Question Re: new Pocket Living HtB flat

jasdev

jonny, thank you for highlighting an aspect of HtB that I overlooked which is of huge importance - "... but when you sell it it won't be eligible for help to buy."
I can't believe I didn't consider that in more depth before. You're quite right - no-one will be able to buy from me with HtB London and so I will either have to live there for a very long time; or remortgage, repay the loan, and rent it out so that I can move somewhere else.


No wonder I'd read some comment on an article somewhere that we might see a future government introduce a Help to Sell policy for all these first-time buyers.


For what it's worth, I'm 33, in a stable job which requires me to commute to London regardless of where I move to, and single - so for the present such a home would be fine - but who can say what 5 or 10 years from now will be like?

To be quite honest, I'd happily rent for many more years if I could continue renting from a trustworthy institutional landlord (as I do now) - the only reason I won't stay put in my current flat is that I am on a fixed-term intermediate market rent scheme. At least then, I'd manage to squirrel away a tidy deposit after a few years and buy conventionally.


Cakeguts - didn't really know what the surrounding area was like, as haven't been there yet (although, and this doesn't help, but the show flat is at their development in Lambeth because this one isn't complete yet). I have lived in Hounslow though and cycled through Chiswick numerous times, so it wasn't a complete unknown area to me. Now if you think Chiswick is grotty, let me tell you about Hounslow



steampowered cheers for that. The size of the deposit is the issue for now. I could today obtain a 95% LTV on a property valued at £245k - but I've got at least 5 months more in my existing tenancy if it isn't renewed so will see what happens in time (not looking to leave my employer, for instance, but were I to do so I'd only jump ship for a quite substantial increase in salary).


kingstreet - but they all say HtB available?


dimbo61 - the parks are amazing! I think one of the best things about living here vs. being in NYC or Tokyo, both of which have glorious parks but not nearly as many or as scattered across the city as here.


But in summary thanks everyone - I've pulled out of the viewing - a bit of healthy scepticism warranted, clearly!

ABIBROWN

This is not an investment opportunity, it is a scheme designed to help people get on to the property ladder and the flats must continue to be sold to first time buyers in the future - that is clear from the start,

I have applied to purchase one of these properties without HTB as there is nothing comparable for the money and location so I disagree that no-one would be interested without the option of HTB. I've looked at flats across London and for £308k you would struggle to find anything bigger unless you looked at ex council or in less salubrious areas.

£308k for a brand new one bed, less 10 minutes walk from the centre Chiswick is a steal. Other one beds on Bollo Lane have starting prices of £425k and are virtually the same size.

I have concerns over the resale process but in reality I would be very surprised if the sale price went below £300k and I won't be wasting my money on rent. If I looked at options outside of the scheme in areas I'm happy to live in I couldn't afford to buy.

Cakeguts

ABIBROWN wrote: »

This is not an investment opportunity, it is a scheme designed to help people get on to the property ladder and the flats must continue to be sold to first time buyers in the future - that is clear from the start,

I have applied to purchase one of these properties without HTB as there is nothing comparable for the money and location so I disagree that no-one would be interested without the option of HTB. I've looked at flats across London and for £308k you would struggle to find anything bigger unless you looked at ex council or in less salubrious areas.

£308k for a brand new one bed, less 10 minutes walk from the centre Chiswick is a steal. Other one beds on Bollo Lane have starting prices of £425k and are virtually the same size.

I have concerns over the resale process but in reality I would be very surprised if the sale price went below £300k and I won't be wasting my money on rent. If I looked at options outside of the scheme in areas I'm happy to live in I couldn't afford to buy.

As long as you understand that these flats are not in Chiswick they are in Acton so the resale price will be based on what someone is prepared to pay for a flat in Acton not Chiswick. Chiswick is a more expensive and desirable area than Acton. I just hope that Acton is one of the places you are happy to live in.