Home Ownership

  flycatcher1 10:35 AM 24 Sep 12
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Last Sunday morning I listened to Sarah Dunant on Radio Four, Points of View. She asked whether the Grocers Daughter, Margaret Thatcher, ever thought of the chaos she caused with her quasi religious belief in Home Ownership.

In my family and going back to the forties even my aged Grandmother wanted to own the house in which she lived. My Parents as well and they all did it for security of tenure and not to make a mint of money.

I wonder if Sarah Dunant is a home owner?

  wiz-king 11:19 AM 24 Sep 12

Like most things it's a curates egg. Some people wanted to own their home and some were happy just paying rent. What she tried to do was to make it easier to buy from the local council if you wanted to.

  interzone55 11:35 AM 24 Sep 12

What Thatcher created was a system where there is far too little affordable "social housing".

Not everyone can afford a home, in fact almost no-one can afford the deposit on a first home, so now we've got this crackpot scheme where parents can use their pension pot as security on a mortgage - that'll be fun when the kids default and the parents end up with no pension...

  woodchip 11:40 AM 24 Sep 12

I have always been of the mind that I buy it if I need it not rent. But it does depend on what its for, like it could be Leasing a Car or if on Mobility to get one using the Mobility part of your Monthly, I have a old Renault Laguna 1.9tdi I thus can us my money as I want. But do then haver the problem of MOT and insurance. But at least it's mine, when I worked for my self, if I needed a Tool I had to think about the Payback if to buy or hire. I mostly bought. But the problem with that is that everybody used to think they could come and borrow tools, I soon put them right on how I come by them

  interzone55 13:30 PM 24 Sep 12

woodchip

I'm sure many more people are of the same opinion, but the stumbling block is the size of the deposit needed for a mortgage.

Round my way the cheapest house you'll find is £125k, and as this is a semi-rural area, wages are generally low.

If you're on £7 an hour (based on the local paper job adverts, that's a good wage round here, which is mostly factory, hotel or shop work), your annual salary is around £14k, so a house is around nine times your salary.

As for Motobility, ATOS are taking DLA away from anyone who's not on a ventilator. This happened to my girlfriend who immediately lost her car, and therefore her ability to get to work, as some days can barely walk, so the 1.5 mile uphill walk to the bus stop is definitely out. So she borrowed the cash from her dad to buy a car, so assuming she wins her appeal and gets the DLA back she will use the money to pay her dad back. That way when they change the scheme to PIP and she is in danger of losing the benefit again, at least she won't lose the car.

  spuds 16:07 PM 24 Sep 12

House ownership can have its highs and lows, and I suppose the Right to Buy was a high to most people at the time (it certainly was to one council leader), because this gave the opportunity of not having a landlord and as it was security of tenure, especially perhaps in rural areas with tied arrangements.

One problem that seems to have risen over the past few years with Right to Buy property, is the lack of maintenance by various owners, and some of these old council properties are in need of vast improvements or essential repairs. In some cases this as led people to sell their property to 'instant cash buyers' with the view of re-renting back off the new owner, and possible future problems pending with some of those arrangements.

Over the years the various governments (mainly Labour) have introduced grant funding schemes under various names like Stay Put, Wind and Weather etc, so council's would offer these government funded grants to poor quality housing. Sometimes though the council's didn't go far enough in being fair, or dividing the money available equally, which caused a number of problems for those seeking help.

Around my neck of the woods, we have ex-council houses that a fetching very little, because of poor maintenance, and the council tried to purchase some of these properties back at a fair market value price. But even that scheme as had its shortfalls. Some of these Right to Buy properties were purchased originally for as little as £8/12.000 with discounts, and at peaks after Right to Buy were being valued at £110.000 or much more. Now some are being auctioned at £60/£70.000, with expected £20.000 refurbishment plans for developer's with funding available.

Anyway, if you have and own property, then it might be a case of any siblings, the government and perhaps not your chosen friends or the charity of your choosing who might benefit after your departure from this world!.

  oresome 20:20 PM 24 Sep 12

What Thatcher created was a system where there is far too little affordable "social housing".

Probably the majority of council houses as they were then called were sold to tennants that had been in the house for some time and intended staying there, so the house was effectively out of the available pool anyway.

  interzone55 20:28 PM 24 Sep 12

oresome

The money from selling the houses was supposed to be used to build more, but for reasons that are many and varied it wasn't

  Aitchbee 21:08 PM 24 Sep 12

Sarah Dunant (pronounced Doo-nant) also talked about the steady proliferation [increase] of the various Charity Shops we see on our high streets, up-and-down-the-land ... most of these ex-commercial properties[formerly residential abodes], could be re-converted into places where people could live.

Sarah said that she bought most of her clothes at Charity shops ... I was almost tempted to buy a long wig today...for a fiver...but I didn't have enough dosh in my pocket toupe (to pay).

  Forum Editor 22:11 PM 24 Sep 12

I would imagine that most young couples aspire to own their own home one day - I hardly think there can be many people who wouldn't want to do so if they could afford it.

What Margaret Thatcher did was make it possible for far more people to realise the ambition of home ownership, and of course she was right - people fell over themselves for a chance to call their rented home their own.

Nowadays young couples have virtually no chance of getting a mortgage unless they have a substantial cash amount - often provided by parents - to kick start the process. It's harder now than before, which is why so many young mothers end up having to continue working whilst paying out substantial sums to the nurseries that have sprung up all over the country. In London in can cost upwards of £60 a day to keep a young child in a nursery whilst both parents work. £300 a week on top of a crippling mortgage payment is a massive commitment, and yet millions of them do it for the chance to own their own home.

  interzone55 08:36 AM 25 Sep 12

Forum Editor

Nowadays young couples have virtually no chance of getting a mortgage unless they have a substantial cash amount - often provided by parents

It's because houses were so much cheaper (relative to wages) in the sixties that some parents have spare cash to pay for their kid's deposit. That's not going to be the case for the next generation.

£300 a week on top of a crippling mortgage payment is a massive commitment, and yet millions of them do it for the chance to own their own home.

£300 a week is probably the average gross wage round here. Almost all advertised jobs in North Lancs / South Lakes are minimum wage or just above, and I think that's probably the case for many service jobs in London. Fairly sure the bulk of that £60 a day won't be passed onto the nursery staff...

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