£1,000,000 for a one bed council flat, rtb should be stopped asap not extended

[agentEgypt]

Not sure if the London market is about to crash, or double in a few years.

www.dailymail.co.uk/news/article-3093150/The-1MILLION-council-home-Tiny-two-bedroom-ex-local-authority-flat-London-goes-market-seven-figures-directly-Stella-McCartney-s-boutique.html#article-3093150

Right to buy has to be ended asap!

Does it?

I totally agree. More so in London.

They aren't rtb properties though.

I agree. Or the properties have to be sold back to the council for the purchase price plus inflation

ThroughThickAndThin - at some point someone bought that flat through rtb.

Do you know what rtb is thick?

I have always agreed. In our area, (London), the lovely council properties were bought for a song by "tenants", (but as tenants were poor -ish they were often"helped" by greedy adult family members who then inherited or persuaded TT to move to "a nice little flat outside London". Adult kids then rented out at high rates back to council or on private lets. Once prices had skyrocketed they sold them). No affordable property left here at all.

www.rightmove.co.uk/property-for-sale/property-50655734.html
www.rightmove.co.uk/property-for-sale/property-50970635.html

YANBU!

Wow, I knew prices were high, but those rightmove properties are ridiculous! Who on earth buys houses like that for prices like that??

Wow Orange. That first house is about the size of mine except with a slightly bigger garden. Mine was £85,000.

London is crazy.

YANBU OP.

I know what right to buy is and this is not it.

Right to buy is when tenants rent a flat from the council and then accumulate discount, then buy at a reduced rate. These were sold by the council to the developers.

'The neighbouring third-floor apartments, which were once owned by the borough of Kensington and Chelsea, were sold off to a developer two years ago and underwent an identical refurbishment.'.

I hope not! I don't live in London and it is going to be the only way I could buy a house.

One of my children with their spouse bought a 2 bed ex local authority flat in London for £750k. Let us hope it pays off. They bought from a private buyer so not sure if it were ever under a council sell off but presumably might have been 20 years ago.

Where I live zone 5 London you can get a 1 bed flat for £185k and a 3 bed terrace for about £375k. It's not an awful commute. No reason for anyone to live right in the centre unless they really want to in London.

Zone 5 travelcard is over 2k a year.

Easily over 10% net of an average earners wage, just to travel in cattle cart rush hour conditions.

Yes, I know. I remember when one of my children was working in London commuting from here and not getting paid - they were seconded and the one thing they asked for was travel costs. In fact even in my day 30 years ago employers often had to offer the season ticket loan. My daughter got virtually no pay in her last month with her last employer this year as they had to take back the rest of the year's travel card. Even so the £2k a year travel cost is worth it for the higher pay working in London than if you work in zone 5 and is a lot lot cheaper than housing costs in inner London and was 30 years ago 2when I even had to endure a smoking carriage on the tube! Also if you go in at about 7.15am from here you just about always can ensure you have a seat all the way in so you just sit there and read. It's not too bad.

There are people who find reasons why things cannot be done like buying somewhere and never buy and people who tolerate a few things that are not perfect or a few very tough years and they tend to buy. Most people can choose which category they put themselves into.

I think the point is that there was a lot of social housing and now there isn't, because it has been sold off under RTB.

I wonder where the low paid people who work in Zone 1 actually live.

The LA in the NW town that I used to live in, built literally hundreds of pensioners flats and bungalows in the 60s and 70s.
Most have been sold off under the RTB scheme with often with savvy relatives funding the purchases. The properties were often sold for peanuts. Funnily enough there is now a shortage of HA properties in the area.

It does seem comical for people to be paying 1m for a council flat that they would have looked on with disdain 20 years ago.

Both the properties I posted are on an estate where the houses were bought by tenants and sold on for a profit years later. They were developed by the new owners having been rented out for years.

It is true that the Right to Buy is for the tenants. It is also true that Councils sell off blocks of housing to developers.

What tends to happen with RtB is that the tenants buy, live there then sell on when they wish to move or die at a profit leaving one less Council property for the next person. As it is "ex-LA" it usually gets bought by a BtL landlord for ages until the whole areas comes up, (critical mass of privately owned property), then is done up and sold off.

They live out in zone 5 and further out like the rest of us who have always had to do that for decades.....