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delite1

Sipps Only For Wealthy

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More on Sipps,

"New rules allowing the purchase of property through a pension will be inappropriate for most people, the government has admitted.

In a statement to BBC Radio 4's Inside Money, Revenue and Customs said this type of investment, which will be permitted from April next year, would only be realistic for those with the largest pension pots."

http://news.bbc.co.uk/1/hi/programmes/insi...ney/4727637.stm

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http://www.timesonline.co.uk/article/0,,1071-1712631,00.html

SIPPs

For the scheme ought by rights to be anathema to him and his party. It will price first and second-time buyers out of the market. It will add fuel to another housing boom, which will put pressure on the Bank of England either to raise interest rates or to refrain from cutting them. And it will give the biggest subsidy to those taxpayers — and pension savers — who need it least.

Dames

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Anyone ever watch the film "Broadcast News":

We say it here : Will The New SIPP Rules in 2005 Mean Record High, House Prices AGAIN? HousePriceCrash.co.uk

AGAINST:

1 ) £30,000 The average pension pot at retirement age, buying an income of £30 a week*

( see frightening article : The pensions crisis - Independent - 12 October, 2004

http://money.independent.co.uk/personal_fi...sp?story=571242 )

The leverage allowed in a SIPP is a mere 50% - compared with 400% for a normal BTL. So even at the very gates of retirement the average Joe will only be able to afford a £45k prop.

and it comes out here : 'Property pensions' only for wealthy, BBC.co.uk ....

"This means that the average pension fund in the UK of £30,000 could borrow £15,000 to purchase property, giving a total buying power of £45,000. "

... ten months later!

Edited by Sledgehead

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I almost posted:

£45k, didn't we know that ages ago?

But then I noticed the date on Sledgeheads quote. It was you who pointed it out in the first place! And it was ages ago!

Broadcast news is now in my download queue :ph34r:

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Broadcast news is now in my download queue  :ph34r:

My ref to Broadcast News was purely in regrard to the phrase "We say it here.... and it comes out there."

BN is basically a chick flick, tho Holly Hunter and William Hurt are always good value. "Raising Arizona" would be a better choice for the Holly Hunter ticket. Also has Nicholas Cage. V. Amusing.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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