Author Topic: Plan for big rise in property owners  (Read 1465 times)

Jason the Maverick

  • Guest
Plan for big rise in property owners
« on: August 21, 2008, 05:50:05 PM »
MORE than 5,000 households currently renting could own their own homes over the next decade, according to Housing Minister Terry Le Main.

He said that although his department can do nothing about rampant house price inflation – which has seen prices rise 24 per cent in the last year – there are long-term plans to increase home ownership.

Last year, the Housing Needs Survey reported that 52 per cent of households were owner-occupiers – a figure that the Council of Ministers wants to increase.

That figure is much lower than the UK and Guernsey, partly because of Jersey’s high cost of housing.

Senator Le Main, who has been responsible for housing as committee president and minister since 1999, said that over the next decade the figure could rise to 67 per cent – an increase of 5,700 households in their own homes.

http://www.thisisjersey.com/2008/08/21/plan-for-big-rise-in-property-owners/

I assume these are all the States homes which they do not want the hassle of modernising all the time.  As for them having no power to stop house prices rising they could put a CGT tax on profits like I suggested ages ago.    


Online boatyboy

  • Hero Member
  • *****
  • Posts: 3453
Re: Plan for big rise in property owners
« Reply #1 on: February 22, 2017, 05:30:56 PM »
Speaking with a man who's daughter was moaning because she could not purchase close to her dad and mum, instead she and her young family prurchased a half hours drive away in a cheaper area.

This got me to thinking what is cheap. Would you want to inherit a three bedroom house with a small backyard and no parking space in Jersey or in Barnes " Define expensive ?

Barnes

http://search.savills.com/list/property-for-sale/england/london/barnes/sw13?gclid=CjwKEAiAirXFBRCQyvL279Tnx1ESJAB-G-Qva8_vNC3JNX32uelmKi9e2w8N0NsLorphZYxQlTSi6xoCBrzw_wcB#/r/detail/gbbsrsbrs160184

Jersey.

http://www.gaudin.je/sales/property/7233024-la-rue-de-causie-st-clement-jersey

BB

Offline shortport

  • Hero Member
  • *****
  • Posts: 551

Offline Jerry Gosselin

  • Hero Member
  • *****
  • Posts: 718
Re: Plan for big rise in property owners
« Reply #3 on: February 23, 2017, 03:06:17 AM »
Could you imagine trying to find affordable rental accommodation in that area of London if a tiny terrace house like that is selling for £1.2 million? I wonder how much the owners would charge to rent it out. It's ridiculous - a kind of Property Apartheid which forces out anyone other than the wealthiest individuals. Presumably a lot of the people working in the local cafes and bars or collecting the residents' refuse have to live in cheaper areas of London and commute in every day.  >:(

Online boatyboy

  • Hero Member
  • *****
  • Posts: 3453
Re: Plan for big rise in property owners
« Reply #4 on: February 23, 2017, 05:01:14 PM »

You use the term ridiculous, but is it not time to wake up to reality ?

In conversation with a person who was complaining about the rents in King Street, St Helier forcing the price up of goods on the shelves because of greedy landlords charging excessive rents. I offered him a scenario that changed his mind in less than two minutes.

If it interests you read on.

You have just been named in a will from a relative whom lived in Canada that you never new you had. A distant relative on your aunties side. Your relative owned several properties but has left you the medium size shop in King Street where the tenants are paying £128,000 pounds full maintenance lease per year, with 15 years remaining under contract.

I take it when all the paper work is done and it is fully transferred to you, you will be popping around to tell them that they are paying far to much rent and you will be reducing it.

Answer:

Well they worked it all out before they rented the shop, they new what they were getting into and could still make a profit so why should I reduce it.

End of.

BB

Offline shortport

  • Hero Member
  • *****
  • Posts: 551
Re: Plan for big rise in property owners
« Reply #5 on: February 24, 2017, 12:16:51 AM »
Trouble is rents go up every year by the cost of living but wages or sales usually don't.So what might have been an acceptable rent 10 years ago is now unaffordable,so what is a tenant to do?Either try to renogiate the lease or try and find some cheaper premises,both of which are njgh impossible.Being an island we are a captive market.Just look at Quennevais precinct,plenty of empty shops with 'for rent' signs up,apparently the rents are extortionate hence they have remained empty for so long.This is down to one thing,greedy landlords trying to maximise profits.
In your scenario boatyboy,if I had that inheritance,i would pop round to the tenants and if they were struggling I would reduce the rent for them as it would make no difference to me,i would still have an excellent unexpected income.
But that is probably why I am not a fat selfish wealthy businessman and why I feel uncomfortable in modern day Jersey.

Online boatyboy

  • Hero Member
  • *****
  • Posts: 3453
Re: Plan for big rise in property owners
« Reply #6 on: February 24, 2017, 04:17:57 PM »

Fair comment but the rents up at Red Houses prove that greedy landlords commercial property remains empty. It is my understanding the Quennevais precinct has plans to be redeveloped so  not a good long term bet to set a business up.

BB