Council house sold to resident after just 3 years

[Zaane]

An aquaintence who acquired a council property to rent only lived there for 3 years and has now bought it with a 35% discount too! Cash purchase. This makes me wonder how someone in need of council house is in a position to actually purchase it just after 3 years. Isn't the system flawed ? I rent and am far from buying my own property. There are hundreds of people waiting for housing, council isnt building new properties, and they are actually loosing the one sthey could help the neexy with?
This makes me wonder if I am just jealous or this is unfair. AIBU to think its unfair?

I would love to know what sort of ‘ nurse’ she was to be able to save £35 per year, that’s more than what most of them earn!!

@Icantrememebrtheartist

Are you sure you’re being told the truth? It doesn’t add up.

It adds up perfectly according to information available on the government website.

@DifficultPifcultLemonDifficult

I also see photos of people trying to swap their properties on social media, these properties are beautiful, massive garden, great catchment schools

should they all be shit houses with no gardens near shit schools?

no one said that

but there cant' be such a crisis if you can find and buy a heavily discounted property in a desirable (and expensive) area. A 4 bed house for a family with 2 kids is not such a hardship is it?

It's such a different world from the Croydon scandal. How is that possible, or acceptable?

no one said that

Why mention it in the first place if its not considered an issue?

@DifficultPifcultLemonDifficult

no one said that

Why mention it in the first place if its not considered an issue?

why on earth shouldn't it be mentioned! You have problems with facts?

You prefer people to portray something that is not true but fits your narrative better?

Right to Buy should have been abolished years ago.

@Ponoka7

Just to add, I had a Nurse move in nextdoor. She saved around £35k a year by not renting privately. She bought a (private) property cash after four years.

I also know people who've come over as low paid immigrants and have built successful businesses, allowing them to buy.

My situation was widowed, did a BA, children grew up and could buy. My DD will be in a similar position, but separated.

Where do you live that there is almost £3k a month difference in rent but a cash purchase is managed after saving £140k?

@itsalltrue22

I am afraid this is a totally flawed system that we have been living under since the 80's!! Thatcher has a lot to answer for. Councils sat with bursting bank balances but were not allowed to build new properties. Families were housed in b&b/hostel accommodation and if they were offered social housing it was mostly in poor repair and not quite fit for purpose and in a huge amount of cases they were properties that were unmortgageable. Capitalism at it's best!!!!! They trod on and kept down working people, a 2 tier society is their legacy! Keep the poor poor, keep them in their place!!!!!

She was hateful and she ruled with hateful policies. We are living with it to this day!

The genius of Thatcher was selling people stuff they had already paid for (Council housing, privatisations) and making it seem like a good deal whilst she and her mates lined their pockets. She created the illusion that everyone could get rich quick, just by going along with her plans - when in reality, as always with Tories, the real benefits are for the rally rich.

Name change as outing. But I got a council house as was made homeless due to previous landlord making us homeless as not paying mortgage on previous property. The house was repossessed. And I had to find some where ASAP with a 2 month old baby.

My husband is self employed and I was made redundant on mat leave as this house Is so cheap we have the cash waiting to buy next year. It’s not our preferred area but with the discount it’s too much of a good investment not to.

why on earth shouldn't it be mentioned! You have problems with facts?

You prefer people to portray something that is not true but fits your narrative better?

I don't have any problem with facts. I have a lovely 4 bed in a nice area with gardens that I pay very little for.

I do have a problem with the implication that I shouldn't have it because I rent from the council.

The Thatcher idea was that the houses were sold and the councils were given the money to build new ones only central government pocketed the money and never gave it to the councils to built new.

Done properly it does have big positives as it actually find a new home for another person in need (wouldn't have to be a new build).

@DifficultPifcultLemonDifficult

why on earth shouldn't it be mentioned! You have problems with facts?

You prefer people to portray something that is not true but fits your narrative better?

I don't have any problem with facts. I have a lovely 4 bed in a nice area with gardens that I pay very little for.

I do have a problem with the implication that I shouldn't have it because I rent from the council.

I am really not sure why you are offended when someone state that these properties exist then, I can't help you with your issues I am afraid.

@Angel2702 it will actually be under the right to acquire not the right to buy. It’s now a flat rate discount regardless of how long you have been in the property and the value of the property where I live it’s £16,000 discount. If you sell in 10 years you have to first offer it back to ha but they can’t stop you selling. If you sell in 5 years you have to pay back a percentage of discount. But can rent it out instantly.

My OH (don't live together) managed to buy his council property last year. He had the maximum discount. I think his flat was valued at £62k and he paid £19k bit to out a mortgage for £25 to pay the legal fees and redecorate etc. His rent was £444 a month and now his mortgage is £224 over ten years. He retires just as the mortgage is paid off. He hates RTB and Margaret thatcher's but he would have been an absolute fool to not buy and continue to pay double the rent. Now he is using the spare money to up his pension pot as it's minuscule. So surely this will save the taxpayer money as he won't be getting pension credit to pay his rent?

In our borough the council most certainly DO use the money from the sale for new housing stock. We've had a huge flurry of new properties over the last 5 years and they even buy cheap properties , do them up and then re let them. I know this is true as my dad tried to buy a flat when he returned from abroad and the council outbid him. Then my sister moved in there!

I'm hoping to buy my council house in a few years. It's been adapted for me and I'm still only early 40s. My sons both have additional needs and so will very likely remain at home. It will be our safety net. I see nothing wrong with it. My sons have ASD and will never be able to earn enough to get a home or live independently. So again, this will save the tax payer money in the long run.

@itsalltrue22

I am afraid this is a totally flawed system that we have been living under since the 80's!! Thatcher has a lot to answer for. Councils sat with bursting bank balances but were not allowed to build new properties. Families were housed in b&b/hostel accommodation and if they were offered social housing it was mostly in poor repair and not quite fit for purpose and in a huge amount of cases they were properties that were unmortgageable. Capitalism at it's best!!!!! They trod on and kept down working people, a 2 tier society is their legacy! Keep the poor poor, keep them in their place!!!!!

She was hateful and she ruled with hateful policies. We are living with it to this day!

We tried telling people but she knew people's greed would win her votes. Meantime private landlords are making a fortune and other people are living on the streets.

The genius of Thatcher was selling people stuff they had already paid for (Council housing, privatisations) and making it seem like a good deal whilst she and her mates lined their pockets. She created the illusion that everyone could get rich quick, just by going along with her plans - when in reality, as always with Tories, the real benefits are for the rally rich.

This.

Our first house purchase was an ex council. The owner had brought it off the council for £60k, rented it straight away for approx £900p/m, then sold it to us for £240k (could of got more if he'd actually maintained it) when he wanted the cash.

Always found it shocking he was able to do this. Fair enough you manage to buy it to live in but to then rent it out for full market value straight always seems so wrong.

It's bad. I could buy my 3 bed council home for 100k and sell it for 250k in 5 years time

@ChiefBabySniffer

My OH (don't live together) managed to buy his council property last year. He had the maximum discount. I think his flat was valued at £62k and he paid £19k bit to out a mortgage for £25 to pay the legal fees and redecorate etc. His rent was £444 a month and now his mortgage is £224 over ten years. He retires just as the mortgage is paid off. He hates RTB and Margaret thatcher's but he would have been an absolute fool to not buy and continue to pay double the rent. Now he is using the spare money to up his pension pot as it's minuscule. So surely this will save the taxpayer money as he won't be getting pension credit to pay his rent?

In our borough the council most certainly DO use the money from the sale for new housing stock. We've had a huge flurry of new properties over the last 5 years and they even buy cheap properties , do them up and then re let them. I know this is true as my dad tried to buy a flat when he returned from abroad and the council outbid him. Then my sister moved in there!

I'm hoping to buy my council house in a few years. It's been adapted for me and I'm still only early 40s. My sons both have additional needs and so will very likely remain at home. It will be our safety net. I see nothing wrong with it. My sons have ASD and will never be able to earn enough to get a home or live independently. So again, this will save the tax payer money in the long run.

You can’t usually buy a property that has been adapted or they see as suitable for disabled.

@Pottedpalm there was a typo and bits missing in my post. I meant that she saved £4'200 a year, after three years £16'800. With other savings and her partner saving the same, they bought cash. The three bed houses, with gardens in our hard to let area sold for £27k. Up the road, in a nicer bit they started from £40k.

My parents were among the very first who bought their council house. £17000 for a three bed semi.
When my DF died and DM went into care the house was sold for £300,000. Almost every penny went
on paying for her care.

I was asking if the syatem was flawed, and was I seeingvit as flwed through perhaps glasses of jelousy over my yes!Ubreally am not jealous of the person whose story this is.
My son has additional needs and I went through a very stressful period when his noise disturbed my neighbour downstairs, I was stuck because council wouldn't help or bring us higher on the waiting list even. I couldn't afford rent in the area had I moved out of my privately rented property.

Mynpost is durected at the policy really not the people who make the most of this policy.

The pekple who bought this house got a discount of £28K, and husband in the private transport business, so self employed. No disabilies either, fortunately. They didn't inherit huge amounts. I just feel sad that council properties are lost in this process and the people who really need it might miss out. And for the record, I'm not looking for council housing myself, just thinking of people in need of housing general.

[quote Ponoka7]@Pottedpalm there was a typo and bits missing in my post. I meant that she saved £4'200 a year, after three years £16'800. With other savings and her partner saving the same, they bought cash. The three bed houses, with gardens in our hard to let area sold for £27k. Up the road, in a nicer bit they started from £40k.[/quote]
Well there’s a big difference!
Your calculations are still incorrect, by the way.

My husband bought his 3 bed council house many years ago. I think he paid about 40k for it with the discounts - it’s worth around 300k . It’s rented out for about £1100 a month .

I also bought mine that I had when I was a single parent but with an inheritance that I got when my gran died years ago so I have no mortgage.

I don’t really care if people don’t like it. I don’t blame them for not liking the system . But I would have been a mug not to have bought it .

If I were to sell it now I would easily make around upwards of 250k profit as it’s a not on an estate and there are two very good schools nearby .

Sorry for the many typos.