HBC -helping hand to first-time buyers.

[garinda]

Suprised this story hasn't been up for discussion...

Hyndburn Council to give helping hand to first-time buyers (From Lancashire Telegraph)

It's reported that first time buyers will be able to get half their deposit paid, in a scheme to sell council-owned properties.

Apparently Hyndburn Borough Council owns properties worth a combined £1.5million.

It seems not many are able to afford the £7,000 deposit needed for the terrace properties, worth on average £70,000.

Where are these £1.5 million pounds worth of houses, and why does H.B.C. own them?

I thought they'd given away all their housing stock to Hyndburn Homes.

Good, bad idea, I don't know.

Though I don't think it's the job of a local council to act as a property speculator.

Especially when they don't seem very good at it.

[cashman]

To my mind it would be a better thing,if the council returned to giving "Mortgages" as it did way back, got me first mortgage of the council back in early 70s. surely that would bring needed cash into the coffers?

[garinda]

Don't they also own all those 'luxury' flats behind Scaitcliffe House?

Most of which weren't sold.

[heth]

Originally Posted by garinda

Don't they also own all those 'luxury' flats behind Scaitcliffe House?

Most of which weren't sold.

I were just about to ask the same, are most still empty then do you know?

Thought they were renting them aswell? Another waste of money.

[garinda]

Originally Posted by heth

I were just about to ask the same, are most still empty then do you know?

Thought they were renting them aswell? Another waste of money.

I think some are rented.

Are they included in the £1.5 million pound of housing stock?

[heth]

Not much on the website, last updated 2007?

The Waterside Accrington development

55 apartments and three were let at that time, when you try to download the pricing the internet page cannot be found.

Not gonna sell if that is the state of the website is it? Wouldnt be surprised if most of them are still empty.

[g jones]

7 of them are Britcliffes folly. He spent £1.4 million doing up 19 landlords houses and buying 7 houses which were also done up on South Shore Street and Blackpool St.

They can't sell and they have been left empty for over 2 years. Britcliffe refuses to rent them and therefore forgo the lost income because he loathes socially rented accommodation.

[heth]

He is a stupid man, just when you think he cant get any worse.

We shouldnt be surprised with him though

[Margaret Pilkington]

Like Cashy, I think the HBC would be better in giving those who want to buy a property, a mortgage. I don't think you ever value stuff that you get given....if it is worth something then you should expect to pay something for it.
And this is our money........isn't it? I am sure if the money is going to come from some other source than local taxes then someone will put me right.

Our one and only mortgage was taken out with Clayton UDC......at an interest rate of 7%.....fully paid off many years ago(must be at least 20 years).

I appreciate that first time buyers have a hard task to raise the large deposits required these days, but I cannot see why the rest of the residents of the borough should be chipping in to give them a handout.

If HBC don't want to go into the mortgage business then loan these folk the money for the deposit at a low rate of interest(say 1.5%), taken directly from their paypacket.
Have HBC got so much money that they can fling it about like a drunken sailor?

[garinda]

Originally Posted by g jones

7 of them are Britcliffes folly. He spent £1.4 million doing up 19 landlords houses and buying 7 houses which were also done up on South Shore Street and Blackpool St.

They can't sell and they have been left empty for over 2 years. Britcliffe refuses to rent them and therefore forgo the lost income because he loathes socially rented accommodation.

There's nothing at all wrong with rented social housing.

There's waiting lists to live in some areas of the borough.

All works perfectly well.

As long as you don't move a house full of chavs in the middle of elderly residents' homes, or visa versa.

Well vetted tenants, equal happy tenants.

[garinda]

This is when it all becomes a bit odd.

Any successful property developer/speculator will tell you, because of the housing crash, if you can't sell, then you rent, at least until the market picks up.

Looks like we've lost two years rent. If that's the length of time these refurbished homes have stood empty.

[Ken Moss]

Originally Posted by Margaret Pilkington

Have HBC got so much money that they can fling it about like a drunken sailor?

No, quite the reverse after the past couple of months' worth of 'good news' and handing out £2m from the reserves. Whilst in principle I applaud the idea (and I should because it's similar to the one I laid on the table four months ago) I would love to know why it is being announced at the eleventh hour just prior to an election.

Oh, silly me.

Funny things, these elections. The Leader of the Council and the Cabinet managed to get to Rishton last night to campaign on behalf of Stan Horne, totally coincidentally on the same night that Graham Jones was scheduled to canvass.

I have to say that listening to Graham talking (and more importantly listening) to the residents on subjects such as the NHS and opening new supermarkets was far better than what I now know passes for canvassing from the Conservative angle.

Apparently it is now Tory policy to offer to re-render back yard walls if they get elected.

Word travels fast in the village, particularly when stupid promises are made on the very street where I live and canvassers are so ill-prepared that they canvass not only Harry Grayson's house but also the house of the Labour candidate.

Many laughs were had at the Workmen's Club last night and I would urge all at Tory HQ to read the Rishton First blog as it seems someone has been doing so dilligently these past few months from looking at the stats report.

[garinda]

I've got a builder giving me a quote this afternoon.

Two bad winters has meant frost damage caused the rendering in my backyard to come off.

Damn there being no election for me this year.

Think I'll move to Rishton.

[gynn]

Originally Posted by Margaret Pilkington

And this is our money........isn't it? I am sure if the money is going to come from some other source than local taxes then someone will put me right.

Yes it is "our" money in the sense that it was given to HBC to improve the housing conditions in the borough. It was government grant over and above what is raised in local taxes, but that doesn't make it any less "our" money.

There is nothing wrong in using a small part of it as an incentive to first time buyers, as long as the Council is sure that it is targeted on people who a) don't have the resources themselves to fund the deposit and b) will have the pride in owning the property that ensures they look after it and improve the overall area.

Sadly, experience shows that HBC are not geared up to putting the controls in place to ensure the above conditions are met, and the houses will more than likely be snapped up by unscrupulous landlords after a quick buck.

As for mortgages, yes the Council could give those out, but they are costly and time consuming to administer, and HBC is a council looking to cut back on administrative costs, not add to them. It sold off all of its outstanding mortgages a few years ago to save money.

And as for the flats behind Scaitcliffe House, they were built by Globe Enterprises Ltd, the property speculating company that HBC has a one third share in. Any gains or losses on those flats have to be looked at alongside Globe's overall property development, which I think you'll find is fairly profitable.

[garinda]

Originally Posted by gynn

Yes it is "our" money in the sense that it was given to HBC to improve the housing conditions in the borough. It was government grant over and above what is raised in local taxes, but that doesn't make it any less "our" money.

There is nothing wrong in using a small part of it as an incentive to first time buyers, as long as the Council is sure that it is targeted on people who a) don't have the resources themselves to fund the deposit and b) will have the pride in owning the property that ensures they look after it and improve the overall area.

Sadly, experience shows that HBC are not geared up to putting the controls in place to ensure the above conditions are met, and the houses will more than likely be snapped up by unscrupulous landlords after a quick buck.

As for mortgages, yes the Council could give those out, but they are costly and time consuming to administer, and HBC is a council looking to cut back on administrative costs, not add to them. It sold off all of its outstanding mortgages a few years ago to save money.

And as for the flats behind Scaitcliffe House, they were built by Globe Enterprises Ltd, the property speculating company that HBC has a one third share in. Any gains or losses on those flats have to be looked at alongside Globe's overall property development, which I think you'll find is fairly profitable.

What's to stop people taking advantage of this offer, and then renting the properties out?