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Buy To Let Giant Faces Loss of Contract

28/02/2019

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Help to Buy is central to the Teignbrige Executive's plans to build, and sell, thousands of homes quickly. Yet its failures are now undeniable and it has only until 2023 left to run.

 

Help to Buy makes homes 'affordable' by allowing families repayment holidays on their borrowings. It is only available for new builds and thus has inflated that market, making new builds on average 15 per cent more expensive than regular housing stock. It also adds about 22 per cent to the overall price in the South West, as buyers are forced to pay for fitted kitchens, appliances and other flourishes they may not necessarily want.

 

Buyers also face a repayment shock when their grace period expires, often needing to find a repayment amount in excess of what a bank would normally have allowed. The house also spends longer achieving its actual value in the secondary market, meaning it could take years before a growing family is able to sell up and move.

 

It comes as no surprise to us to hear that most of these houses are, on top of all this, appallingly badly built. Persimmon developments, this article states, are ridden with 'Friday Afternoon Houses' - homes thrown up by workers who, having been on a house conveyor-belt building system for weeks, have simply ceased to care. Expect to hear much the same, very soon, about Redrow.

One case study in this story concerns a home with 700 snags, or problems, that made life in it a 'living hell'. This is just what happened at Hele Park and is what buyers at NA3 can look forward to.

 

All of this would be far less likely if TDC pursued a strategic housing plan, with every town gaining sustainable, tailored housing development using medium-sized local firms that could be held accountable and would be far more likely to take pride in their work. Plus, the money spent of development would go straight back into Teignbridge-based companies; if that mattered to anyone.

 

It certainly doesn't matter to Christophers, Bullivant and Clemens. The estate agents in the Bullivant family will no doubt be knocking out these jerry-built shit sheds hand over fist.

 

Full story here

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