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Browns Housing Plans Announced

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plans to build 250,000 more new homes a year than planned.

550 government sites (mainly MOD & NHS) under consideration.

20-25 year mortgages (something to do with government bonds)

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Hmm.... I noticed he failed to tackle "holiday homes" (multiple home ownership) and unfair tax breaks for BTLs. <_<

Edited by studdymx

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Guest Winnie
Hmm.... I noticed he failed to tackle "holiday homes" (multiple home ownership) and unfair tax breaks for BTLs. <_<

He won't have had time to do the full research on the focus group implications.....that may be one for the Autumn pre-budget report.

Now, surely the old mantra that houses will always go up is going to be looking a bit weak if we are finally opening up the green belt...I can only see that this stunt is going to help accelerate the crash as people realise that the supply/ demand ******** is going away. No more validity for the 'in it for the long term' BTLers etc......

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Guest Yeahbutnocrash

So does this mean it's full steam ahead for Gordy with him winning the next election within the next 18 months?

Especially as the best cameron can come up with are some kind of incentives related to family values

It'll be interesting to see if there's an IR cut (following further increases we are expecting) or at least 'stability' leading up to the election as the BOE are supposed to be independent from politics

Edited by Yeahbutnocrash

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Brown is a grade A tw@t!

You can get 25 year fixed rate mortgages already! Whats so pioneering in that?

He is only looking into it. However just talking about building many more houses, will make the UK look less of a one way bet.

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It is the fear of not being able to afford a home in the future, that drives a lot of buying of houses today.

Once people think that the supply of houses will increase significantly in the future and therefore become affordable, the motivation to buy is removed. In fact once houses become cheap and plentiful, buying one does not seem that important.

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GB will just leave it to the private market to carry on building. The irony is GB hasn't got any money to spend on building and by the look of building companies' shares the won't hve either. Hopefully, this will be seen as talk and he won't hit his target. The following link is interesting

http://www.mfgonline.co.uk/ccstory/20236/1...age_lenders.htm

'...The DTI has said it does not intend to regulate the buy-to-let market. However, following the abolition of the £25,000 financial limit, some rental properties may come within the scope of the Act triggering a requirement for regulatory compliance by lenders.'

feefifofum

Edited by feefifofum

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Guest Yeahbutnocrash
Hmm.... I noticed he failed to tackle "holiday homes" (multiple home ownership) and unfair tax breaks for BTLs. <_<

I agree areas with specific problems for locals should be investigated

Also btl investor clubs can get unfair discounts when they buy in bulk compared to ftb's

However Gordy needs to be careful not to cause a sell-off of btl or higher costs for btlers which could lead to higher rents or loss of accommodation for tenants

Also he could lose revenue if he 'kills the goose'

The tax position is not actually unfair if you understand it properly

A ftb does not pay tax on mortgage interest - He has had the tax taken from his salary

Similarly a btler does not pay tax on mortgage interest - The tax has already been taken from his tenants salary

In fact the main advantage a btler has is simply that he can put the rent towards paying the mortgage

Gordy would be better off ensuring the existing btlers & new btlers don't get away without paying their taxes

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Is Brown offering to build an additional 3m over and above those already planned (about 200k per year) or are these included?

There is a big difference between an extra 25-50k per year and an extra 250k per year. :rolleyes:

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Is Brown offering to build an additional 3m over and above those already planned (about 200k per year) or are these included?

There is a big difference between an extra 25-50k per year and an extra 250k per year. :rolleyes:

250,000 new homes a year, over and above those already planned.

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The irony is GB hasn't got any money to spend on building and by the look of building companies' shares the won't hve either.

Maybe this is where the gov bond based mortgage comes in. Government-backed-mortgage-backed-securities? :D

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I agree areas with specific problems for locals should be investigated

Also btl investor clubs can get unfair discounts when they buy in bulk compared to ftb's

However Gordy needs to be careful not to cause a sell-off of btl or higher costs for btlers which could lead to higher rents or loss of accommodation for tenants

Also he could lose revenue if he 'kills the goose'

The tax position is not actually unfair if you understand it properly

A ftb does not pay tax on mortgage interest - He has had the tax taken from his salary

Similarly a btler does not pay tax on mortgage interest - The tax has already been taken from his tenants salary

In fact the main advantage a btler has is simply that he can put the rent towards paying the mortgage

Gordy would be better off ensuring the existing btlers & new btlers don't get away without paying their taxes

Technically it can be said there is no direct tax relief on buy-to-let mortgages, but a BTL can offset interest payments on their mortgage against tax on rental income, along with other expenses such as agents' fees and maintenance costs. Therefore, to say both FTBs and BTL investors have a level playing field is fantastical at best.

Edited by studdymx

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Guest Farticus

Yep that should cover the number of 'living on benefits' families the labour party has been busy creating ober the last decade.

Shame they didn't factor in the fact that the middle classes/ graduates have had enough and are off to somewhere better.

Maybe being in European Union isn't such a bad thing after all, all the good countries turned to sh*t so there occupants have to go elsewhere. But isn't that what they wanted along.................................

Edited by Farticus

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The tax position is not actually unfair if you understand it properly

A ftb does not pay tax on mortgage interest - He has had the tax taken from his salary

You're going to have to help me here as I am clearly one of those who do not understand tax properly as you suggest

A FTB doesn't pay tax on mortgage interest - of course not, as that's an expense - you only pay tax on income don't you?

Similarly a btler does not pay tax on mortgage interest - The tax has already been taken from his tenants salary

ditto - they don't pay tax on the interest as it isn't income. The point is (I think), that they're not paying tax on the rental income because it's shielded by the interest expense generated tax shield.

This is fundementaly unfair - effectively, the BTL landlords mortgage is discounted versus the FTB by the formers nominal tax rate.

As I say, I'm clearly missing something, so it would be helpful if you could post a reply, maybe using some numbers?

cheers in advance

G

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Technically it can be said there is no direct tax relief on buy-to-let mortgages, but a BTL can offset interest payments on their mortgage against tax on rental income, along with other expenses such as agents' fees and maintenance costs. Therefore, to say both FTBs and BTL investors have a level playing field is fantastical at best.

muppet

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plans to build 250,000 more new homes a year than planned.

550 government sites (mainly MOD & NHS) under consideration.

20-25 year mortgages (something to do with government bonds)

makes the tories plans look about as appealing as a poke in the eye with a blunt stick.

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Browns Housing Plans Announced

yeah yeah yeah! heard it all before. He also announced 'No boom No bust'. The muppet is already in panic as he will be voted out. What the hell has he done for affordable housing when he was in charge of economy for a decade?

He sounds like as if he has just landed from space! maybe he has :lol:

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He won't have had time to do the full research on the focus group implications.....that may be one for the Autumn pre-budget report.

Now, surely the old mantra that houses will always go up is going to be looking a bit weak if we are finally opening up the green belt...I can only see that this stunt is going to help accelerate the crash as people realise that the supply/ demand ******** is going away. No more validity for the 'in it for the long term' BTLers etc......

He specifically stated they will not be building on Green Belt.

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Your argument being? Enlighten/educate me - or would you rather just carry on with your ad hominem stance. <_<

The argument has been put to bed so many times here I can't be bothered. Why don't you search for it or would you prefer to continue spouting rubbish?

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