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House Price Crash Forum


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Everything posted by adarmo

  1. Agreed. Better to take it slow and ensure this is the last one than rush it and have over a thousand dying per day and the ICUs clogged up again.
  2. A pandemic is not a war lol. Wars are easy in comparison and we've centuries of experience in fighting them. Covid hitting the UK wasn't just about PPE. Just sit back a minute and think of everything that needed to be considered........ and everything that didn't need to be considered for Falklands. If the NHS is so great at procurement (believe me it isn't... we sell into multiple govt agencies and it takes them weeks if not months to sign a PO even for covid related orders) then why did the govt need to get involved? During world war 2 did the country order 5,000 spitfires on day one and expect them delivered the next day? Like it or not all those checks and balances slow things down so much it's like wading through treacle so explain how it would have worked out had the government not got involved?
  3. Wouldn't touch it. No legal pack and you lose 5% should it not complete. Guess who gets to keep that fee? (Pssst, it's not the vendor).
  4. Bring back interest only 8 times salary as written in the box by the applicant
  5. Now, now. The good count has predicted 25 of the last 1 property crashes.
  6. A mate of mine is getting these grants. Somehow though the 80% Isn't eigh to keep things going for him despite having no travel..... something doesn't quite stack up. I suspect he's got (used to have) a fair bit of undeclared income.
  7. Not sure Brexit will cause an inflationary shock. The exchange rate pass through happened in 2016-2017. Since March last year the pound is up over 20% versus the dollar. Imports will likely have a lower cost in gbp so there's lower or even negative inflation for a time. Biden's stimulus will weaken the usd further. Not sure the BoE are the total Muppets you believe them to be. Their only issue is they aren't in charge of what goes into the indices used to measure inflation. I'm expecting NIRP or ZIRP for a couple of years at least.
  8. Yeah it's a joke. Not to mention the NI advantage and general advantage of running a cash ledger and an official ledger..... i mean..... After all..... How would anyone ever find out?
  9. That's the sort of fee You'd pay for selling a £1 million house
  10. How are all three exempt from cgt?
  11. Funnily enough i know a bloke that took the 50k and just went out and rented a beautiful house in the middle of nowhere. On the lending point have you got any data? What I'm hoping for is an improvement in terms later this year for my remortgage. I think the lenders were able to pick and choose and restricted demand with hight ltv (no problem for me) and higher interest rates (let's face it never ideal for anyone with debt).
  12. I'm broadly in favour provided this has an end date and will never be extended. Many will be aware that income tax started off as a 1% levy on high earners to fund another national emergency.
  13. While I'm not advocating ever increasing prices i fear all that will happen is the housing market gums up again and transactions fall through the floor. Might be good news for those of us looking to remortgage later this year though 🤔
  14. I'm not sure I'd describe it as a stimulus. Sure it's a tax cut but really it shows what the price for an untaxed price is. That stamp duty bill is a hurdle, a big one for many. If you're in an average family home and you need to move for work or whatever reason it'll set you back 15k (500k house) just in tax! It's not really a tax on aspiration more a tax on mobility. To see how insane it really is consider if the initial rental contract value was taxed at the same effective rate.
  15. When i told this forum i was buying in 2017 this was the also the stock response... just a few months. My feeling is that you're wrong again. You can have a mortgage term up to the age of 70. Most do not plan on working that long so each month delay takes a little away from what you can borrow once you're at the age of 35. Anecdotally I'm glad i bought what i bought, when i bought it. I could (through sheer good fortune at work) buy it again at today's price but my mortgage would be bigger and the monthly payments higher because I'd have had to pay more AND repay it in less time. Instead I'm able to save, save, save.
  16. I agree it will make things more liquid but i don't think it'll make houses cheaper. The sdlt holiday created the opposite effect. A levy of 0.5% that replaces council tax wouldn't make much of a difference for me but it is a very salient tax and i think people would try to avoid it. The flip side is that the government generates for revenue with ever higher house prices. The group I'm after is the bunch that went out and took these 50k loans. No way in hell are we getting half of that paid back. I know several clueless muppets that just applied and got the full whack! Insanity.
  17. Ah ok. I do see that point... but a property tax is effectively an asset tax, not a net asset tax. All other taxes are levied on the ability to pay, %of earnings, profits or consumption. I'm not averse to a wealth tax but to take all wealth out if the equation seems mad. Glad you're a Hicks fan but pushing people to cheaper areas with a house value tax is not free market.
  18. I think there's an element of taxing what people deem an absolute necessity... shelter. Genuine question, assuming someone already bought their house then why is it reasonable to tax them more than the loaded old boomer biddy next door? You do understand that taxing people into changing their behaviour is absolutely not the free market at work don't you? 😂
  19. Exactly. What many overlook is that suddenly the government can increase the tax take by dropping interest rates to the floor and coming up with more 'help' for first time buyers. It's also unfair on a number of levels. I might own a 500k house but have a 450k mortgage. Doris next door (never worked a day in her life and inherited her late husband's final salary) has no mortgage. One is ten times more wealthy than the other but both pay the same... i know this is also the issue with council tax too but doesn't mean it should be replicated.
  20. Agreed. NZ also banned foreign ownership of property going forwards as billionaires were buying up chunks of the place and jacking prices out of the reach of the locals.
  21. I think it'll be subtle stuff like pension relief, cgt allowances, dividend taxes and iht that get it. If they start taking more from me in income tax i'll swift tack to plan B which is to buy and renovate my main dwelling, end up mortgage free and then do the absolute bare minimum through my own company doing some accounting or sales systems implementation. A friend of mine has done this and turned 150k into 375k in about 6 years. That's all equity so think house much you'd need to earn before tax to have that much saved! He earns at most 20k a year doing a bit of this and that. He's got so much spare time it's like he's retired!
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