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House Price Crash Forum


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Everything posted by Prof

  1. If it wasn`t for "stealth" taxes, such as stamp duty, inheritance tax, duty on cigarettes, alcohol, fuel etc, I wonder what the income tax rate would be ? I`m sure that there would be a huge outcry if tax suddenly became "transparent". I don`t hear many people complaining about stamp duty, as it probably gets "lost" in all of the other expenses involved in buying a house. And while house prices are rising, what`s a few grand to the inland revenue when you`ve just "made" £70K on the property you`ve just sold ? Stamp duty on houses is one of the "stealthiest" stealth taxes. Anyway, I`m not that bothered by stamp duty, as I haven`t moved house, and it is helping to keep my tax bill down. Should the housing market crash, I wonder where the government will get the loss of stamp duty from (the reduction in stamp duty will not be just from lower house prices, but from a reduction in house sales) ? I`m rambling.
  2. After reading that house sales in the last quarter where 268,000, I estimated that stamp duty would have been around £1billion. It looks like I was just about spot on. No wonder the government don`t seem to be wanting to put a stop to the housing boom. More stamp duty, more inheritance tax, more people with bigger mortages that will have to earn more money (and therefore pay more income tax), more building companies making bigger profits (more corportation tax) and banks making bigger profits from mortgages (even more corporation tax). The idiots that fuel the housing market are just handing more control of their money over to the government. Come the election, the government will (assuming property prices have increased) tell the public how well off they are (due to the "value" of their property). What a huge scam. Anyway, I`m glad that others play along with this scam, as it keeps my income tax down.
  3. Buy a house now, when prices seem to be near their peak ? I wouldn`t do it, you`re unlikely to make any profit in the next two years. Looking at all of the statistics and current market conditions would rule out much of a chance of a house going up in value over a couple of years. No doubt, this means that if you do buy today, it`ll be worth 15-20% more in 2 years time.
  4. Looking at the specification of these apartments, I notice that there are "Lifts to all floors". This is a very usefull feature, as these places cost an arm and two legs to purchase. I would be interested in one, but I reckon it would cost a fortune in Windowlene to keep the place clean.
  5. You ask if anyone can put a positive slant on those facts. I`m sorry, I can`t, but it might get a brief mention on the national news, followed by another report on rising house prices (so, don`t worry everything is OK !)
  6. If I made "the rules", I`d stop all this. Surely the government make the rules, and could force banks to implement my idea. I know it won`t happen, as it makes too much sense, but it could be done, I think. Stable housing market + favourable business environment = good country. UK <> Stable housing market + (favourable business environment - cheap labour). I would say that the UK economy currently hinges on a dodgy property market. Once this market goes, it`s not going to be nice.
  7. "Why house prices won`t crash" by a property developer is like a car mechanic advising us to put water in the fuel tank.
  8. I think I edited my post, just as you posted this reply, and my "New" NHS meets your requirements (I think). Job done.
  9. I like that idea, but I`d modify it, a touch. When it comes to healthcare, I`d share the cost. I would call this system "NHS". What I wouldn`t do, is tinker with it. Everyone over 18 years old, who pays tax and national insurance is entitled to use the NHS, anyone else can either pay for their own healthcare, or die. Simple, but efficient, unlike the current system, complicated and inefficient. OK, I need to tinker with my idea (even though I said I wouldn`t. Blimey, I`m turning into a politician !). Anyone under 18 can use my "NHS", free of charge. Anyone over 18 that can give a VALID reason why they are not paying tax/NI can also use my "NHS", anyone else, good luck. That`s my system, and I`m sticking to it.
  10. I`ve just thought of a fatal flaw in my plan. Even if business interest rates were 0%, and the mortgage base rate was 9%, no company would want to setup in the UK, and the media would convince the public to invest in property. I`m sick of the bulls**t.
  11. I did state that I only had 4 O levels, but I think I see the logic in laurejon`s idea. One thing is for sure, if the property market carries on the way it is, boom and bust will be here forever (despite what G.Brown tells us). Not bad, but I`d say that an immigrant should bring £100K into the country, to look after themselves for, say, 5 years. Then, they can be treated like you or I (like s**t !).
  12. Yes, I thought that this might be a problem with my idea. Surely there could be a way to stop this "fiddle" ? Anyway, I`m thinking of setting up a business to sell earplugs, because when the house price bubble bursts, it will make a very loud bang !
  13. I stumbled upon this site a few days ago, and I have been snooping around, "gathering" information. I must say that most of what I have read backs up everything that I have been thinking over the past few years. There are far too many things that I want to say at this point in time about UK property prices and the economy in general, but I will start with an idea that I had a couple of years ago, when house prices started to look silly. It is fairly obvious to me (although I am no economist, and only have 4 O levels) that we need two interest rates. There should be an interest rate for business loans and a separate interest rate for mortgages and personal loans. If this where the case, we could have slowed the housing market a couple of years ago, but helped businesses by keeping their debt costs down. Obviously, measures would have to be put in place to prevent abuse of the "twin rate" system. At this point in time, the BOE are in a tricky position. I`m sure they`d like to slow the housing/personal debt market, but don`t want to damage business. How can they do this when interest rates affect all types of loans ? OK, please point out flaws in my idea !
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