Happy Bank holiday Monday, Party Time.
Affordable Housing is only affordable for first time buyers. At the age of 22 I would love to be able to move out and buy a house, unfortunately working six days a week and saving every penny I can, it is still going to take a few years before I have enough for a deposit and I’m financially stable enough to at least pay for a flat. I’ve been considering on sending a letter to my local MP but I just haven’t had much time to put my thoughts down in words, so I thought I would put some of them down on here.
The average housing price where I live is £350,000, and the affordable housing in the area will probably be selling, first time around for under £100,000, when its eventually built.
The house I live in, my parents brought for £193,000, nearly twenty three years ago, if it was sold now it would go for around 700,000 (The house opposite mine recently sold for around £675,000 but ours is a little more historical and a little bigger. So be more, if I was to have a guess) If my house was to move just one mile down the road the price would almost double, my village doesn’t have any shops, the one next to us has around a dozen, which increases the price of house. My grandmother’s house is a similar price to ours, but has a much smaller garden and although a similar amount of bedrooms (three/four) It only has four other rooms (plus one of the bedrooms has a ensuite) The house she lived in for nearly thirty years now sells for around 1.2 million, the family that lived there had to sell two houses in order to buy it. So what’s the point of me complaining about how I live in a privilege area? Not much to be honest.
So this is me talking about affordable housing, okay so around sixty houses are being built near me, after having a little goggle the number 60,000 has jumped out at me when looking at affordable housing. So theses houses are, at first going to be sold for 60,000, not bad I could probably buy one if I had more than a year to save for one, unfortunately it probably gonna take me around four years to have enough where I would feel comfortable in buying a house and paying a mortgage. Moving on, now the average house price in my area is 350,000, so all a family has to do is live in that house for a little bit, then they can make nearly 300,000 profit, all because at that time they had the money, thus making once affordable houses, no longer affordable.
So what can we do? I personally feel that affordable houses should be first homes, help people get onto the ladder, and not be a way of making a profit. I think affordable houses need to be linked to inflation. Say the house is brought for 60,000 the following year (Using the current inflation rate of 3%) It should only be able to be sold for 61,800, this is thus making the affordable houses stay affordable, and not away to make money grabbing people even richer.
Now the probably with this, is I would have no idea how to monitor such a thing, so on people it seems like such a good idea but in reality people would be trying to find every loop hole they can. I think it needs to be a conversion though.