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

The-Joker

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-Joker

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��

ruperts

Boris' forest of magic money trees just keeps on growing and growing and growing doesn't it.

The-Joker

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-Joker

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-Joker

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-Joker

On top of increasing stamp duty for foreign buyers, it’s all pointing towards lower house prices in general

Crashy_Time

Brexit will be an additional driver (down) of prices and rents IMO.

Thrugelmir

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

Thrugelmir

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.

epinjy

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.