comment by Analog (U17200)
posted 21 seconds ago
Nobody should be allowed to own more than two properties
This would increase the supply of properties, therefore lowering the price, making it affordable
Housing should not be an investment
----------------------------------------------------------------------
Plenty of people own additional properties to give them a pension in later life, those people shouldn't be punished for being forward thinking.
comment by Boris 'Inky’ Gibson (U5901)
posted 59 seconds ago
comment by Analog (U17200)
posted 21 seconds ago
Nobody should be allowed to own more than two properties
This would increase the supply of properties, therefore lowering the price, making it affordable
Housing should not be an investment
----------------------------------------------------------------------
Plenty of people own additional properties to give them a pension in later life, those people shouldn't be punished for being forward thinking.
----------------------------------------------------------------------
They would earn money from the sale of the property
comment by Analog (U17200)
posted 2 minutes ago
comment by Boris 'Inky’ Gibson (U5901)
posted 59 seconds ago
comment by Analog (U17200)
posted 21 seconds ago
Nobody should be allowed to own more than two properties
This would increase the supply of properties, therefore lowering the price, making it affordable
Housing should not be an investment
----------------------------------------------------------------------
Plenty of people own additional properties to give them a pension in later life, those people shouldn't be punished for being forward thinking.
----------------------------------------------------------------------
They would earn money from the sale of the property
----------------------------------------------------------------------
That's a one-off payment versus a steady income.
Doesn't make sense financially for the owner unless they're desperate for quick cash..
comment by Boris 'Inky’ Gibson (U5901)
posted 5 minutes ago
comment by Analog (U17200)
posted 21 seconds ago
Nobody should be allowed to own more than two properties
This would increase the supply of properties, therefore lowering the price, making it affordable
Housing should not be an investment
----------------------------------------------------------------------
Plenty of people own additional properties to give them a pension in later life, those people shouldn't be punished for being forward thinking.
----------------------------------------------------------------------
Stinky's socialist beliefs are cease to exist when someone comes after him... Typical NIMBY
comment by Kingdom of Davids (U21957)
posted 28 minutes ago
comment by goadocwatson (U1016)
posted 25 minutes ago
Simples. Don't live in London. There are nice places in England where you can actually breathe.
----------------------------------------------------------------------
It is easier said than done ✅
But, in reality, jobs, money and friends somehow force you stay in London than rundown areas of Manchester and Birmingham
----------------------------------------------------------------------
most sensible answer from you ever dude! you ok?
comment by Boris 'Inky’ Gibson (U5901)
posted 3 seconds ago
comment by Analog (U17200)
posted 2 minutes ago
comment by Boris 'Inky’ Gibson (U5901)
posted 59 seconds ago
comment by Analog (U17200)
posted 21 seconds ago
Nobody should be allowed to own more than two properties
This would increase the supply of properties, therefore lowering the price, making it affordable
Housing should not be an investment
----------------------------------------------------------------------
Plenty of people own additional properties to give them a pension in later life, those people shouldn't be punished for being forward thinking.
----------------------------------------------------------------------
They would earn money from the sale of the property
----------------------------------------------------------------------
That's a one-off payment versus a steady income.
Doesn't make sense financially for the owner unless they're desperate for quick cash..
----------------------------------------------------------------------
If it is illegal to own more than two properties then they would be forced to sell
comment by Analog (U17200)
posted 54 seconds ago
comment by Boris 'Inky’ Gibson (U5901)
posted 3 seconds ago
comment by Analog (U17200)
posted 2 minutes ago
comment by Boris 'Inky’ Gibson (U5901)
posted 59 seconds ago
comment by Analog (U17200)
posted 21 seconds ago
Nobody should be allowed to own more than two properties
This would increase the supply of properties, therefore lowering the price, making it affordable
Housing should not be an investment
----------------------------------------------------------------------
Plenty of people own additional properties to give them a pension in later life, those people shouldn't be punished for being forward thinking.
----------------------------------------------------------------------
They would earn money from the sale of the property
----------------------------------------------------------------------
That's a one-off payment versus a steady income.
Doesn't make sense financially for the owner unless they're desperate for quick cash..
----------------------------------------------------------------------
If it is illegal to own more than two properties then they would be forced to sell
----------------------------------------------------------------------
And take a massive hit because they'd be forced to sell at a reduced price, drastically reducing any pension savings and forcing further reliance on the state.
Top idea.
comment by Analog (U17200)
posted 55 seconds ago
comment by Boris 'Inky’ Gibson (U5901)
posted 3 seconds ago
comment by Analog (U17200)
posted 2 minutes ago
comment by Boris 'Inky’ Gibson (U5901)
posted 59 seconds ago
comment by Analog (U17200)
posted 21 seconds ago
Nobody should be allowed to own more than two properties
This would increase the supply of properties, therefore lowering the price, making it affordable
Housing should not be an investment
----------------------------------------------------------------------
Plenty of people own additional properties to give them a pension in later life, those people shouldn't be punished for being forward thinking.
----------------------------------------------------------------------
They would earn money from the sale of the property
----------------------------------------------------------------------
That's a one-off payment versus a steady income.
Doesn't make sense financially for the owner unless they're desperate for quick cash..
----------------------------------------------------------------------
If it is illegal to own more than two properties then they would be forced to sell
----------------------------------------------------------------------
A) That would never happen. B) It would be practically impossible to enforce as people would buy properties in the names of relatives/kids etc.
comment by morespurs (U15748)
posted 1 minute ago
comment by Kingdom of Davids (U21957)
posted 28 minutes ago
comment by goadocwatson (U1016)
posted 25 minutes ago
Simples. Don't live in London. There are nice places in England where you can actually breathe.
----------------------------------------------------------------------
It is easier said than done ✅
But, in reality, jobs, money and friends somehow force you stay in London than rundown areas of Manchester and Birmingham
----------------------------------------------------------------------
most sensible answer from you ever dude! you ok?
----------------------------------------------------------------------
Today is Friday dude
I have two properties with mortgages on both.
The one I now rent out used to be my permanent residence but in 2014 I decided to put it up for sale. By 2017 I had received no offers (and I was asking £8k less than I had paid in 2008) but had managed to save a deposit for a house a mile from work rather than the 27 miles of my former residence. Therefore, I bought the second house and was lucky enough that someone asked to rent the first house. I said no initially but rented it our eventually as didn't want it empty.
In any case having said all that I would welcome a crash of sorts. The house I now live in is worth £200k rather than the £140k I paid and my former house, now rented out, is worth around £100k. For a lot of people in my area that's too high a price. For them I'd rather a bit of a crash. It doesn't make much difference to me as at present I don't want to move and, if I did want to move, the house I'd move to would be reduced in value too.
As someone said above a house shouldn't really be an investment. I'd propose a system where you can't sell it for more than cost price plus inflation. I say that even though I'd probably lose out financially.
comment by Diafol Coch 77 (U2462)
posted 29 seconds ago
I have two properties with mortgages on both.
The one I now rent out used to be my permanent residence but in 2014 I decided to put it up for sale. By 2017 I had received no offers (and I was asking £8k less than I had paid in 2008) but had managed to save a deposit for a house a mile from work rather than the 27 miles of my former residence. Therefore, I bought the second house and was lucky enough that someone asked to rent the first house. I said no initially but rented it our eventually as didn't want it empty.
In any case having said all that I would welcome a crash of sorts. The house I now live in is worth £200k rather than the £140k I paid and my former house, now rented out, is worth around £100k. For a lot of people in my area that's too high a price. For them I'd rather a bit of a crash. It doesn't make much difference to me as at present I don't want to move and, if I did want to move, the house I'd move to would be reduced in value too.
As someone said above a house shouldn't really be an investment. I'd propose a system where you can't sell it for more than cost price plus inflation. I say that even though I'd probably lose out financially.
----------------------------------------------------------------------
Ever heard of capital gains tax?
comment by Angus Young (U3979)
posted 7 minutes ago
comment by Analog (U17200)
posted 54 seconds ago
comment by Boris 'Inky’ Gibson (U5901)
posted 3 seconds ago
comment by Analog (U17200)
posted 2 minutes ago
comment by Boris 'Inky’ Gibson (U5901)
posted 59 seconds ago
comment by Analog (U17200)
posted 21 seconds ago
Nobody should be allowed to own more than two properties
This would increase the supply of properties, therefore lowering the price, making it affordable
Housing should not be an investment
----------------------------------------------------------------------
Plenty of people own additional properties to give them a pension in later life, those people shouldn't be punished for being forward thinking.
----------------------------------------------------------------------
They would earn money from the sale of the property
----------------------------------------------------------------------
That's a one-off payment versus a steady income.
Doesn't make sense financially for the owner unless they're desperate for quick cash..
----------------------------------------------------------------------
If it is illegal to own more than two properties then they would be forced to sell
----------------------------------------------------------------------
And take a massive hit because they'd be forced to sell at a reduced price, drastically reducing any pension savings and forcing further reliance on the state.
Top idea.
----------------------------------------------------------------------
People who own property will have to lose value if the housing market is ever to be affordable
One cannot exist without the other
comment by Angus Young (U3979)
posted 1 minute ago
comment by Diafol Coch 77 (U2462)
posted 29 seconds ago
I have two properties with mortgages on both.
The one I now rent out used to be my permanent residence but in 2014 I decided to put it up for sale. By 2017 I had received no offers (and I was asking £8k less than I had paid in 2008) but had managed to save a deposit for a house a mile from work rather than the 27 miles of my former residence. Therefore, I bought the second house and was lucky enough that someone asked to rent the first house. I said no initially but rented it our eventually as didn't want it empty.
In any case having said all that I would welcome a crash of sorts. The house I now live in is worth £200k rather than the £140k I paid and my former house, now rented out, is worth around £100k. For a lot of people in my area that's too high a price. For them I'd rather a bit of a crash. It doesn't make much difference to me as at present I don't want to move and, if I did want to move, the house I'd move to would be reduced in value too.
As someone said above a house shouldn't really be an investment. I'd propose a system where you can't sell it for more than cost price plus inflation. I say that even though I'd probably lose out financially.
----------------------------------------------------------------------
Ever heard of capital gains tax?
----------------------------------------------------------------------
If the value is reduced then surely I'd have no 'gain' so no tax to pay?
Brexit has played its part in house prices.
Lack of overseas labour has created a shortage of builders. This in turn has lead to wage rises. which in turn has lead to higher contruction costs, leading to higher prices for new properties.
comment by Diafol Coch 77 (U2462)
posted 6 minutes ago
comment by Angus Young (U3979)
posted 1 minute ago
comment by Diafol Coch 77 (U2462)
posted 29 seconds ago
I have two properties with mortgages on both.
The one I now rent out used to be my permanent residence but in 2014 I decided to put it up for sale. By 2017 I had received no offers (and I was asking £8k less than I had paid in 2008) but had managed to save a deposit for a house a mile from work rather than the 27 miles of my former residence. Therefore, I bought the second house and was lucky enough that someone asked to rent the first house. I said no initially but rented it our eventually as didn't want it empty.
In any case having said all that I would welcome a crash of sorts. The house I now live in is worth £200k rather than the £140k I paid and my former house, now rented out, is worth around £100k. For a lot of people in my area that's too high a price. For them I'd rather a bit of a crash. It doesn't make much difference to me as at present I don't want to move and, if I did want to move, the house I'd move to would be reduced in value too.
As someone said above a house shouldn't really be an investment. I'd propose a system where you can't sell it for more than cost price plus inflation. I say that even though I'd probably lose out financially.
----------------------------------------------------------------------
Ever heard of capital gains tax?
----------------------------------------------------------------------
If the value is reduced then surely I'd have no 'gain' so no tax to pay?
----------------------------------------------------------------------
Right, so how's that being funded then?
Simply forcing all house prices to be reduced to a quarter of their current value would solve very little.
Those who have mortgages based on current prices are not going to sell unless they absolutely have to because the new reduced price will not cover the mortgage and so they would be homeless and I debt. This means that many people will simply not sell when they otherwise might which means there won't be as much stock for new buyers.
Faced with a massive risk of people defaulting on their mortgages and the houses now only being worth a quarter, banks will likely find themselves at risk again like in 2008 and will become far more reticent to offer people mortgages.
So the houses that do become available will likely be cash buyers who are disproptionately buy-to-let landlords suddenly making a killing on the cheaper houses that they the rent out, reducing the available housing stock further.
Unless some sort of proposal that limits people owning multiple houses is put into law then it is hard to see how the housing bubble will burst at the moment.
comment by Angus Young (U3979)
posted 12 minutes ago
comment by Diafol Coch 77 (U2462)
posted 6 minutes ago
comment by Angus Young (U3979)
posted 1 minute ago
comment by Diafol Coch 77 (U2462)
posted 29 seconds ago
I have two properties with mortgages on both.
The one I now rent out used to be my permanent residence but in 2014 I decided to put it up for sale. By 2017 I had received no offers (and I was asking £8k less than I had paid in 2008) but had managed to save a deposit for a house a mile from work rather than the 27 miles of my former residence. Therefore, I bought the second house and was lucky enough that someone asked to rent the first house. I said no initially but rented it our eventually as didn't want it empty.
In any case having said all that I would welcome a crash of sorts. The house I now live in is worth £200k rather than the £140k I paid and my former house, now rented out, is worth around £100k. For a lot of people in my area that's too high a price. For them I'd rather a bit of a crash. It doesn't make much difference to me as at present I don't want to move and, if I did want to move, the house I'd move to would be reduced in value too.
As someone said above a house shouldn't really be an investment. I'd propose a system where you can't sell it for more than cost price plus inflation. I say that even though I'd probably lose out financially.
----------------------------------------------------------------------
Ever heard of capital gains tax?
----------------------------------------------------------------------
If the value is reduced then surely I'd have no 'gain' so no tax to pay?
----------------------------------------------------------------------
Right, so how's that being funded then?
----------------------------------------------------------------------
Does it have to be funded even? I bought my house for a set price and I don't see why it should have gone up in value by a third when I've hardly done anything to it. I'm just proposing something to stop the rampant price increases on houses.
Does it have to be funded even? I bought my house for a set price and I don't see why it should have gone up in value by a third when I've hardly done anything to it. I'm just proposing something to stop the rampant price increases on houses.
----------------------------------------------
Easier said than done.
On one hand you have a rising population, on the other you have a Government that discourages the building of social housing.
comment by Boris 'Inky’ Gibson (U5901)
posted 3 minutes ago
Does it have to be funded even? I bought my house for a set price and I don't see why it should have gone up in value by a third when I've hardly done anything to it. I'm just proposing something to stop the rampant price increases on houses.
----------------------------------------------
Easier said than done.
On one hand you have a rising population, on the other you have a Government that discourages the building of social housing.
----------------------------------------------------------------------
I'd happily sell the house I rent out in my home town for what I paid for it as long as it went to a local. Or, at the very least, to someone who will live trhere permanently. Far too many properties there at the minute are holiday lets/Airbnbs and it's destroying the community.
There are myriad problems with the UK housing market, and the Tories have done close to zero about any of them for over a decade.
It’s just yet another really critical problem that the UK public doesn’t seem arssssed to do anything about.
Here are a couple more stats to chuck into the mix:
There are close to 250,000 long-term empty residential properties in the UK, with over half a million bedrooms. If they were all to come back onto the market, not only would we be looking at an unprecedented amount of ‘new stock’ for buyers and renters to choose from, but rental and purchase prices would adjust significantly.
And one in three homes in London’s financial centre are empty, many of which have been invested in purposefully to leave empty whilst they appreciate in value as the market continues its inevitable inflation.
The British public has actively enabled the 1% to continue its self-enrichment whilst the rest pay for it.
comment by Rosso out here drippin’ in finesse (U17054)
posted 4 minutes ago
There are myriad problems with the UK housing market, and the Tories have done close to zero about any of them for over a decade.
It’s just yet another really critical problem that the UK public doesn’t seem arssssed to do anything about.
Here are a couple more stats to chuck into the mix:
There are close to 250,000 long-term empty residential properties in the UK, with over half a million bedrooms. If they were all to come back onto the market, not only would we be looking at an unprecedented amount of ‘new stock’ for buyers and renters to choose from, but rental and purchase prices would adjust significantly.
And one in three homes in London’s financial centre are empty, many of which have been invested in purposefully to leave empty whilst they appreciate in value as the market continues its inevitable inflation.
The British public has actively enabled the 1% to continue its self-enrichment whilst the rest pay for it.
----------------------------------------------------------------------
Out of interest, how do we know they are empty?
Feels like it's something that we should be taxing heavily but not sure how that could be confirmed.
There's no will on behalf of Government to deal with empty properties as long as Far East investors are queueing up to invest in new tower blocks and local authorities and still raking in Council Tax on the apartments therein.
comment by manutd1982 (U6633)
posted 2 hours, 8 minutes ago
Not that it can help the problem but it’s funny/depressing that at the same time we have the highest number of empty office spaces in the UK at the moment.
----------------------------------------------------------------------
Haven't some empty office spaces been converted into big communal livings areas? Sure I've read that if it's done properly then it's a pretty fun and affordable way for young people to live in desirable places
I am in property and this is one of the most diabolical article I have seen here in a long time. Well done.
comment by Angus Young (U3979)
posted 7 minutes ago
comment by Rosso out here drippin’ in finesse (U17054)
posted 4 minutes ago
There are myriad problems with the UK housing market, and the Tories have done close to zero about any of them for over a decade.
It’s just yet another really critical problem that the UK public doesn’t seem arssssed to do anything about.
Here are a couple more stats to chuck into the mix:
There are close to 250,000 long-term empty residential properties in the UK, with over half a million bedrooms. If they were all to come back onto the market, not only would we be looking at an unprecedented amount of ‘new stock’ for buyers and renters to choose from, but rental and purchase prices would adjust significantly.
And one in three homes in London’s financial centre are empty, many of which have been invested in purposefully to leave empty whilst they appreciate in value as the market continues its inevitable inflation.
The British public has actively enabled the 1% to continue its self-enrichment whilst the rest pay for it.
----------------------------------------------------------------------
Out of interest, how do we know they are empty?
Feels like it's something that we should be taxing heavily but not sure how that could be confirmed.
----------------------------------------------------------------------
I'd imagine through Council Tax records. There will be an empty house reduction or premium on them in most cases.
Sign in if you want to comment
A lot of talk about the energy crisis...
Page 2 of 4
posted on 26/8/22
comment by Analog (U17200)
posted 21 seconds ago
Nobody should be allowed to own more than two properties
This would increase the supply of properties, therefore lowering the price, making it affordable
Housing should not be an investment
----------------------------------------------------------------------
Plenty of people own additional properties to give them a pension in later life, those people shouldn't be punished for being forward thinking.
posted on 26/8/22
comment by Boris 'Inky’ Gibson (U5901)
posted 59 seconds ago
comment by Analog (U17200)
posted 21 seconds ago
Nobody should be allowed to own more than two properties
This would increase the supply of properties, therefore lowering the price, making it affordable
Housing should not be an investment
----------------------------------------------------------------------
Plenty of people own additional properties to give them a pension in later life, those people shouldn't be punished for being forward thinking.
----------------------------------------------------------------------
They would earn money from the sale of the property
posted on 26/8/22
comment by Analog (U17200)
posted 2 minutes ago
comment by Boris 'Inky’ Gibson (U5901)
posted 59 seconds ago
comment by Analog (U17200)
posted 21 seconds ago
Nobody should be allowed to own more than two properties
This would increase the supply of properties, therefore lowering the price, making it affordable
Housing should not be an investment
----------------------------------------------------------------------
Plenty of people own additional properties to give them a pension in later life, those people shouldn't be punished for being forward thinking.
----------------------------------------------------------------------
They would earn money from the sale of the property
----------------------------------------------------------------------
That's a one-off payment versus a steady income.
Doesn't make sense financially for the owner unless they're desperate for quick cash..
posted on 26/8/22
comment by Boris 'Inky’ Gibson (U5901)
posted 5 minutes ago
comment by Analog (U17200)
posted 21 seconds ago
Nobody should be allowed to own more than two properties
This would increase the supply of properties, therefore lowering the price, making it affordable
Housing should not be an investment
----------------------------------------------------------------------
Plenty of people own additional properties to give them a pension in later life, those people shouldn't be punished for being forward thinking.
----------------------------------------------------------------------
Stinky's socialist beliefs are cease to exist when someone comes after him... Typical NIMBY
posted on 26/8/22
comment by Kingdom of Davids (U21957)
posted 28 minutes ago
comment by goadocwatson (U1016)
posted 25 minutes ago
Simples. Don't live in London. There are nice places in England where you can actually breathe.
----------------------------------------------------------------------
It is easier said than done ✅
But, in reality, jobs, money and friends somehow force you stay in London than rundown areas of Manchester and Birmingham
----------------------------------------------------------------------
most sensible answer from you ever dude! you ok?
posted on 26/8/22
comment by Boris 'Inky’ Gibson (U5901)
posted 3 seconds ago
comment by Analog (U17200)
posted 2 minutes ago
comment by Boris 'Inky’ Gibson (U5901)
posted 59 seconds ago
comment by Analog (U17200)
posted 21 seconds ago
Nobody should be allowed to own more than two properties
This would increase the supply of properties, therefore lowering the price, making it affordable
Housing should not be an investment
----------------------------------------------------------------------
Plenty of people own additional properties to give them a pension in later life, those people shouldn't be punished for being forward thinking.
----------------------------------------------------------------------
They would earn money from the sale of the property
----------------------------------------------------------------------
That's a one-off payment versus a steady income.
Doesn't make sense financially for the owner unless they're desperate for quick cash..
----------------------------------------------------------------------
If it is illegal to own more than two properties then they would be forced to sell
posted on 26/8/22
comment by Analog (U17200)
posted 54 seconds ago
comment by Boris 'Inky’ Gibson (U5901)
posted 3 seconds ago
comment by Analog (U17200)
posted 2 minutes ago
comment by Boris 'Inky’ Gibson (U5901)
posted 59 seconds ago
comment by Analog (U17200)
posted 21 seconds ago
Nobody should be allowed to own more than two properties
This would increase the supply of properties, therefore lowering the price, making it affordable
Housing should not be an investment
----------------------------------------------------------------------
Plenty of people own additional properties to give them a pension in later life, those people shouldn't be punished for being forward thinking.
----------------------------------------------------------------------
They would earn money from the sale of the property
----------------------------------------------------------------------
That's a one-off payment versus a steady income.
Doesn't make sense financially for the owner unless they're desperate for quick cash..
----------------------------------------------------------------------
If it is illegal to own more than two properties then they would be forced to sell
----------------------------------------------------------------------
And take a massive hit because they'd be forced to sell at a reduced price, drastically reducing any pension savings and forcing further reliance on the state.
Top idea.
posted on 26/8/22
comment by Analog (U17200)
posted 55 seconds ago
comment by Boris 'Inky’ Gibson (U5901)
posted 3 seconds ago
comment by Analog (U17200)
posted 2 minutes ago
comment by Boris 'Inky’ Gibson (U5901)
posted 59 seconds ago
comment by Analog (U17200)
posted 21 seconds ago
Nobody should be allowed to own more than two properties
This would increase the supply of properties, therefore lowering the price, making it affordable
Housing should not be an investment
----------------------------------------------------------------------
Plenty of people own additional properties to give them a pension in later life, those people shouldn't be punished for being forward thinking.
----------------------------------------------------------------------
They would earn money from the sale of the property
----------------------------------------------------------------------
That's a one-off payment versus a steady income.
Doesn't make sense financially for the owner unless they're desperate for quick cash..
----------------------------------------------------------------------
If it is illegal to own more than two properties then they would be forced to sell
----------------------------------------------------------------------
A) That would never happen. B) It would be practically impossible to enforce as people would buy properties in the names of relatives/kids etc.
posted on 26/8/22
comment by morespurs (U15748)
posted 1 minute ago
comment by Kingdom of Davids (U21957)
posted 28 minutes ago
comment by goadocwatson (U1016)
posted 25 minutes ago
Simples. Don't live in London. There are nice places in England where you can actually breathe.
----------------------------------------------------------------------
It is easier said than done ✅
But, in reality, jobs, money and friends somehow force you stay in London than rundown areas of Manchester and Birmingham
----------------------------------------------------------------------
most sensible answer from you ever dude! you ok?
----------------------------------------------------------------------
Today is Friday dude
posted on 26/8/22
I have two properties with mortgages on both.
The one I now rent out used to be my permanent residence but in 2014 I decided to put it up for sale. By 2017 I had received no offers (and I was asking £8k less than I had paid in 2008) but had managed to save a deposit for a house a mile from work rather than the 27 miles of my former residence. Therefore, I bought the second house and was lucky enough that someone asked to rent the first house. I said no initially but rented it our eventually as didn't want it empty.
In any case having said all that I would welcome a crash of sorts. The house I now live in is worth £200k rather than the £140k I paid and my former house, now rented out, is worth around £100k. For a lot of people in my area that's too high a price. For them I'd rather a bit of a crash. It doesn't make much difference to me as at present I don't want to move and, if I did want to move, the house I'd move to would be reduced in value too.
As someone said above a house shouldn't really be an investment. I'd propose a system where you can't sell it for more than cost price plus inflation. I say that even though I'd probably lose out financially.
posted on 26/8/22
comment by Diafol Coch 77 (U2462)
posted 29 seconds ago
I have two properties with mortgages on both.
The one I now rent out used to be my permanent residence but in 2014 I decided to put it up for sale. By 2017 I had received no offers (and I was asking £8k less than I had paid in 2008) but had managed to save a deposit for a house a mile from work rather than the 27 miles of my former residence. Therefore, I bought the second house and was lucky enough that someone asked to rent the first house. I said no initially but rented it our eventually as didn't want it empty.
In any case having said all that I would welcome a crash of sorts. The house I now live in is worth £200k rather than the £140k I paid and my former house, now rented out, is worth around £100k. For a lot of people in my area that's too high a price. For them I'd rather a bit of a crash. It doesn't make much difference to me as at present I don't want to move and, if I did want to move, the house I'd move to would be reduced in value too.
As someone said above a house shouldn't really be an investment. I'd propose a system where you can't sell it for more than cost price plus inflation. I say that even though I'd probably lose out financially.
----------------------------------------------------------------------
Ever heard of capital gains tax?
posted on 26/8/22
comment by Angus Young (U3979)
posted 7 minutes ago
comment by Analog (U17200)
posted 54 seconds ago
comment by Boris 'Inky’ Gibson (U5901)
posted 3 seconds ago
comment by Analog (U17200)
posted 2 minutes ago
comment by Boris 'Inky’ Gibson (U5901)
posted 59 seconds ago
comment by Analog (U17200)
posted 21 seconds ago
Nobody should be allowed to own more than two properties
This would increase the supply of properties, therefore lowering the price, making it affordable
Housing should not be an investment
----------------------------------------------------------------------
Plenty of people own additional properties to give them a pension in later life, those people shouldn't be punished for being forward thinking.
----------------------------------------------------------------------
They would earn money from the sale of the property
----------------------------------------------------------------------
That's a one-off payment versus a steady income.
Doesn't make sense financially for the owner unless they're desperate for quick cash..
----------------------------------------------------------------------
If it is illegal to own more than two properties then they would be forced to sell
----------------------------------------------------------------------
And take a massive hit because they'd be forced to sell at a reduced price, drastically reducing any pension savings and forcing further reliance on the state.
Top idea.
----------------------------------------------------------------------
People who own property will have to lose value if the housing market is ever to be affordable
One cannot exist without the other
posted on 26/8/22
comment by Angus Young (U3979)
posted 1 minute ago
comment by Diafol Coch 77 (U2462)
posted 29 seconds ago
I have two properties with mortgages on both.
The one I now rent out used to be my permanent residence but in 2014 I decided to put it up for sale. By 2017 I had received no offers (and I was asking £8k less than I had paid in 2008) but had managed to save a deposit for a house a mile from work rather than the 27 miles of my former residence. Therefore, I bought the second house and was lucky enough that someone asked to rent the first house. I said no initially but rented it our eventually as didn't want it empty.
In any case having said all that I would welcome a crash of sorts. The house I now live in is worth £200k rather than the £140k I paid and my former house, now rented out, is worth around £100k. For a lot of people in my area that's too high a price. For them I'd rather a bit of a crash. It doesn't make much difference to me as at present I don't want to move and, if I did want to move, the house I'd move to would be reduced in value too.
As someone said above a house shouldn't really be an investment. I'd propose a system where you can't sell it for more than cost price plus inflation. I say that even though I'd probably lose out financially.
----------------------------------------------------------------------
Ever heard of capital gains tax?
----------------------------------------------------------------------
If the value is reduced then surely I'd have no 'gain' so no tax to pay?
posted on 26/8/22
Brexit has played its part in house prices.
Lack of overseas labour has created a shortage of builders. This in turn has lead to wage rises. which in turn has lead to higher contruction costs, leading to higher prices for new properties.
posted on 26/8/22
comment by Diafol Coch 77 (U2462)
posted 6 minutes ago
comment by Angus Young (U3979)
posted 1 minute ago
comment by Diafol Coch 77 (U2462)
posted 29 seconds ago
I have two properties with mortgages on both.
The one I now rent out used to be my permanent residence but in 2014 I decided to put it up for sale. By 2017 I had received no offers (and I was asking £8k less than I had paid in 2008) but had managed to save a deposit for a house a mile from work rather than the 27 miles of my former residence. Therefore, I bought the second house and was lucky enough that someone asked to rent the first house. I said no initially but rented it our eventually as didn't want it empty.
In any case having said all that I would welcome a crash of sorts. The house I now live in is worth £200k rather than the £140k I paid and my former house, now rented out, is worth around £100k. For a lot of people in my area that's too high a price. For them I'd rather a bit of a crash. It doesn't make much difference to me as at present I don't want to move and, if I did want to move, the house I'd move to would be reduced in value too.
As someone said above a house shouldn't really be an investment. I'd propose a system where you can't sell it for more than cost price plus inflation. I say that even though I'd probably lose out financially.
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Ever heard of capital gains tax?
----------------------------------------------------------------------
If the value is reduced then surely I'd have no 'gain' so no tax to pay?
----------------------------------------------------------------------
Right, so how's that being funded then?
posted on 26/8/22
Simply forcing all house prices to be reduced to a quarter of their current value would solve very little.
Those who have mortgages based on current prices are not going to sell unless they absolutely have to because the new reduced price will not cover the mortgage and so they would be homeless and I debt. This means that many people will simply not sell when they otherwise might which means there won't be as much stock for new buyers.
Faced with a massive risk of people defaulting on their mortgages and the houses now only being worth a quarter, banks will likely find themselves at risk again like in 2008 and will become far more reticent to offer people mortgages.
So the houses that do become available will likely be cash buyers who are disproptionately buy-to-let landlords suddenly making a killing on the cheaper houses that they the rent out, reducing the available housing stock further.
Unless some sort of proposal that limits people owning multiple houses is put into law then it is hard to see how the housing bubble will burst at the moment.
posted on 26/8/22
comment by Angus Young (U3979)
posted 12 minutes ago
comment by Diafol Coch 77 (U2462)
posted 6 minutes ago
comment by Angus Young (U3979)
posted 1 minute ago
comment by Diafol Coch 77 (U2462)
posted 29 seconds ago
I have two properties with mortgages on both.
The one I now rent out used to be my permanent residence but in 2014 I decided to put it up for sale. By 2017 I had received no offers (and I was asking £8k less than I had paid in 2008) but had managed to save a deposit for a house a mile from work rather than the 27 miles of my former residence. Therefore, I bought the second house and was lucky enough that someone asked to rent the first house. I said no initially but rented it our eventually as didn't want it empty.
In any case having said all that I would welcome a crash of sorts. The house I now live in is worth £200k rather than the £140k I paid and my former house, now rented out, is worth around £100k. For a lot of people in my area that's too high a price. For them I'd rather a bit of a crash. It doesn't make much difference to me as at present I don't want to move and, if I did want to move, the house I'd move to would be reduced in value too.
As someone said above a house shouldn't really be an investment. I'd propose a system where you can't sell it for more than cost price plus inflation. I say that even though I'd probably lose out financially.
----------------------------------------------------------------------
Ever heard of capital gains tax?
----------------------------------------------------------------------
If the value is reduced then surely I'd have no 'gain' so no tax to pay?
----------------------------------------------------------------------
Right, so how's that being funded then?
----------------------------------------------------------------------
Does it have to be funded even? I bought my house for a set price and I don't see why it should have gone up in value by a third when I've hardly done anything to it. I'm just proposing something to stop the rampant price increases on houses.
posted on 26/8/22
Does it have to be funded even? I bought my house for a set price and I don't see why it should have gone up in value by a third when I've hardly done anything to it. I'm just proposing something to stop the rampant price increases on houses.
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Easier said than done.
On one hand you have a rising population, on the other you have a Government that discourages the building of social housing.
posted on 26/8/22
comment by Boris 'Inky’ Gibson (U5901)
posted 3 minutes ago
Does it have to be funded even? I bought my house for a set price and I don't see why it should have gone up in value by a third when I've hardly done anything to it. I'm just proposing something to stop the rampant price increases on houses.
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Easier said than done.
On one hand you have a rising population, on the other you have a Government that discourages the building of social housing.
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I'd happily sell the house I rent out in my home town for what I paid for it as long as it went to a local. Or, at the very least, to someone who will live trhere permanently. Far too many properties there at the minute are holiday lets/Airbnbs and it's destroying the community.
posted on 26/8/22
There are myriad problems with the UK housing market, and the Tories have done close to zero about any of them for over a decade.
It’s just yet another really critical problem that the UK public doesn’t seem arssssed to do anything about.
Here are a couple more stats to chuck into the mix:
There are close to 250,000 long-term empty residential properties in the UK, with over half a million bedrooms. If they were all to come back onto the market, not only would we be looking at an unprecedented amount of ‘new stock’ for buyers and renters to choose from, but rental and purchase prices would adjust significantly.
And one in three homes in London’s financial centre are empty, many of which have been invested in purposefully to leave empty whilst they appreciate in value as the market continues its inevitable inflation.
The British public has actively enabled the 1% to continue its self-enrichment whilst the rest pay for it.
posted on 26/8/22
comment by Rosso out here drippin’ in finesse (U17054)
posted 4 minutes ago
There are myriad problems with the UK housing market, and the Tories have done close to zero about any of them for over a decade.
It’s just yet another really critical problem that the UK public doesn’t seem arssssed to do anything about.
Here are a couple more stats to chuck into the mix:
There are close to 250,000 long-term empty residential properties in the UK, with over half a million bedrooms. If they were all to come back onto the market, not only would we be looking at an unprecedented amount of ‘new stock’ for buyers and renters to choose from, but rental and purchase prices would adjust significantly.
And one in three homes in London’s financial centre are empty, many of which have been invested in purposefully to leave empty whilst they appreciate in value as the market continues its inevitable inflation.
The British public has actively enabled the 1% to continue its self-enrichment whilst the rest pay for it.
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Out of interest, how do we know they are empty?
Feels like it's something that we should be taxing heavily but not sure how that could be confirmed.
posted on 26/8/22
There's no will on behalf of Government to deal with empty properties as long as Far East investors are queueing up to invest in new tower blocks and local authorities and still raking in Council Tax on the apartments therein.
posted on 26/8/22
comment by manutd1982 (U6633)
posted 2 hours, 8 minutes ago
Not that it can help the problem but it’s funny/depressing that at the same time we have the highest number of empty office spaces in the UK at the moment.
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Haven't some empty office spaces been converted into big communal livings areas? Sure I've read that if it's done properly then it's a pretty fun and affordable way for young people to live in desirable places
posted on 26/8/22
I am in property and this is one of the most diabolical article I have seen here in a long time. Well done.
posted on 26/8/22
comment by Angus Young (U3979)
posted 7 minutes ago
comment by Rosso out here drippin’ in finesse (U17054)
posted 4 minutes ago
There are myriad problems with the UK housing market, and the Tories have done close to zero about any of them for over a decade.
It’s just yet another really critical problem that the UK public doesn’t seem arssssed to do anything about.
Here are a couple more stats to chuck into the mix:
There are close to 250,000 long-term empty residential properties in the UK, with over half a million bedrooms. If they were all to come back onto the market, not only would we be looking at an unprecedented amount of ‘new stock’ for buyers and renters to choose from, but rental and purchase prices would adjust significantly.
And one in three homes in London’s financial centre are empty, many of which have been invested in purposefully to leave empty whilst they appreciate in value as the market continues its inevitable inflation.
The British public has actively enabled the 1% to continue its self-enrichment whilst the rest pay for it.
----------------------------------------------------------------------
Out of interest, how do we know they are empty?
Feels like it's something that we should be taxing heavily but not sure how that could be confirmed.
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I'd imagine through Council Tax records. There will be an empty house reduction or premium on them in most cases.
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