Those who used right to acquire

Antonio85

What happens to those people who have used right to acquire when a much more lucrative scheme is (potentially) about to be launched in the form of right to buy? The difference between the discounts are huge. I received £9,000 discount but with right to buy would have been 39% when I bought my housing association house in November 2018. My house was owned by the council but sold to a housing association in 1997 so there was no way I could qualify for RTB.

You could have a case where someone bought a house a month ago, received £9,000 discount through right to acquire but if they waited a couple of months could have had a discount of over £87,000 through right to buy! An eye watering, arguably life changing difference there.

I understand capitalism and market forces, house prices and interest going up and down. But in this scenario it's just government interference only difference is the government policy at the time. I think that's what makes it feel unjust.

Anyone else recently bought with right to acquire and feel the same? Probably just get told "unlucky".

macman

If they backdated, then how much by? A day, a week, a year? To suit your case, 4 years? Where do you stop?
You say you understand capitalism, but if you buy oranges today at 20p, and tomorrow they are reduced to 15p, do you expect a refund?

Antonio85

Capitalism is market forces right, this is down to government interference, something very different. It's not the same as interest rates going up or down, or even house price fluctuation. You can't compare oranges to the biggest purchase of a life.

I get your point about how long to backdate though. But I feel for those who could be hit harder than me. There'll be people out there where it's a 70k swing in difference and they're on the wrong side of 2 government discount schemes.

Antonio85

macman said:

If they backdated, then how much by? A day, a week, a year? To suit your case, 4 years? Where do you stop?
You say you understand capitalism, but if you buy oranges today at 20p, and tomorrow they are reduced to 15p, do you expect a refund?

Yes and this is the opposite of capitalism.

Like I say if this massive difference was just a result of market forces it would be much easier to accept. Even if you don't agree with taking action in terms of backdating/refund, can you see why people would be !!!!!! off?

[Deleted User]

You get screwed. It's a Tory policy, it's not supposed to be fair.

HampshireH

[Deleted User] said:

You get screwed. It's a Tory policy, it's not supposed to be fair.

Any Government who introduces something new or just the tories? When Labour introduced a more comprehensive benefits system in 1948 it didn't get back dated to those who ever needed them.

I always find posts like this a little strange (same sort of posts to those who asked if the stamp duty discount would apply retrospectively). Prices change and policies change and that's life and it's something you accept when you make your life choices.

At the time the RTA was the best option for the OP. In the future the RTB may be the best option for someone else (or it may not because we don't know the details yet). 

Under no Government, Tory, Labour, Liberals would they pay the difference between the RTA and RTB on any previous purchases. It would be endless.

Any person in a position to have had social housing let alone buy it under any scheme and discount is very lucky.

Norman_Castle

It is unlucky although the VRTB was proposed in 2015 so there was the option to wait.  You took advantage of what was on offer at the time, its unrealistic to expect a greater discount to be backdated.

You've saved four years of rental payments and had house price inflation.

Antonio85

HampshireH said:

[Deleted User] said:

You get screwed. It's a Tory policy, it's not supposed to be fair.

Any Government who introduces something new or just the tories? When Labour introduced a more comprehensive benefits system in 1948 it didn't get back dated to those who ever needed them.

I always find posts like this a little strange (same sort of posts to those who asked if the stamp duty discount would apply retrospectively). Prices change and policies change and that's life and it's something you accept when you make your life choices.

At the time the RTA was the best option for the OP. In the future the RTB may be the best option for someone else (or it may not because we don't know the details yet). 

Under no Government, Tory, Labour, Liberals would they pay the difference between the RTA and RTB on any previous purchases. It would be endless.

Any person in a position to have had social housing let alone buy it under any scheme and discount is very lucky.

Agree with what you are saying in the main. And yes anyone is fortunate to have a social house, even more so the chance to buy it. Just got to do what's best for yourself at the time. 

Of course prices and policies change but I'd struggle to find a more dramatic change than this. Could be a 50/60/70k swing in difference in discounts. So in that respect it's difficult to compare it to something like benefits or the price of oranges changing. But I acknowledge backdating has never been done before. 

Antonio85

Norman_Castle said:

It is unlucky although the VRTB was proposed in 2015 so there was the option to wait.  You took advantage of what was on offer at the time, its unrealistic to expect a greater discount to be backdated.

You've saved four years of rental payments and had house price inflation.

Thanks I like that positive spin on it. And appreciate you acknowledging I've been unlucky. I know there's nowt I can do really, what's done is done just wanted to get it off my chest.

[Deleted User]

HampshireH said:

[Deleted User] said:

You get screwed. It's a Tory policy, it's not supposed to be fair.

Any Government who introduces something new or just the tories? When Labour introduced a more comprehensive benefits system in 1948 it didn't get back dated to those who ever needed them.

I always find posts like this a little strange (same sort of posts to those who asked if the stamp duty discount would apply retrospectively). Prices change and policies change and that's life and it's something you accept when you make your life choices.

At the time the RTA was the best option for the OP. In the future the RTB may be the best option for someone else (or it may not because we don't know the details yet). 

Under no Government, Tory, Labour, Liberals would they pay the difference between the RTA and RTB on any previous purchases. It would be endless.

Any person in a position to have had social housing let alone buy it under any scheme and discount is very lucky.

Bizarre post. Benefits are there to maintain a certainly minimum quality of life and to end the poverty trap in the here and now.

This policy is just a bribe for a certain part of the electorate that can use it as a get-rich-quick scheme, and to keep the housing market boiling over for voters who already own property.

One was to provide much needed help to people, the other is to provide much needed help to the Tory Party.

The OP can take heart in the knowledge that their property will continue to increase in value at a ridiculous, inflation-busting rate, even if they did pay more for it than they would have if they had waited.