Posted by: westlancashirerecord | September 24, 2018

Bloor Flogs Its Homes With Help To Buy

You may have read about Bloor Homes having sold 3,023 homes at £300,000 average price. It states in its accounts “The housing market has been strong as a result of the availability of mortgage finance products at affordable levels and the Government backed Help to Buy Scheme” also known as the “help developers to become rich scheme”.

Hence Bloor Homes’ generosity to the Tory Party , although the Bloor directors do not recommend a final dividend. The Bloor Group funds its operations through a combination of shareholders’ funds, group loans, bank loans, and bank overdrafts, all arranged on a sub-group basis by Bloor Holdings Limited, its wholly owned subsidiary of Bloor Investments Ltd.

Bloor paid £30,015,000 taxation on profit leaving it with £122,506,000 profit for the financial year.

Why doesn’t West Lancashire Borough Council ask for authority to build with Help to Buy? The cap on the amount local authorities can borrow has been in place since 2013. It means that councils are able to borrow against assets for facilities such as swimming pools but not to build housing. A change to this rule would cost nothing and it would simply give councils the ability to borrow against the un-mortgaged value of the existing social stock that they own.

It’s reported that in 2016/17 just 1,840 homes were built by local authorities in England, and research by the Institute for Public Policy Research found that 92pc of councils were failing to meet affordable housing needs. We should not be surprised!

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