| « Attacked For Being a Brit? | That UK Senate again » |
Co-Ownership Shortfall; On The Other Hand
It wouldn't be the first time I've been accused of taking a short term or simplistic view of a situation, but I can't help but think there might be a silver lining to today's reports that the co-ownership scheme, which helps first-time buyers get on the property ladder by allowing them to buy part of their home and rent the rest, is to stop taking applications after committing to help 500 people next year, and thereby using up their budget.
Follow up:
Someone was telling me about an estate agent mentioning that a few sales had recently fallen through because of the aforementioned problems. It's not unrealistic to think that the sellers may therefore end up having to reduce their expectations for the price they'll get. If this is a pattern is repeated across the province it could help speed up the reduction in Ulster house prices. For developers, investors and speculators that's obviously bad news. For those of us thinking about buying a house in the next year or two it could be quite a good thing.
This got me thinking further, is all this investment in social housing really a good idea, or do schemes like co-ownership artificially inflate house-prices? Isn't what we really need an increase in the supply of available homes by building more and focus on measures to penalise landlords of the large number of empty properties here (which, to be fair, is something Margaret Ritchie is attempting to address)?
3 comments
I agree wholeheartedly with the sentiments on landlords of empty properties.
FTB Grants = Increaced house prices
Wage increaces for workers = Increaced house prices
Tax reductions for working people = Increaced house prices
Interest rate reductions = Increaced house prices
Easy Credit = Increaced house prices
Family tax credit, Child benefit etc = Increaced house prices
Reductions in stamp duty = Increaced house prices
Cheaper consumer goods = Increaced house prices.
While the speculators, Mortgage companies, estate agents, lawyers, (commision) etc have a lot to answer for most of the blame liies with the so-called planners who labour under the delusion that the outward expansion of towns and cities is always a bad thing which needs to be prevented at all costs.
There is also a need for more local authority/housing executive housing and better regulation of the private rental sector because quite frankly private home ownership is NOT the best option for a lot of people (even if they can afford it). A lot of people who want to oqn their own homes only THINK they want to own their own homes because the alternatives in this country are so bloody awful.
Comment feed for this postLeave a comment
Recent Comments