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14 Mar 19
11:09
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Date Joined:
02 Mar 08
A former council tenant bought their home under Right to Buy for £8,000 and sold it on for £285,000 nine days later - a £277,000 profit, the BBC found.
The Solihull buyer was among 140 in Great Britain who bought and resold within one month, making a £3m collective profit.
Opponents of the scheme said too many people had profited from a policy that had "much bigger social ambitions".
Supporters said Right to Buy helped people secure their financial future.
The Chartered Institute of Housing (CIH) said it was "shocking to see the extent of the profit margin in black and white".
It called for the scheme to be suspended in England. In January it was halted in Wales, as it was in Scotland in 2016.
Housing commentator Henry Pryor said: "Far too many... simply profited from a scheme that had much bigger social ambitions".
continues at
https://www.bbc.co.uk/news/uk-47443183
The Solihull buyer was among 140 in Great Britain who bought and resold within one month, making a £3m collective profit.
Opponents of the scheme said too many people had profited from a policy that had "much bigger social ambitions".
Supporters said Right to Buy helped people secure their financial future.
The Chartered Institute of Housing (CIH) said it was "shocking to see the extent of the profit margin in black and white".
It called for the scheme to be suspended in England. In January it was halted in Wales, as it was in Scotland in 2016.
Housing commentator Henry Pryor said: "Far too many... simply profited from a scheme that had much bigger social ambitions".
continues at
https://www.bbc.co.uk/news/uk-47443183
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Replies: 19
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Right To Buy for the immediate and near-term sale is akin to receiving free shares in a fund raise or "privatisation) - favourable condition with no risk (being bricks and motor). If I remember correctly a high profile (then) MP helped a neighbour of his to buy one in London (I believe) and split the proceed soon after a sale. And mega bucks it was too as it was in a London sought after area.
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If they sold after nine days they must have had to have repaid virtually all of the discount?
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What's the maximum discount allowed on council properties?
Surely not the amount in the example above. That smacks of incompetence or skulduggery in the pricing of the property before the discount was taken off. Which is not the fault of ''right to buy.'' Corruption is commonplace at all levels where public money is concerned. |
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Remember the heiress to the Tesco Retail Empire who was the head hencho of Westminster Council in the 80's? She was charged and found guilty of "gerrymandering", and forced to pay back £ms for deliberately "managing" the political boundaries and political advantage of her Party ie Conservative.
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You can't sell for 5 years after buying em round here
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Also the discount is capped, and not in percentage terms, about 27k when a friend enquired.
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I think you can sell within five years but you have to repay a proportion of the discount. The sooner you sell, the more you repay.
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Yes, you'd make next to nowt selling straight away round here.
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I think how some people get around the discount is by transferring the property to a family member, I knew of one women who gave her dad money to buy his flat (his flat being a lot more valuable than hers), then moved in after he gave ownership to her whilst he moved into her flat, she sold the flat at market value and moved her and her family to a house in hertfordshire.
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It's not easy. You can't 'give' a property to anyone without registering the fact, and you can only give away a 7th per year without the recipient paying tax (I think).
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Sounds like inheritance tax saddo. If you give a gift then you have to pay a (decreasing) tax charge for the first 7 years (if death occurs within that period)
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good old Maggie
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I think people who own their own property are generally better citizens than those who don't.
They're usually better workers, take pride in the appearance of their properties, and are more inclined to bring their kids up on the straight and narrow. |
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When I bought mine I had to keep it for over 3 years or face a penalty charge
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Fake News innit
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this story doesn't sound right on a number of levels .
I personally think it should be a 10 yr qualifying period and then 10 years spent as the owner after buying .... a 20 year process in other words . agreed Crippen,but then you are always going to take more care of something you actually own . |
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'Repaid discounts, which are calculated on a sliding scale depending how long the purchaser kept their home, were not included in data the BBC obtained on 92,000 sales across the UK.'
donny must have missed this bit of the same piece. |
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Obviously an error as no way Donny would try to mislead us.
DrC spot on. A great scheme btw for getting people on the housing ladder. |
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Then again Donny is opposed to the scheme.
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