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2 minutes ago, mmca22gr said:

Hard to disagree, but I have a problem with *can* pay more. Tricky to measure - means test everyone?

I agree that it is hard to comprehend a system that has a house 'worth' £430k paying the same as one at £400k and one at £1.4m

Maybe rates based on the last sale price is the fair way to go?

Could be, but it can't take account of the "fixed" amount that needs to be collected.

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6 minutes ago, The_Equalizer said:

Fair is those that should have paid do so. Moreover, those who can pay already do so via higher income tax rates and tax on business profits.

Ok. Sure you have a read of the link below and come up with a way to cover the 1.5 billion raise through rates.

 

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/557578/Disaggregated_tax_and_NICs_receipts_-_methodological_note.pdf

 

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2 minutes ago, 2buyornot2buy said:

Could be, but it can't take account of the "fixed" amount that needs to be collected.

Surely it could? The 'fixed' amount is £1.3bn

Setting aside the business rates etc. LPS data should be linked to land registry data. Total value of property according to the land registry based on last price sold (or bequeathed/transferred etc). Maybe readjust the 'value' when someone builds an extension etc. Would the rates fluctuate that much per year? there are certainly ways to tweak the system given the information that is available.

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9 minutes ago, mmca22gr said:

Surely it could? The 'fixed' amount is £1.3bn

Setting aside the business rates etc. LPS data should be linked to land registry data. Total value of property according to the land registry based on last price sold (or bequeathed/transferred etc). Maybe readjust the 'value' when someone builds an extension etc. Would the rates fluctuate that much per year? there are certainly ways to tweak the system given the information that is available.

I get you now. Problem is the gap between sales. I think for value for money, a one off valuation is the way to go. I suppose there's an argument to rebase more often maybe, but the cost is going to be massive. That's one of the reasons the UK council tax hasn't been rebased since 93.

I think big data will play a part in these sort of issues going forward.

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21 minutes ago, 2buyornot2buy said:

I get you now. Problem is the gap between sales. I think for value for money, a one off valuation is the way to go. I suppose there's an argument to rebase more often maybe, but the cost is going to be massive. That's one of the reasons the UK council tax hasn't been rebased since 93.

I think big data will play a part in these sort of issues going forward.

Big data indeed. The numbers are there already and it should not be too difficult to extract and come up with much more equatable system than currently. My proposal proably has some massive holes and loopholes but it solve the problem of 'fairness' in some way. The pensioner who bought a £600k house for £80k 30yrs ago gets a great benefit over time if they do not move house but pay the tax in the early years. There is therefore no need to offer them a 20% discount.  The rate can be struck every year to calculate out the £1.3bn required. If there are few transactions in a year then the multiplier is adjusted accordingly. Surely this stuff would be fairly easy to model? a couple of hundred £k to QUB would be a start. If they released the data then it could probably be done for free by interweb nerds. Sale Value, plot size (from ACE maps etc) SqM of space zoned as Residental/Commerical/Industrial. This data exists from the various government sources. Modelling this would throw up some big issues - then you work on solving those. When people buy a house they factor in the mortgage they will pay, the stamp duty and rates to be paid. I don't have a problem with removing the cap but the way in which it will be implemented. Remove the cap when a house sells?

In any event a house in Drumbeg on 1.6 acres should not be paying disproportionately less than a house in Cambourne Park. they are only 3 miles apart. 

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1 hour ago, willie said:

Anyone see Spotlight on BBC1 last night?  Jim Fitzpatrick doing a reprise on continuing repossessions.

 

The Gallery got a mention/clip.  Some of the stories though.  How did the banks give out mortgages to people on benefits?  It should have been illegal since the government is effectively paying off your mortgage.

 

I thought that was a poor example of what happened. They should have also said what the house was bought for. It was also purchased under the 'Right to Buy Scheme'. this, as I understand it offered a discount off market value.

 

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Interesting stuff. 

Interesting I  that banks are still lending to benefit rrecipients. Tax credits anyone. 

The housing rights comments on dual income households was also interesting.  One small blip and it all comes crashing down. Really makes you wonder what an interest rate shock or even rampant inflation will do. Carnage.

 

Little sympathy for the farmer. Classic rentier mentality. Wanted to do nothing to make everything. Buy farm with massive debt, sell sites to next generation to pay for retirement and give his kids a lift up.

 

In a group with the character who tried to arrest Gillen...

 

Edited by 2buyornot2buy

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http://www.telegraph.co.uk/property/house-prices/london-house-price-growth-slows-lowest-rate-three-years/

Hometrack report showing only Aberdeen reported lower YoY growth than Belfast, which comes in at 1.3% in Nov 2106, a significant drop from 7% in Nov 2015.

Given the growth reported in H1, this suggests the Belfast market is currently in contraction.

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11 hours ago, 2buyornot2buy said:

Not much talk of lagan going bust. 

I miss shoto’s regular posts keeping us up-to-date with local developments. 

4 out of 30 companies? “instability caused by a joint venture partner in Great Britain” - could this be a Carillion ripple? 

Quote

Administrators have been appointed to a number of companies within Lagan Construction Group, putting hundreds of jobs at risk in Northern Ireland.

Group chairman Michael Lagan has confirmed that four of its 30 companies have gone into administration - Lagan Construction Group Holdings Limited, Lagan Construction Group Limited, Lagan Building Contractors Limited and Lagan Water Limited.

He said that parts of the group had been significantly impacted upon by a number of factors including delays in the commencement of new projects and protracted contractual disputes on some existing major projects and instability caused by a joint venture partner in Great Britain.

 

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Interesting that this story comes out highlighting a drop in hotel occupancy rates

https://www.bbc.co.uk/news/uk-northern-ireland-45889436

 

And this place come back for sale after going agreed months ago

https://www.propertypal.com/malone-guest-house-79-malone-road-belfast/471114

 

It looked like lenders were throwing money at hotel development and student halls. Doesn't surprise me there's a drop in occupancy. I've notice hotels that never offered discounts are advertising deals now. I also hear queens is having difficulty filling halls of residence. 

I'd be interested to see the business plans for some of the new hotels. 

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Worth a read

https://thedetail.tv/articles/housing-executive

NIHE has 85000 properties. 3450 staff members. Pays 100 million in salary, a budget of 750 million and receives 290 million in rent. 

3500 average per property per year and they find it difficult. 

8 or so directors getting about 1.5 million in salary and benefit. 

Housing associations are able to purchase land, subcontract building to current regs and still make a profit, yet the NIHE can't make the sums work with free stock and land??? 

I appreciate they can't borrow money. But with 3400 civil servants, directors and final salary commitments there must potential to cut some cost. 

 

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21 hours ago, 2buyornot2buy said:

Interesting that this story comes out highlighting a drop in hotel occupancy rates

https://www.bbc.co.uk/news/uk-northern-ireland-45889436

 

And this place come back for sale after going agreed months ago

https://www.propertypal.com/malone-guest-house-79-malone-road-belfast/471114

 

It looked like lenders were throwing money at hotel development and student halls. Doesn't surprise me there's a drop in occupancy. I've notice hotels that never offered discounts are advertising deals now. I also hear queens is having difficulty filling halls of residence. 

I'd be interested to see the business plans for some of the new hotels. 

 Belfast has changed so much and has now a fairly decent tourist industry, I think they have got carried away with themselves though and have over developed the hotels, 5-6 years ago it was actually hard to get a hotel room at weekends or during the summer period, rates started to rise and suddenly hotels were earning big money, then suddenly we are faced with every chain wanting to expand and build new hotels, (some in strange locations) I think it’s lready over developed on saying that I had friends from Canada over in September and they wanted two nights in Belfast and had serious trouble getting booked they actually couldn’t get the days they wanted and had to reschedule Dublin dates to suit, but that’s not everyday of the week, I think when all the current building works is finished they should put a hold on future hotels for a while

student halls are another thing, all these new luxurious halls are something else and a lot of them are charging £165-£190 a week, how many students can actually afford these? When you have so much cheap but horrible places round the holy lands etc

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Interest one here. I believe me kenwright has been declared bankrupt twice and was given an 8 year director ban...

 

The businessmodel for his hotels involves selling room investment at 80-100k a pop... You see them popping up on property pal. I wonder how that will work out with Belfast occupancy rate declining due to a massive overbuild. 

https://www.bbc.co.uk/news/uk-northern-ireland-46466351

The man behind the delayed George Best Hotel project in Belfast is involved in a dispute with the city's council.

Liverpool-based Lawrence Kenwright is now threatening to scale-back investment in the city.

 

 

 

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