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UmBongo

How to make £1,700 a day

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Wow! :o

From £9k to £125k in 67 days - Norfolk's council house sale profits revealed

I'd imagine that the vendor would have to pay the council a fat fee for selling the property within 5 years of completion but it's still a big money maker. I'm surprised that the loopholes in Right To Buy haven't been filled in already.

Quote

In one case, a tenant bought their Norwich home for £9,450 in 2017, selling it 67 days later for £125,000 - making a £115,500 profit, or £1,725 a day.

The figures, which go back to 2000, have reignited the debate nationally about RtB, a government initiative where council tenants can buy their homes at a discounted rate.

Opponents say too many people have profited from the scheme, which they say leads to a significant drop in the number of council homes available.

Supporters, though, say for many it is the only option to get on the property ladder and gives tenants some financial certainty.

The vast majority of tenants buying their homes go on to spend a long time there - in Norfolk and Waveney, the average time period between purchase and sale was eight years and six months.

Whoever bought their house or (more likely) flat in Norwich for £9,450 in 2017 must have been a tenant for a very long time to get it that cheap. I imagine that it went to one of those professional landlords who is now renting out the rooms. >:(

I have no intention of buying my council flat. It's a bit too noisy at night.

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Popped into the bank getting some cash out the other day, an a EE bloke wearing hi-viz who could barely speak English was enquiring about getting a mortgage on his council house with his wife saying he had a RTB letter.

 

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1 minute ago, Inoperational Bumblebee said:

At least it sounds like he has a job.

Not necessarily. I think you can include benefits in a mortgage applications.

After all, they are more secure than a minimum wage ad-hoc salary.

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9 hours ago, Inoperational Bumblebee said:

At least it sounds like he has a job.

Yeah I just thought it was very telling some EE'er who can barely speak the language, probably hasn't been in the country that long, works a manual job and his wife (with 5 kids no doubt) will be gifted maybe £100k or more from the government for their already subsidised housing, yet some single native professional couldn't even afford to rent the same council house at market rates let alone buy it full market value. What a fucked up country we are.

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11 hours ago, Sucralose Ray Leonard said:

Fair play to whoever did it. You'd have to be a moron not to. 

Blame the game. 

Yes, the policy hasn't made any sense for decades.  It's giving lottery prizes to some lucky individuals for no obvious reasons.

Scotland and Wales have both sensibly scrapped it.

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