Ginger wrote: Its nothing to do with the market. In an attempt to keep the property market rolling along the government allows btl landlords to claim their mortgage interest as tax deductible. e.g. 700 quid a month interest only mortgage, 700 quid a month from tenants. You pay no tax, free house. |
Is the UK Housing Market going to collapse? • Page 2
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Ginger 7,256 posts
Seen 2 weeks ago
Registered 19 years agoMetalDog wrote:
It's more like the "fuck you jack, I'm alright" structure of market economies. Not sure what you'd advicate, but having just got back from a day in Romania, and talking to some of the guys who lived through communism, they're a lot happier with capitalism.
Ginger wrote:
blizeH wrote:
I think it's called "letting the market dictate the price"
I know I keep going on about it, but why the hell the government won't do a little bit more to help discourage buy to let is beyond me
Ahh, the 'fuck you, Jack, I'm alright' housing policy =) Our class system is about to solidify again, I think.
yes, it means you're always swimming with sharks who are trying to make more money that you, but rather that than the alternative.
all it takes is a bit of luck, courage and hard work and you can move a couple of ladders on the class ladder if you care enough about it -
Ginger 7,256 posts
Seen 2 weeks ago
Registered 19 years agoruggedtoast wrote:
fuck, didn't realise that.
Ginger wrote:
blizeH wrote:
I think it's called "letting the market dictate the price"
I know I keep going on about it, but why the hell the government won't do a little bit more to help discourage buy to let is beyond me
Its nothing to do with the market. In an attempt to keep the property market rolling along the government allows btl landlords to claim their mortgage interest as tax deductible. e.g. 700 quid a month interest only mortgage, 700 quid a month from tenants. You pay no tax, free house.
/looks for buy to let properties -
DaisyD 11,816 posts
Seen 5 years ago
Registered 16 years agoA slump in prices would be good. Although I won't make as much on my flat, it should mean I will be able to buy a better house. -
MetalDog 24,076 posts
Seen 3 years ago
Registered 20 years agoGinger wrote:
all it takes is a bit of luck, courage and hard work and you can move a couple of ladders on the class ladder if you care enough about it
This is a fallacy - it's just something people are told so often they believe it. It's not about working hard, it's about working /smart/. If you can't work smart (and many can't), you're screwed, no matter how hard you work. Which leaves you to rely on luck, which is not a good bet. -
Ginger 7,256 posts
Seen 2 weeks ago
Registered 19 years agoMetalDog wrote:
Well, some people think you make your own luck, by working hard and being persistent in what you do, but yeah - working smarter (getting other people to work for you, rather than working for other people) is a good start.
Ginger wrote:
all it takes is a bit of luck, courage and hard work and you can move a couple of ladders on the class ladder if you care enough about it
This is a fallacy - it's just something people are told so often they believe it. It's not about working hard, it's about working /smart/. If you can't work smart (and many can't), you're screwed, no matter how hard you work. Which leaves you to rely on luck, which is not a good bet.
that, and getting lucky -
DaisyD 11,816 posts
Seen 5 years ago
Registered 16 years agoIf you think the market's bad in the UK, you should see the market in Dublin. Thanks to the BTL buyers the market is 10 times worse than ours. -
They have BLT buyers! Heaven!
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DaisyD 11,816 posts
Seen 5 years ago
Registered 16 years agoGinger wrote:
That's a tax on the poor in itself!
[that, and getting lucky -
Ginger 7,256 posts
Seen 2 weeks ago
Registered 19 years agoDaisyD wrote:
tax on the stupid more like
Ginger wrote:
That's a tax on the poor in itself!
[that, and getting lucky
again, it's risk versus reward. I'm happy to risk an inconsequential amount of money (£1.50) every now and again for an infinitessimal chance of winning a shitload of money. -
IronGiant 6,352 posts
Seen 7 hours ago
Registered 18 years agoNope. Too many people now buying houses as an investent instead of pumping money into a pension. -
DaisyD 11,816 posts
Seen 5 years ago
Registered 16 years agoI have a pension and propety. 
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Ginger wrote:
Because of course there's no way there'd be anything in between!
It's more like the "fuck you jack, I'm alright" structure of market economies. Not sure what you'd advicate, but having just got back from a day in Romania, and talking to some of the guys who lived through communism, they're a lot happier with capitalism. -
DaisyD 11,816 posts
Seen 5 years ago
Registered 16 years agoAnother problem with the market is that new builds are mainly flats. Families don't want flats they want houses, but the councils keep argeeing on more & more flats as there'll be more affordable propeties due to the housing association laws etc. Houses then becomea more valuble commidity. -
Psychotext 70,652 posts
Seen 22 hours ago
Registered 15 years agoDaisyD wrote:
I hate you! =)
I have a pension and propety. -
DaisyD 11,816 posts
Seen 5 years ago
Registered 16 years agoHey, I do loose 11% of my pay each month to my pension, and that's quite a lot! -
Idoru 368 posts
Seen 14 years ago
Registered 15 years agoAnyone got any money with
northern rock?
get it the hell out of there quick.. -
Shinji 5,902 posts
Seen 8 years ago
Registered 20 years agoGinger wrote:
It's more like the "fuck you jack, I'm alright" structure of market economies. Not sure what you'd advicate, but having just got back from a day in Romania, and talking to some of the guys who lived through communism, they're a lot happier with capitalism.
Allow me to let you in on a secret - extreme communism and extreme capitalism aren't the only economic systems in the world.
Sssh, don't tell everyone though! -
2 pages and not one post mentioning the Daily Mail. For shame. -
Foregone-Reality 2,216 posts
Seen 11 years ago
Registered 18 years agoState Pensions ftw!
I contribute 5% to mine, however.
11 would be a little heavy on my salary.
Best of luck DaisyD. -
Khanivor 44,800 posts
Seen 2 days ago
Registered 20 years agoI really wish I had bought property in the UK a few years ago. I could have sold it and then my pounds would have allowed me to buy three houses here due to the slump. With pools. -
Defo, listen to Bill.
I was lucky, I was able to buy (earlier this year) a house big enough to live in (and in a nice enough position) to live in for at least ten years, which I hope offers a bit of protection against any short term fluctuations.
Renting, even if you're waiting for the market to suddenly crash (which I don't think it won't) is just throwing money away, even if my house is worth less than I paid for it when the mortgage completes, at least I have something for my money.
I owe Northern Rock about £230k \o/
/waits for his debt to be sold to Nazi Bank Inc -
silentbob 29,527 posts
Seen 1 year ago
Registered 19 years agoIt doesn't look as if significant amounts will simply drop off house prices. Certainly if you've lived in your house for a few years and added value through renovation etc. I doubt you'll be unhappy with any valuation.
It does look as if you may have to wait longer to sell as buyers are being more cautious. -
THFourteen 54,987 posts
Seen 2 hours ago
Registered 16 years agoBill Door wrote:
The £12k's worth of work we've done since moving in last year, along with the rise in prices (we moved to what I thought may be an undervalued area) has seen out house rise in value by between £120 and £170k, depending on which agents valuation you go on.
/plans early retirement
what, you going to sell up and live in a bedsit? -
nickthegun 87,711 posts
Seen 9 hours ago
Registered 16 years agoIm in a bit of a bitch of a position at the moment.
My promotion is dependant on my boss selling his house.
He is moving up to our northern office and needs to sell his gaff before he moves. When he does, I will be taking over his job. Sadly a slight decline in the housing market coupled with the fact the market has been FLOODED with 3 bed houses before the fucking HIPS came in means that he hasnt had a dicky bird.
So im sat on my hands waiting for him to get a bite.
Oh, and speaking of crazy prices, we paid £158k for a small 2 bed house in feb last year. A couple of months ago the exact same house as ours 4 doors up went on sale for £200k and there hasnt been a sniff, I dont think.
Its like they just literally made a price up off the tops of their heads. -
ruggedtoast wrote:
the government allows btl landlords to claim their mortgage interest as tax deductible. e.g. 700 quid a month interest only mortgage, 700 quid a month from tenants. You pay no tax, free house.
Can an accountant comment on this?
My understanding would be that
a) it isn't a "free" house - you haven't paid off any of the capital
b) tax-deductible means "your taxable income is reduced by £700" not "you pay £700 less in tax"
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