forum/index.php?/topic/231179-petition-to-stop-help-to-buy/

It's beyond pathetic.

The point is that those well intentioned folks want to end the manipulations so that property corrects to true value.

Jack_Johnson_the_acorn

The-Joker wrote: »

The point is that those well intentioned folks want to end the manipulations so that property corrects to true value.

And what does the true value look like? 130k to 150k for a good 3 bed semi in my area seems like exceptional value. And that's the case for the majority of the country just not the SE.

Thrugelmir

Private_Church wrote: »

Spot on post.................... I was chatting to my Belgian friends a couple of weeks ago and housing came up in the conversation and they were saying how in Belgium tenancy agreements are typically 10-20yrs so tenants have the security in knowing they aren't going to be kicked out in 12 months time and can plan their lives around this fact. Successive UK governments ,both Labour and Tory hae done nothing more than fail to address the issue with renting.

Like Germany though. Isn't this a result of post war housing policy. The UK doesn't have similar properties.

Private_Church

Thrugelmir wrote: »

Like Germany though. Isn't this a result of post war housing policy. The UK doesn't have similar properties.

I agree and would also add that in Germany,Belgium and the continent in general people see buying a property as a home whereas in the UK people buy a property as an investment.

When you watch Belgian TV they don't have all these "Homes under the Hammer" type programmes where investors buy up a house for £150k spend £2k on changing the kitchen worktops and reselling 3 months later for a £50k profit. Hosuing on the continent is a totally different concept and if we are to get away from our Boom n bust economic model we need to reform the housing market so that the housing "investment" side is reduced signifcantly.

POPPYOSCAR

I would not worry.

561 signatures to date.

katebl

HPC_Ghuol_Hunter wrote: »

A scheme that lifts thousands of young professionals out of their rent forever loser status into being a fully functioning member of society and homeowner?.

I assume throwing stones like that at large swathes of society you don't get out of your home much or you'd likely have got yourself lynched by now. All the poor unfortunate low paid nurses, police officers, public servants who thought they were doing the right thing by their country when all they really needed to make a contribution to society was to lay claim to a pile of bricks and mortar instead.