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Europa

There's No Joy Like Schadenfreude - Your Sipps Related Anecdotes Please

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Arrived at work today with the same spring in my step and silly grin as when I left after yesterday's SIPPS announcement.

And it got better...

Colleague who was about to buy a BTL ahead of "A-day" has pulled out.

Another chap - with two BTLs - was rather grumpy. Couldn't resist mentioning that one mortgage provider is pulling the plug on BTL new-build mortgages (thank you Dogbox) and Northern Rock is tightening up its IO lending criteria.

Know it's unseemly to gloat, but what the hell :D Think we deserve it. Alienating those around me has never been so much fun

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Why is it we all work with 'bulls'. There is not one 'bear' in my place of work.

When the next vacancy comes up at my place, I will but 'bearish' as a prerequisite.

Oh, and my colleages was none-the-wiser today.

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friend put an extra £20k into SIPP with view to buying a BTL (this would have given them enough to put all eggs into the BTL basket) - anyway, no deposit on anything so nothing actually lost, but if i'm not mistaken then his £20k (which he was going to use for a deposit on a BTL anyway) is now stuck in his SIPP and he can't get it back out

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Guest tenant super

friend put an extra £20k into SIPP with view to buying a BTL (this would have given them enough to put all eggs into the BTL basket) - anyway, no deposit on anything so nothing actually lost, but if i'm not mistaken then his £20k (which he was going to use for a deposit on a BTL anyway) is now stuck in his SIPP and he can't get it back out

And to rub salt into those wounds, the A day legislation alters the age you can get retire from age 50 to age 55, what a hoot.

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Such a coincidence. Got into a conversation with a 50 something professional yesterday morning -before I knew about the proposed change. He was urging me to buy because propertry prices always go up although he conceded the country was in serious long term difficulties with its debt. He had bought several properties with a view to putting them into SIPPS. I flattered him by saying he must be a very wealthy and successful man to be taking this course of action. I wasn't going to get in a row by trying to undermine his long term financial strategy ( he was very pleasant and not particularly smug) but he refused to accept he should diversify his investments and refused to accept the tax and cost implications of his investments. I advised he get a second opinion to which he laughed. He even wrote down the business address of his sipp adviser. He concluded by saying he would be TAX FREE IN THE NEXT FEW YEARS because of his property in SIPPS. :blink::blink::blink::blink: I left it at that.

Then I get home and learn about the proposed change and I nearly puked with joy.

But I wonder what will happen to people like him who have already bought properties. Will they get redress or compensation for any financial loss suffered? The Inland Revenue appear to be making conciliatory noises.

However, the Revenue said yesterday there will be a modicum of protection for people who have already committed to buy off-plan residential property with their Sipp.

http://www.guardian.co.uk/budget2006/story...1659328,00.html

This is still going to cost the taxpayer: I can feel it in my waters.

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OK,hard-as-nails anecdote.

On my drive to work I have to go past a very new set of blocks of new-builds.

yesterday I counted about 8 for sale/3 sold/3 to let...within eyeshot.

today I counted 10 for sale/3 sold/3 to let.

I will keep you posted over the next few weeks to see if this changes.I know a difference of +2 is not much to go on just yet,but I will be keeping a VERY close eye on these........I know for a fact that these are absolutely prime BTL material,so I'm hoping for a big change in these ratios.

watch this space.

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This is still going to cost the taxpayer: I can feel it in my waters.

It is not the fault of the government. IFAs should have advised their clients that the SIPPs changes were technically provisional only and could not necessarily be relied upon. If they did not do this then they are liable.

To quote a lawyer in today's article in thisismoney.co.uk

"Those who advised clients about Sipp investments should have made it clear that the new rules were not finalised and that the tax breaks could not be guaranteed. Advisers who failed to do this or properly record that they did so, may find themselves the subject of costly mis-selling claims."

It is going to be a minor scandal, and it is going to taint the whole property market. The whole IFA profession could be shaken out by this.

frugalista

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I don't know if it is true..

but a block of new build flats in Exter has been thrown up recently.

Not in a great area..

Terrible for traffic..

Rabbit warren flats. they are..

This is the corker.

20 yards from a railway line.. 20 yards..

that sound bad...??

Well they are also 40 yards from the big prison..

I have heard from a bloke in the pub that they were all snapped up for sipps investment..

when i was told that a few months ago I got concerened..

A big firm has bought the damn things. for sipps.. people were going to be able to buy a share in a property for sipps..

yup.. lets just say.. yesterday.. I did giggle like a mad man..

I know a guy at work.. property investor..

but a good egg.. he really is..

but he has the blinkered "properties will always go up.." Idea...

I mentioned the sipps thing as he hadn't heard and was considering more investments..

he wasn't happy.. then he started talking about investing in turkish property.. as they were now a member of the EU..

I tried to point out that they had entered negotiations and it might take a decade..

but that they were not a member.

his property advisor had told him that they were a member.. and that was good enough for him.

http://news.bbc.co.uk/1/hi/world/europe/4305500.stm

now I knew this was wrong..please.. check...

this level of nievty (spell.. its late) is what we are up against.

or is it what we were up against..

We see VI spin today.. house prices to rise says mortgage lender.. recoving economy.. lowere IR's on the way..

Even canada is raising rates...

that is every major economy but ours..

but the mortgage lenders are treated like they are experts on the property market.. theay are experts on making as much money as they can on the property market and to do that they want house prices as high as they can be..

but if the BBC wants a property expert they swing past the halifax..

nice.

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I don't know if it is true..

but a block of new build flats in Exter has been thrown up recently.

Not in a great area..

Terrible for traffic..

Rabbit warren flats. they are..

This is the corker.

20 yards from a railway line.. 20 yards..

that sound bad...??

Well they are also 40 yards from the big prison..

I have heard from a bloke in the pub that they were all snapped up for sipps investment..

when i was told that a few months ago I got concerened..

A big firm has bought the damn things. for sipps.. people were going to be able to buy a share in a property for sipps..

yup.. lets just say.. yesterday.. I did giggle like a mad man..

Think developments like this (there's one near me - balconies overlooking a railway line

:blink: ) will be monuments to the excess in a few years. Certainly the epicentre of any crash.

I know a guy at work.. property investor..

but a good egg.. he really is..

but he has the blinkered "properties will always go up.." Idea...

I mentioned the sipps thing as he hadn't heard and was considering more investments..

he wasn't happy.. then he started talking about investing in turkish property.. as they were now a member of the EU..

I tried to point out that they had entered negotiations and it might take a decade..

but that they were not a member.

his property advisor had told him that they were a member.. and that was good enough for him.

Heard something similar from an IFA friend. Chap was "desperate" to invest in Dubai; and wanted to know where Dubai was.

Edited by Europa

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Think developments like this (there's one near me - balconies overlooking a railway line

:blink: ) will be monuments to the excess in a few years. Certainly the epicentre of any crash.

actually I don't mind living that close to a railway line.I did as a kid and I find the sound quite soothing.

.....so I guess I might be in the market for one of those in a couple of years.....knockdown price obviously.

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Guest Bart of Darkness
Maybe the prison could annex them to form a new wing?

Wouldn't the inmates complain about the size of the accomodation (Human Rights abuse or similar?)

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Wouldn't the inmates complain about the size of the accomodation (Human Rights abuse or similar?)

....and for noise induced stress due to the thin walls. However, if they're ex-BTLer's in for mortgage fraud it could be home from home.

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actually I don't mind living that close to a railway line.I did as a kid and I find the sound quite soothing.

.....so I guess I might be in the market for one of those in a couple of years.....knockdown price obviously.

I love it when the new built highrise flats at Glasgow 'Harbour' (derelict post industrial clydeside), many of which are for sale or rent, are advertised as having a river view. Here's the view in question.

http://tinypic.com/view/?pic=ibgv3k

Hardly any of the flats are occupied, most are for sale or rent but yet the developers were pouring concrete yesterday for another highrise next door!

It's madness.

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actually I don't mind living that close to a railway line.I did as a kid and I find the sound quite soothing.

.....so I guess I might be in the market for one of those in a couple of years.....knockdown price obviously.

Europa

Snap.

My dream scenario is a central london (within zone 2 lets say) house (not flat) with a long south facing garden that runs down towards a busy railway line. I love the sounds of the trains going past and railway lines are often little urban jungles full of wildlife and flowers. The bottom of the garden would be a wild rock garden whilst the top end near the house would be a more pampered lawn. My kids would watch out for the squirrels and rabbits hopping around whilst I supped tea in the conservatory and people passing on the trains would wave at us.

Dream on.... I can probably afford somewhere like that in S****horpe and my daughter is 15 and well beyond the bunny rabbit stage !

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I don't know if it is true..

but a block of new build flats in Exter has been thrown up recently.

Not in a great area..

Terrible for traffic..

Rabbit warren flats. they are..

This is the corker.

20 yards from a railway line.. 20 yards..

that sound bad...??

Well they are also 40 yards from the big prison..

I have heard from a bloke in the pub that they were all snapped up for sipps investment..

when i was told that a few months ago I got concerened..

A big firm has bought the damn things. for sipps.. people were going to be able to buy a share in a property for sipps..

yup.. lets just say.. yesterday.. I did giggle like a mad man..

I know a guy at work.. property investor..

but a good egg.. he really is..

but he has the blinkered "properties will always go up.." Idea...

I mentioned the sipps thing as he hadn't heard and was considering more investments..

he wasn't happy.. then he started talking about investing in turkish property.. as they were now a member of the EU..

I tried to point out that they had entered negotiations and it might take a decade..

but that they were not a member.

his property advisor had told him that they were a member.. and that was good enough for him.

http://news.bbc.co.uk/1/hi/world/europe/4305500.stm

now I knew this was wrong..please.. check...

this level of nievty (spell.. its late) is what we are up against.

or is it what we were up against..

We see VI spin today.. house prices to rise says mortgage lender.. recoving economy.. lowere IR's on the way..

Even canada is raising rates...

that is every major economy but ours..

but the mortgage lenders are treated like they are experts on the property market.. theay are experts on making as much money as they can on the property market and to do that they want house prices as high as they can be..

but if the BBC wants a property expert they swing past the halifax..

nice.

I looked to buy in Turkey last year - believe me, the price already reflects anticipated EU membership- they have already had massive increases. The places I was looking at last year are mostly still unsold and have either stayed the same in price or dropped slightly

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"modicum of compensation from the Inland Revenue" ?

Erm, let me think about this, the Inland Revenue crawling all over every penny you've earned in the last 10 years?

"Now sir, where exactly did you get the funds for the deposit? We don't seem to have a record " .:(

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Guest muttley

Heard something similar from an IFA friend. Chap was "desperate" to invest in Dubai; and wanted to know where Dubai was.

:lol::lol::lol: You couldn't make it up!!! (I love this site.)

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Snap.

My dream scenario is a central london (within zone 2 lets say) house (not flat) with a long south facing garden that runs down towards a busy railway line. I love the sounds of the trains going past and railway lines are often little urban jungles full of wildlife and flowers. The bottom of the garden would be a wild rock garden whilst the top end near the house would be a more pampered lawn. My kids would watch out for the squirrels and rabbits hopping around whilst I supped tea in the conservatory and people passing on the trains would wave at us.

You make it sound idyllic - wouldn't mind that sort of lifestyle myself

And getting to work would be a doddle, too. Stand at the bottom of your garden, swing a grappling hook, and away you go - bouncing along to Waterloo :)

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personally I'd love to get my hands on one of the old stations beeching shut down.

there are a couple around,still on working branch lines.

I don't know what prices they go for but I bet you get a lot of land for yor money.

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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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