longgone Posted July 14, 2020 Share Posted July 14, 2020 7 minutes ago, Simhadri said: +1 LOL landlords don`t solve anything. not that i care for them much they are just like a disease the real corona virus Quote Link to comment Share on other sites More sharing options...
dugsbody Posted July 14, 2020 Share Posted July 14, 2020 2 hours ago, Locke said: Ok, but how? Ask Switzerland. Quote Link to comment Share on other sites More sharing options...
dugsbody Posted July 14, 2020 Share Posted July 14, 2020 18 hours ago, DarkHorseWaits-NoMore said: Some one please update for the latest addition to "proptastic HPI policies". After all, it's OUR money that pays for all these wonderful subsidies to rig our free market for housing... #mugs# Got to keep that credit expansion going, just think of the Tory donors/parasites EAs, BTL, Lenders and Builders. Exactly. When I realised the corrupt governments were taking our money and using it to subsidise home ownership, I realised the game was well and truly rigged. I'm never going to beat the government, particularly when our political system only allows two choices and the elder generation who benefit massively from one of those choices are never going to allow it to change. I gave up and bought at that point. Quote Link to comment Share on other sites More sharing options...
MARTINX9 Posted July 14, 2020 Share Posted July 14, 2020 (edited) 2 hours ago, longgone said: i like the comments Precisely! Somehow the perception is that we landlords have second "homes" for our own holiday use?! We are actually helping SOLVE the housing problem by providing homes for others? Our "second homes" are actually someone else's primary (and essential) homes. I'm not sure even the government quite gets this, let alone the opposition. Unless the landlord actually built the home they didn’t provide a home - they merely out borrowed an FTB! I see Nationwide has brought back 90 per cent mortgages for FTBs but only on houses more than two years old - purchase of flats and new build houses are not eligible. Also subject to strict lending criteria and only on mortgage terms of less than 25 years. https://www.homesandproperty.co.uk/mortgages/nationwide-mortgage-boost-stamp-duty-holiday-a139301.html Edited July 14, 2020 by MARTINX9 Quote Link to comment Share on other sites More sharing options...
Simhadri Posted July 14, 2020 Share Posted July 14, 2020 1 hour ago, dugsbody said: Exactly. When I realised the corrupt governments were taking our money and using it to subsidise home ownership, I realised the game was well and truly rigged. I'm never going to beat the government, particularly when our political system only allows two choices and the elder generation who benefit massively from one of those choices are never going to allow it to change. I gave up and bought at that point. Smart guy. Me too. Quote Link to comment Share on other sites More sharing options...
dugsbody Posted July 14, 2020 Share Posted July 14, 2020 5 minutes ago, MARTINX9 said: Unless the landlord actually built the home they didn’t provide a home - they merely out borrowed an FTB! I see Nationwide has brought back 90 per cent mortgages for FTBs but only on houses more than two years old - purchase of flats and new build houses are not eligible. Also subject to strict lending criteria and only on mortgage terms of less than 25 years. https://www.homesandproperty.co.uk/mortgages/nationwide-mortgage-boost-stamp-duty-holiday-a139301.html That is interesting! Quote Link to comment Share on other sites More sharing options...
longgone Posted July 14, 2020 Share Posted July 14, 2020 38 minutes ago, MARTINX9 said: Unless the landlord actually built the home they didn’t provide a home - they merely out borrowed an FTB! that`s the way i see it. Quote Link to comment Share on other sites More sharing options...
MinistryMan Posted July 14, 2020 Share Posted July 14, 2020 Wales have just announced reduction in Land Transaction Tax (LTT) to zero rate for properties upto £250k, after fears the changes in England could make properties less attractive in Wales. The Welsh Gov emphasised the change does not apply to second (additional) homes or BTL. So we shall keep watching, and not buy just yet. We went to Chester on the weekend for food. Busy out walking the river and lots of under 25’s out drinking, but other than that shops were desolate and the restaurants less than half capacity compared to pre-covid. With the figures announced today on the economy, the turn around is going to have to be huge and come from a far smaller pool of those with disposable income than before covid. Quote Link to comment Share on other sites More sharing options...
Speed1987 Posted July 14, 2020 Share Posted July 14, 2020 3 hours ago, HovelinHove said: Read the small print. Very few will get this, and only if they can afford repayments even if they are in negative equity. People moving up the ladder from flats will still need 15%, and flats 25% LOL. Market is toast...love it. It's a postive step forward, not negative. If the banks completely withdrew mortgages or went to 50% deposits, that would be somthing for you to cheer about. Have you visited any mortgage comparison sites? Theres 3 pages of different lenders, offering 5% mortgages and 6 pages for 10%... https://www.moneysupermarket.com/mortgages/ Quote Link to comment Share on other sites More sharing options...
Speed1987 Posted July 14, 2020 Share Posted July 14, 2020 2 hours ago, dugsbody said: Exactly. When I realised the corrupt governments were taking our money and using it to subsidise home ownership, I realised the game was well and truly rigged. I'm never going to beat the government, particularly when our political system only allows two choices and the elder generation who benefit massively from one of those choices are never going to allow it to change. I gave up and bought at that point. You have brain sir, unlike most unfortunately, who think complaining changes anything... Quote Link to comment Share on other sites More sharing options...
dugsbody Posted July 14, 2020 Share Posted July 14, 2020 (edited) 2 hours ago, Speed1987 said: You have brain sir, unlike most unfortunately, who think complaining changes anything... I still complain. That is why I'm on this website. The situation is disgraceful that the youth of most of the developed world are being screwed over by this situation with very little acknowledgement from the older generation who generally control our society (voters). Why would they? Many of them have figuratively hit the jackpot. We definitely should complain about this and keep trying to voice opinions on electoral reform. I write to my MP every now and then (though he is pro electoral reform anyway) about this. People really should not stop complaining. But, also don't be caught out on the wrong side if you can help it. EDIT: Having said that, this isn't specific to any UK set policy. This is just a function of global interest rates and the impact they've had on the cost and length of mortgage terms. The lower the rates and longer the mortgage terms, the higher people bid house prices. That isn't going to change by any UK policy. Edited July 14, 2020 by dugsbody Quote Link to comment Share on other sites More sharing options...
Trump Invective Posted July 14, 2020 Share Posted July 14, 2020 6 hours ago, Pebbles said: https://amp.theguardian.com/business/2020/jul/13/nationwide-to-offer-low-deposit-mortgages-after-stamp-duty-move?__twitter_impression=true Well all those who see this as being price neutral to the housing market nationwide it seems think you are as wrong as I do as they have started introducing their 90% loans again. Which indicates to me that they see this as materially improving the future direction of house prices for them. Interesting to note that exclusively bomad are excluded. Not sure if that's been mentioned here before Quote Link to comment Share on other sites More sharing options...
Pebbles Posted July 14, 2020 Share Posted July 14, 2020 Note another article https://www.telegraph.co.uk/property/buy-to-let/gone-bonkers-buy-to-let-inquiries-boom-landlords-swoop-stamp/ for those who seem to still believe this stamp duty has little or no affect. This backs up my anecdotal evidence i heard in the pub today where a young couple were celebrating buying their new home (but not selling their old one the stamp duty cut allows them to rent it out). Quote Link to comment Share on other sites More sharing options...
Switch625 Posted July 14, 2020 Share Posted July 14, 2020 39 minutes ago, Trump Invective said: Interesting to note that exclusively bomad are excluded. Yes I noticed that. Very interesting indeed. Makes perfect sense, after all the banks should be working out the capacity for the mortgage holder to pay the mortgage and building your own deposit goes some way to demonstrating exactly that. A large chunk of wedge from mumsy and dadkins doesn't, unless of course they can continue that support over a prolonged period. Quote Link to comment Share on other sites More sharing options...
Speed1987 Posted July 14, 2020 Share Posted July 14, 2020 9 minutes ago, Pebbles said: Note another article https://www.telegraph.co.uk/property/buy-to-let/gone-bonkers-buy-to-let-inquiries-boom-landlords-swoop-stamp/ for those who seem to still believe this stamp duty has little or no affect. This backs up my anecdotal evidence i heard in the pub today where a young couple were celebrating buying their new home (but not selling their old one the stamp duty cut allows them to rent it out). Well, I would agree with your evidence tracking other sources apart from HPC, Facebook groups for EAs and LL, suggest that the market is booming. The people here, finding the odd property here or there, that has lost some value, I doubt outweighs all the properties breaking ceiling prices right now. This just seems to be rebalancing though, will be interesting to see what happens when furlough ends. I'm imagining more props, possibly Mortgage tax relief or somthing similar. Quote Link to comment Share on other sites More sharing options...
Switch625 Posted July 14, 2020 Share Posted July 14, 2020 9 minutes ago, Pebbles said: celebrating buying their new home (but not selling their old one the stamp duty cut allows them to rent it out). Pure anecdote, but I am amazed at the shear number of people I have talked to over the last few years who are in this situation. It has become quite commonplace, after all in a rising market with phenomenally low interest rates on mortgages it works. What could possibly go wrong? Quote Link to comment Share on other sites More sharing options...
Simhadri Posted July 14, 2020 Share Posted July 14, 2020 1 minute ago, Speed1987 said: Well, I would agree with your evidence tracking other sources apart from HPC, Facebook groups for EAs and LL, suggest that the market is booming. The people here, finding the odd property here or there, that has lost some value, I doubt outweighs all the properties breaking ceiling prices right now. This just seems to be rebalancing though, will be interesting to see what happens when furlough ends. I'm imagining more props, possibly Mortgage tax relief or something similar. Mortgage Tax Relief is NOT needed. As long as other taxes don't rise that's fine. Quote Link to comment Share on other sites More sharing options...
Deckard Posted July 14, 2020 Share Posted July 14, 2020 (edited) 7 minutes ago, Speed1987 said: I'm imagining more props Spot on. Here's the next one. Quote Rishi Sunak orders review of capital gains tax amid fears of rate increase Tax rises will be needed following the VAT cut and stamp duty holiday, experts are warning The Chancellor Rishi Sunak has commissioned a review of capital gains tax, sparking fears the duty’s historically low rates will be increased to help plug the £300bn hole in public expenditure caused by coronavirus. He has asked the Office of Tax Simplification to conduct the review, which will assess whether the current rates are fit for purpose. It will also consider how certain reliefs and exemptions could be simplified or scrapped – including the exemption from the 28pc levy that applies to people selling their homes. The Chancellor said he was particularly interested in how gains are taxed compared to other types of income and has asked that the review consider how CGT interacts with other taxes including inheritance tax. https://www.telegraph.co.uk/tax/capital-gains/rishi-sunak-orders-review-capital-gains-tax-amid-fears-rate/ Edited July 14, 2020 by Deckard Quote Link to comment Share on other sites More sharing options...
Switch625 Posted July 14, 2020 Share Posted July 14, 2020 1 minute ago, Speed1987 said: will be interesting to see what happens when furlough ends. I'm imagining more props, possibly Mortgage tax relief or somthing similar A reasonable statement Speed1987. I do have a very different take on how this will pan out, but have to agree we are currently in a phoney war of bulls and bears bellowing at each other until we know the true extent of the damage done by Lockdown and how many people will not be coming back from furlough. I too expect more props, the bigger the potential crash the more insane the prop will be, the ultimate question is will it be enough? Frankly neither of us know the answer to that. I have pinned my colours to the mast and expect falls, potentially big ones, it will be very interesting to see who is right. Quote Link to comment Share on other sites More sharing options...
Switch625 Posted July 14, 2020 Share Posted July 14, 2020 2 minutes ago, Deckard said: Here's the next one Nice find Deckard. Not all Government actions will necessarily be 'positive' for the housing market. Quote Link to comment Share on other sites More sharing options...
Speed1987 Posted July 14, 2020 Share Posted July 14, 2020 4 minutes ago, Simhadri said: Mortgage Tax Relief is NOT needed. As long as other taxes don't rise that's fine. I'm not sure about that. As furlough ends, some will not be able to make their mortgage payments. Benefits will provide support up to 200k, on interest only. I trust that most have exited their overleveraged positions already or are now doing so. However without some sort of goverment intervention, some without doubt, will struggle or go in arrears. Those at most risk are recent buyers, with 5-10% deposits and HTB crew. The government will step in to provide more support. I'm predicting a 20%+ increase in HPs within 2 years. Quote Link to comment Share on other sites More sharing options...
Deckard Posted July 14, 2020 Share Posted July 14, 2020 5 minutes ago, Switch625 said: Nice find Deckard. Not all Government actions will necessarily be 'positive' for the housing market. H/T to @Peter Hun in the trolls thread. Quote Link to comment Share on other sites More sharing options...
Take Me Back To London! Posted July 14, 2020 Share Posted July 14, 2020 (edited) 55 minutes ago, Pebbles said: Note another article https://www.telegraph.co.uk/property/buy-to-let/gone-bonkers-buy-to-let-inquiries-boom-landlords-swoop-stamp/ for those who seem to still believe this stamp duty has little or no affect. This backs up my anecdotal evidence i heard in the pub today where a young couple were celebrating buying their new home (but not selling their old one the stamp duty cut allows them to rent it out). Interesting report. That is to be expected, very attracive not to pay stamp duty, however it is just causing a dead cat bounce. A good opportunity for those who want to cash out, STR or move out from the cities for a lockdown friendly property. For those blinded by not paying the taxman it will be a bull trap. We are now in Summer season and masks are going to be made compulsory in shops in over a weeks time, Leicester leading the way for local lockdowns and Bill Gates says the next wave will be worse than the first. Edited July 14, 2020 by Take Me Back To London! Quote Link to comment Share on other sites More sharing options...
Rockstar Posted July 14, 2020 Share Posted July 14, 2020 Did Wales get it right? Targeting support to first time buyers and property steppers. Won't do much for the BTL and holiday homes brigade. https://www.bbc.co.uk/news/uk-wales-53404644?intlink_from_url=https://www.bbc.co.uk/news/uk&link_location=live-reporting-story Quote Link to comment Share on other sites More sharing options...
Take Me Back To London! Posted July 14, 2020 Share Posted July 14, 2020 24 minutes ago, Switch625 said: A reasonable statement Speed1987. I do have a very different take on how this will pan out, but have to agree we are currently in a phoney war of bulls and bears bellowing at each other until we know the true extent of the damage done by Lockdown and how many people will not be coming back from furlough. I too expect more props, the bigger the potential crash the more insane the prop will be, the ultimate question is will it be enough? Frankly neither of us know the answer to that. I have pinned my colours to the mast and expect falls, potentially big ones, it will be very interesting to see who is right. Revealed: The true scale of London's economic meltdown as capital faces crisis not seen for generations An Evening Standard investigation: Saving Central London • 50,000 West End jobs at risk • 88% of people are uncomfortable using public transport • 96% drop in foreign bookings to the UK for July • 11 London branches of Pret shut down • Just 7,000 out of 120,000 back at work in Canary Wharf Central London is facing the biggest economic crisis in generations with tens of thousands of jobs and hundreds of businesses at risk of being wiped out in Britain’s most vibrant economic powerhouse. Normally heaving streets from Mayfair in the west to Docklands in the east have been left virtually deserted by a devastating double whammy of “no shows” from commuters and high spending tourists. An Evening Standard investigation has unearthed the true scale of the crisis. Alarmed business leaders predict that 50,000 jobs in the vulnerable retail, tourism and hospitality sectors could disappear in the West End alone this year with total spending down by half — a loss of revenue of about £5 billion — as a direct result of the coronavirus lockdown. Nickie Aiken, Conservative MP for the Cities of London and Westminster, said: “Central London is usually first out of the traps after of a recession. But the conversations I’m having suggest this time it will be one of the last regions to recover — and that’s important because it is the engine of the whole UK economy.” Simon French, chief economist at City brokers Panmure Gordon, said it could take five years for the capital’s economy to fully return to pre-pandemic levels at a total cost of about £60 billion in lost output. https://www.standard.co.uk/news/london/london-economic-meltdown-revealed-investigation-a4496441.html Quote Link to comment Share on other sites More sharing options...
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