[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?