A first time buyer house at over 450k though is just lol though really. And if there are HA houses in London worth over that then I doubt the person living in one could afford to buy it.
"Benefits to bricks" Right to buy scheme for housing association tenants.
- Thread starter JonRGV250
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Deleted User 298457
Deleted User 298457
My ftb house was £450k. Just because you are out of touch with reality doesn't mean it is a lol reality.
I would say those prices are out of touch with reality, but I assume they're London prices. That would buy a nice detached 4-5 bedroom house where I am.
Do you think someone on housing benefit and universal credit will be buying 450k houses even after their discount?
It is lol, but that's the state of the market. If you're (un)fortunate to work in London or the South East that's what you have to deal with. Average London price is £520k+. £450k is not completely inconceivable for two decent earners with a nice deposit saved. That said, there should never be an upper-limit on that LISA scheme. The way house prices continue growing, half the people saving for a deposit will be looking at £450k houses by the time they get to purchasing, simply due to inflation!
I wasn't talking about the benefits to bricks scheme, merely more generally about other 'schemes' which I think are all tosh and/or scams that enable developers and the government to screw over people. (Things like ground rent, building work charges, exorbitant leases etc.)
Soldato
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The LISA bonus is not really intended for people able to buy a £450k house. At that level, it's giving money to people who don't need help, that's why there is a cap.
Sigh. If you work in London because that's where your industry is, you need to work a commutable distance. So you can either pay a fortune in rent/mortgage to buy within the M25, or pay a fortune to the train companies to commute in. The latter is rather pointless when there's two of you commuting and can easily hit £10k/yr per household to a lot of commuter towns.
Just because you work in London doesn't mean you get paid a fortune and have it easy. That's without even considering those who grew up in London and have family and friends and a whole life before they even start a career.
The LISA is for first time buyers. Period. There shouldn't be an arbitrary cap on the house price. Like I said above, with house price inflation as it is, what happens if you start saving then realise all the houses in your search area are now above the cap? It's stupid. You could be looking at £400k houses with a partner only to discover a fancy deli opens up down the road and that pushes prices up. As we know, the housing market is fluid, an arbitrary cap is really dumb. Or more simply, you could be saving as an individual, then decide to buy with a partner, and with your funds put together you can straight away afford something over the cap. Why should you lose money for that change in circumstances? It's the dumbest thing ever and in no way as simple as "hrhr you can afford a £450k house so you don't deserve the bonus". It's punishing people for change in circumstances beyond their control.
Soldato
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@Scam i understand your frustration but its taxpayers funding this additional bonus interest and so its right there is a cap of some kind to prevent free money going to those who don't need it. The scheme is already generous and the London cap is already higher than the cap for the rest of the country which is £250k. Perhaps they should set an income threshold to the cap rather than a house price cap.
Deleted User 298457
Deleted User 298457
LISA threshold is 450k anywhere in the UK. You're thinking of Help2Buy