(you could argue is it a good time to buy full stop but just from Affordable Housing perspective)
I just have to wonder if Affordable Housing is now such a good idea in a market that is very possibly at a peak and can at best stay level and at worst go down.
The council will give you a market value right now that will determine the clawback, since current values are so inflated the market value is likely to be high and so will the clawback.
It might be fine to buy a place you can live for 10 or 15 years but the reality is a lot of AH units selling right now are apartments or pretty small houses and they will quite likely need to be traded up in 5 or 6 years time.
In a 5 to 6 year timeframe the likelihood of a big equity gain, if any, is small and under the rules you will only be looking at a percentage cut of this anyway. On top of this you will have lost your FTB status.
Build into this the drawbacks of AH, you can't rent the property(only a room), you can't really pick exactly where its going to be, you can't take advantage of the best mortgages deals etc.
Sounds to me like continuing to rent could potentially be a better option for some people and save with some good interest rate returns.
I just have to wonder if Affordable Housing is now such a good idea in a market that is very possibly at a peak and can at best stay level and at worst go down.
The council will give you a market value right now that will determine the clawback, since current values are so inflated the market value is likely to be high and so will the clawback.
It might be fine to buy a place you can live for 10 or 15 years but the reality is a lot of AH units selling right now are apartments or pretty small houses and they will quite likely need to be traded up in 5 or 6 years time.
In a 5 to 6 year timeframe the likelihood of a big equity gain, if any, is small and under the rules you will only be looking at a percentage cut of this anyway. On top of this you will have lost your FTB status.
Build into this the drawbacks of AH, you can't rent the property(only a room), you can't really pick exactly where its going to be, you can't take advantage of the best mortgages deals etc.
Sounds to me like continuing to rent could potentially be a better option for some people and save with some good interest rate returns.