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Boris pledge to offer 30% discount to local first time buyers?

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Boris pledge to offer 30% discount to local first time buyers?

159 replies 3.2K views
The-JokerThe-Joker Forumite
718 posts
How on earth will this work in practice?

Is this another promise to get votes that will be broken?

Can somebody in London with a 5% deposit still get 40% Help to buy interest free for five years AND GET 30% government funded discount?

The measures to keep the property bubble from popping are getting desperate 😂😂😂
The thing about chaos is, it's fair.
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Replies

  • Boris also promised an additional million new homes added to supply by 2024, 57,000 affordable.

    Other measures outlined include helping renters buy homes with long term low rate fixed mortgages with only 5% deposit needed.

    But what are the details of the 30% discount for local first time buyers?

    It seems both labour and the tories now realised that to get the most votes they have to offer the most discounts to new property buyers��
    The thing about chaos is, it's fair.
  • rupertsruperts Forumite
    3.2K posts
    Ninth Anniversary 1,000 Posts Name Dropper
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    Boris' forest of magic money trees just keeps on growing and growing and growing doesn't it.
  • ruperts wrote: »
    Boris' forest of magic money trees just keeps on growing and growing and growing doesn't it.

    Well that’s the point that not many understand

    THERE IS NO LIMIT TO HOW MANY UNITS OF UNBACKED CURRENCY THE GOVERNMENT CAN CREATE OUT OF THIN AIR
    The thing about chaos is, it's fair.
  • The question is what affect will this 30% discount have on prices in general?

    I wouldn’t like to be a desperate seller near by where others are buying for 30% discount.......

    What affect will this have on surrounding properties?????

    Will it not lower the average sold prices all round?
    The thing about chaos is, it's fair.
  • Boris Johnson also says homebuyers will be offered a 30% discount when buying new homes locally. This will be funded by developers, although he doesn’t explain how, given the thin margins most developers already operate on, this will be achieved.
    Johnson says the discount would be locked in. This means the houses would, in effect, be permanently removed from the wider property market and only be available to people who live locally.
    “These schemes have not been successful in the past because local people have used the discount and then sold them on so we will now entail the property so it has to be sold to someone from the same area,” he said.


    https://thenegotiator.co.uk/boris-johnson-latest-housing-ideas/
    The thing about chaos is, it's fair.
  • On top of increasing stamp duty for foreign buyers, it’s all pointing towards lower house prices in general
    The thing about chaos is, it's fair.
  • Crashy_TimeCrashy_Time Forumite
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    Brexit will be an additional driver (down) of prices and rents IMO.
  • ThrugelmirThrugelmir Forumite
    69.1K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    The-Joker wrote: »
    given the thin margins most developers already operate on,

    Thin margins?
    The UK’s highest paid chief executive, Jeff Fairburn of housebuilder Persimmon, has been ousted just four months after collecting a £75m bonus.

    https://www.theguardian.com/business/2018/nov/07/persimmon-boss-asked-to-leave-amid-ongoing-outrage-over-bonus
    "In the short run, the market is a voting machine but in the long run, it is a weighing machine." - Benjamin Graham
  • ThrugelmirThrugelmir Forumite
    69.1K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    The-Joker wrote: »
    On top of increasing stamp duty for foreign buyers, it’s all pointing towards lower house prices in general

    Until productivity levels increase then pay packets in general are going to remain stagnant.
    "In the short run, the market is a voting machine but in the long run, it is a weighing machine." - Benjamin Graham
  • epinjyepinjy Forumite
    71 posts
    Second Anniversary
    How long do I have to live somewhere to be considered a local? I'd love a 30% discount on a London house :laugh:

    The only purpose from this is to grab a pre election headline. If it ever happens, which it wont, it will be on such a small scale and insignificant enough to be a complete waste of time. Developers wont pay for it, the government wont put a finger on them to make them pay for it (because it will hit house building), and the government isn't going to stump up the money to make it a significant scheme. If it ever did become significant, it would push house prices up as the affordability baseline now gets closer to 70% instead of full value.
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