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6 minutes ago, HovelinHove said:

Even the Express are joining the chorus...12% predicted in this article.

Shock horror Londoners will no longer paper millionaires

 

Good to see that, as we know sentiment is so important. 

I noticed that article linked to another one that is likely to panic more into selling asap......if correct, it could affect a lot of main home owners who sell, if they have been claiming tax relief by saying they use part of their home as an office to work on thier business from home.

https://www.express.co.uk/finance/personalfinance/1309925/rishi-sunak-capital-gains-tax-property-assets-inheritance

Rishi Sunak orders review of capital gains tax – is a raid on property imminent?

CGT could also be applicable when a person sells their home.

A person may have to pay some CGT if all of the following criteria is not met:

  • The person has one home and they’ve lived in it as their main home for all the time they’ve owned it
  • They have not let part of it out - this does not include having a lodger
  • They have not used part of it for business only
  • The grounds, including all buildings, are less than 5,000 square metres (just over an acre) in total
  • They did not buy it just to make a gain
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Just posted this in another thread, but relevant here too:

From the comments section of Property Industry Eye yesterday

https://propertyindustryeye.com/major-capital-gains-tax-increases-could-kill-the-property-market/

Gloslet

9.25 am already had calls and emails from landlords wanting to sell because of this next potential threat to their business

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49 minutes ago, HovelinHove said:

Even the Express are joining the chorus...12% predicted in this article.

Shock horror Londoners will no longer paper millionaires

 

I’m hearing they are all trying to move out to Surrey. Or so a local friend selling a house tells me.

 

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53 minutes ago, Mikhail Liebenstein said:

I’m hearing they are all trying to move out to Surrey. Or so a local friend selling a house tells me.

 

they are no cheaper why bother. not the nice boroughs anyway 

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1 hour ago, moonriver said:

Good to see that, as we know sentiment is so important. 

I noticed that article linked to another one that is likely to panic more into selling asap......if correct, it could affect a lot of main home owners who sell, if they have been claiming tax relief by saying they use part of their home as an office to work on thier business from home.

https://www.express.co.uk/finance/personalfinance/1309925/rishi-sunak-capital-gains-tax-property-assets-inheritance

Rishi Sunak orders review of capital gains tax – is a raid on property imminent?

CGT could also be applicable when a person sells their home.

A person may have to pay some CGT if all of the following criteria is not met:

  • The person has one home and they’ve lived in it as their main home for all the time they’ve owned it
  • They have not let part of it out - this does not include having a lodger
  • They have not used part of it for business only
  • The grounds, including all buildings, are less than 5,000 square metres (just over an acre) in total
  • They did not buy it just to make a gain

Wow...that is very significant.

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1 hour ago, moonriver said:

https://www.express.co.uk/finance/personalfinance/1309925/rishi-sunak-capital-gains-tax-property-assets-inheritance

Rishi Sunak orders review of capital gains tax – is a raid on property imminent?

 

I wouldn't bet on CGT suddenly applying to main homes. They just cut stamp duty to support the housing market, why would they suddenly do the opposite with CGT?

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1 hour ago, Mikhail Liebenstein said:

I’m hearing they are all trying to move out to Surrey. Or so a local friend selling a house tells me.

 

IMHO Surrey is vastly overrated. Countryside is beautiful but the roads are narrow and clogged and because everyone is minted they roll about it horrendous diesel guzzling 4x4s making the air quality pretty crap. 

Still, I'd take it over central London any day. I think anyone with some money that's been stuck in a flat for four months would be itching to have some of their own outdoor space. Then again I also think that within a year or two this will all be behind us and we'll have moved on from covid though I'm not sure how long the economic impact would linger.... and that debt isn't getting cleared in a hurry. 

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from the article...

 

"The average British home is worst £230,000 currently, but this will slump down to £200,000 if these forecasts are to be believed."

 

..oh dear very shoddy

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"This is a shocking loss to the average London home owner of £90,815.55"

 

..anyone would think their roofs were about to fall in...rather than a paper loss that most won't even notice.  And in fact those wanting to upside will benefit

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  • 415 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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