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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

£55000 to give up my council house?!?

196 replies

Edenviolet · 16/02/2015 21:49

AIBU to be in complete shock that the council offered me the above amount today to buy a home in the private sector if I relinquish my secure tenancy three bed council house?

It seems like an awful lot of money? Just for one house. Why don't they just build more social housing instead of paying out grants like this?

OP posts:
Chertsey · 16/02/2015 21:51

They can't build a house for £55k?

evelynj · 16/02/2015 21:53

I'm agog at this (but pretty ignorant of the political goings on if council houses).

Where are you & is there any option to buy your house? Would you be able to buy another house?

kwerty · 16/02/2015 21:53

Where do you live? Can you buy a 3 bed house for that amount?

Original poster
Edenviolet · 16/02/2015 21:53

No, but they offer grants of up to £1k per room if you downsize into rented accomodation and 40k to move from a 1 bed up to 55k for a 3+ bed. It just seems like a costly scheme whereas if they left current tenants and used the money earmarked for the grants they could build more homes surely than they would buy back?

OP posts:
ThePinkOcelot · 16/02/2015 21:54

You wont be able to buy a house for that, though its a canny deposit. What is the reasoning behind this?

TeWiSavesTheDay · 16/02/2015 21:55

It's much cheaper than buying a new house or building one.

I would think seriously about it if you think you could get the mortgage to cover the rest.

Original poster
Edenviolet · 16/02/2015 21:55

Nw London. So 55000 would be nowhere near a big enough deposit to buy the same size house. Average prices for a three bed are upwards of 500000.

It just shocked me. Seems like such a lot to offer to get one house back for a council who are threatening to close children's centres, libraries etc!

OP posts:
APlaceInTheWinter · 16/02/2015 21:57

It may seem like an awful lot of money but depending on where you are in the country, it's highly unlikely you can buy a similar 3-bed for £55,000. Your house is worth more to them than the £55,000 otherwise it wouldn't be cost-effective for them to do this.

Although the question of why they don't use vacant land to build more social housing is a very valid one. Personally I think it's the only way they will solve the current housing crisis and it would have a positive impact on the construction industry and the economy.

fredfredgeorgejnr · 16/02/2015 21:59

Because the compulsory purchase on the vacant land would still cost an awful lot more than 55,000 per house. If they own school fields, or parks then maybe they could be used, but that's generally not thought of as ideal for the community by most folk.

Original poster
Edenviolet · 16/02/2015 21:59

It wouldn't be a big enough deposit for us, house prices are very high round here and with just dh wages it wouldn't work out.

I'd be reluctant to give up the secure tenancy too due to dh and dcs ill health in case he couldn't work anymore for any reason its a safety net for us.

OP posts:
Chertsey · 16/02/2015 22:00

It needs to be enough for there to be a chance that you will take it and move out. Although it's an awful lot of money, it actually sounds like it's not enough.

EhricLovesTheBhrothers · 16/02/2015 22:02

At £2k a month, a similar sized house that is occupied by a family on full housing benefit will cost them £55k in 2.5 years. It's a lot of money but it's worth it to them. If you can't parlay it into a similar home though it's not worth it to you.

manicinsomniac · 16/02/2015 22:03

I was going to say they're crazy but you should jump at it, put down a good deposit and pay less in mortgage than you probably do in rent.

But then I saw NW London. If you've got secure tenancy on a 3 bed house in NW London cling onto it for all you're worth!!

BMW6 · 16/02/2015 22:05

Christ on a bike, you could buy an entire 3 bed house outright for that (or even less) in other parts of the UK.

Are you mad? Take the money and move up North. DH can get another job. You will never again be offered a chance of a free house.

firstposts · 16/02/2015 22:06

My friend bought a house in high Wycombe using this scheme a few years back. They now have loads of equity and a very manageable mortgage. I would do it, opportunities like this are pretty rare.

peutetre · 16/02/2015 22:06

Would you consider relocating further North?

MrsTawdry · 16/02/2015 22:06

Move to Bromley.

SantasLittleMonkeyButler · 16/02/2015 22:08

Where we live, £55k for our 3 bed house back would be too good to refuse! But then again, it would represent roughly a 30% deposit on a similar property.

It does seem a lot, but unless people want to leave London, it probably still won't be enough to help most on to the property ladder.

Norfolkandchance1234 · 16/02/2015 22:11

I wouldn't give up a secure tenancy, no one would. If you like your home hold onto it.

LineRunner · 16/02/2015 22:13

Hang on to it if you have lifelong security.

Councils cant replace housing at that price btw, as pp have said.

And 'right to buy' still rears its head. It doesn't matter how many council houses are built if tenants or their agents eventually can buy them and sell them on at a profit.

manicinsomniac · 16/02/2015 22:13

Why would she want to leave London when she has a three bed house to live in there? Most people (or at least I and most people I know would kill for that kind of opportunity).

It's my pipe dream that one day I will be able to afford a studio flat in a not very trendy area of London in which I will cram myself and my 3 kids and live the high life (joking - I wouldn't overcrowd the children like that but I would do a LOT to get to live in London).

I don't usually understand council house envy but I've got a bad case of it here - not in a nasty way OP, I just think you should hold on to what you're lucky enough to have.

Original poster
Edenviolet · 16/02/2015 22:14

Dh has a very good job here and no other qualifications other than what he does now. He works for his db so gets all time off paid for dcs appts/illness. We would never get better than that elsewhere so really couldn't move

OP posts:
ihatethecold · 16/02/2015 22:14

My friend was given £30K to give up her 2 bed flat behind primrose hill in London about 8 years ago.

She regrets that decision everyday

ouryve · 16/02/2015 22:14

You could buy most of a half decent 3 bed house for that where I live.

Not even a 10% deposit, where you are.

Ridiculous, innit.

ToBeeOrNot · 16/02/2015 22:15

Could almost buy a couple of houses round here Grin

www.rightmove.co.uk/property-for-sale/property-33511539.html

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