Reply to: Top of the property market

[BrilloPad]

Yes of course, you bought your BTL in the 90's that's right.

I'm not sure I even believe you had an old Aygo, think that might be aspirational dreaming too.

http://forums.contractoruk.com/gener...ml#post1231139

http://forums.contractoruk.com/gener...ml#post1089125

[DimPrawn]

Now that I've sold my two BTLs, I completely agree with you
Fooking ****** landlords, buying cheap in the 90s and getting rich doing nothing

Yes of course, you bought your BTL in the 90's that's right.

I'm not sure I even believe you had an old Aygo, think that might be aspirational dreaming too.

[BrilloPad]

You forgot to add a very important group of people that will NEED to sell - the ones that can't afford the subprime mortgage, once the inevitable rate rise arrives.

Inevitable?

Not in my lifetime.

[sal]

The thing in this country that will keep house prices up, is as soon as there is a hint that the market is softening, then the supply of houses on the market subdues, instead you only have houses from people who NEED to sell (distressed sales, moving out of the area) rather than who WANT to sell. As a result, that supply/demand equilibrium is maintained.

You forgot to add a very important group of people that will NEED to sell - the ones that can't afford the subprime mortgage, once the inevitable rate rise arrives.

[Hobosapien]

Interest rate rise, tax on second/empty properties.

Interest rate rises affect everyone on the property ladder who has a mortgage. Taxing those with multiple properties or ones which stay empty “as an investment” only affects the wealthier few.

I like the idea of an empty property tax.

One that ramps up predictably over a period of months/years so those doing renovations or have genuine reasons for leaving a property temporarily empty (other than for investment) can predict the cost and budget for it.

Eventually the unpaid tax on properties where the owners are abroad or otherwise untraceable will allow the authorities to seize the property to pay off the tax.

In the meantime it will pay for new housing so the government can reduce the amount of housing benefit it pays out by owning the properties, like they did with council houses before they decided to sell them off cheaply.

[Bean]

Now that I've sold my two BTLs, I completely agree with you
Fooking ****** landlords, buying cheap in the 90s and getting rich doing nothing

Thanks for your tax contributions to the economy, now - when can we finally say to you leaving our shores?

[sasguru]

Interest rate rise, tax on second/empty properties.

Interest rate rises affect everyone on the property ladder who has a mortgage. Taxing those with multiple properties or ones which stay empty “as an investment” only affects the wealthier few.

Now that I've sold my two BTLs, I completely agree with you
Fooking ****** landlords, buying cheap in the 90s and getting rich doing nothing

[WTFH]

True. We need way more forced sales.

An interest rate rise should do the trick....

Interest rate rise, tax on second/empty properties.

Interest rate rises affect everyone on the property ladder who has a mortgage. Taxing those with multiple properties or ones which stay empty “as an investment” only affects the wealthier few.

[BrilloPad]

The thing in this country that will keep house prices up, is as soon as there is a hint that the market is softening, then the supply of houses on the market subdues, instead you only have houses from people who NEED to sell (distressed sales, moving out of the area) rather than who WANT to sell. As a result, that supply/demand equilibrium is maintained.

True. We need way more forced sales.

An interest rate rise should do the trick....

[chopper]

The thing in this country that will keep house prices up, is as soon as there is a hint that the market is softening, then the supply of houses on the market subdues, instead you only have houses from people who NEED to sell (distressed sales, moving out of the area) rather than who WANT to sell. As a result, that supply/demand equilibrium is maintained.

[DimPrawn]

Cretinous Cons hope they can buy votes with tiny bribes - it won't work and just will help Komrade Kolonel Korbyn ruin the economy later.

Well done Brexiters.

You're welcome. Enjoy!

[AtW]

Cretinous Cons hope they can buy votes with tiny bribes - it won't work and just will help Komrade Kolonel Korbyn ruin the economy later.

Well done Brexiters.

[Hobosapien]

Must be near the top, the government are saying they'll extend Help to Buy by another 10 billion to help buyers that can only afford 5% deposit get into massive debt for a new build tulipbox.

All part of 'listening' to the younger voters now the cons are tulip scared of losing to Labour at the next election after Corbyn getting them onside in the last one.

Theresa May pledges help for young on student fees and housing - BBC News

How about they stop throwing public money at the law of economics and let the housing market re-balance naturally, making property more affordable for everyone.

[greenlake]

So you get a worse interest rate for a 50% deposit compared to a 35% deposit. Doesn't exactly incentivise people to put down more cash.

Don't forget the fix duration. The 50% deposit deal is fixed for five years, whereas the two 35% deposit deals are fixed for only two.

[ladymuck]

Cheapest mortgage deals removed as BoE hints at rate increases sooner rather than later...

Sell, sell, sell!

So you get a worse interest rate for a 50% deposit compared to a 35% deposit. Doesn't exactly incentivise people to put down more cash.