How far will house prices fall [volume 4]

[jdw1234]

Cheers Clapham.

So the answer is that the normal legal rights don't apply when the original lease was less than 21 years.

[Thankyou4calling]

You are more expert than I on the Cobham market but the pictures show a really nice spot, is that the case?

And surely you can't get property in that neck of the woods for £350-£400 PSF.

That one is far from falling down, yes it's no contemporary dwelling for a footballers wife but its liveable (plenty live in similar even in Cobham) and I don't think the price is crazy.

Come on Tonker, you can do better :-)

[ClaphamGT3]

I'd agree on the decor point ; its a bit Terry and June but you wouldn't HAVE to do anything to it

[Derek Chevalier]

anonymous said:

[redacted]

Tonker, they are ~500sq ft up to £1.25m in my retirement village so I can't see your area being any less than that.

[TheInternet]

Cobham now one of the UK's million-pound towns. But don't forget the buyers of these properties have been hit hard, really hard, by the new stamp duty rates: 'The buyer of a £1m house will now pay £43,750 in Stamp Duty, up from £40,000 previously.'

[Burwood]

It's a disgrace anyone should pay 40k stamp duty on a 1m property.

[ClaphamGT3]

A labour spite tax that the conservatives have rather lamely perpetuated

[turbobloke]

Agreed it's time for action on SDLT not just IHT.

[Burwood]

turbobloke said:

Agreed it's time for action on SDLT not just IHT.

IHT is another even more abhorrent gouge. Avoidable for those clever enough to set up trusts but still. tax you all your life and then in death.

[Dave_ST220]

Burwood said:

It's a disgrace anyone should pay 40k stamp duty on a 1m property.

Stamp duty is just a disgrace full stop.

[z4RRSchris]

there is a rumour that there will be a change in SDLT coming

[Justayellowbadge]

As per the Scots?

[TheLordJohn]

Justayellowbadge said:

As per the Scots?

Pardon my ignorance, what's the Scots system?
Or what may ours be changing to?

Thanks in advance, Stuart.

[Justayellowbadge]

Lower for cheaper properties, pretty punitive above a mil.

[z4RRSchris]

I heard a bit of relief up to £5m

[Dave_ST220]

z4RRSchris said:

there is a rumour that there will be a change in SDLT coming

Well they've changed it once (thanks, that could have saved me a few grand). What's annoying is the money wasted on this tax would almost certainly end up going back into the economy via goods & services etc. However, realistically what would happen if SDLT was abolished? Me thinks house prices would rise further still, just like they did when the rules around the thresholds were changed (eg, properties around the £250k mark suddenly jumped to £265k).

[turbobloke]

Dave_ST220 said:

z4RRSchris said:

there is a rumour that there will be a change in SDLT coming

Well they've changed it once (thanks, that could have saved me a few grand). What's annoying is the money wasted on this tax would almost certainly end up going back into the economy via goods & services etc. However, realistically what would happen if SDLT was abolished? Me thinks house prices would rise further still just like they did when the rules around the thresholds were changed (eg, properties around the £250k mark suddenly jumped to £265k).

That's a good point and part of the reason why the gov't may well go ahead given they want house prices to stay on the rise.

[Gerradi]

Dave_ST220 said:

Stamp duty is just a disgrace full stop.

Osbourne managed to releive stamp duty to the hedge funds...on average a £148m per annum saving per company, yet cannot help the home owners.

I have put a house on the market 9/10/15, on the 22/10/15 it sold for the full asking price, I used an online agent where I had to show them around etc. On the 23/1015 we had a knock on the door, another chap who had previously came to view was there telling me he could not get hold of the online agency & did I have a phone contact as HE wanted to buy at the full asking price!?...I think I was advised to sell this house to low... I now have to sort out CGT...

[walm]

Gerradi said:

Osbourne managed to relieve stamp duty to the hedge funds...on average a £148m per annum saving per company, yet cannot help the home owners.

You don't have to pay stamp duty on equities if you use swaps or CFDs and everyone can do that not just hedge funds.
For example, if you use a spread betting company.

The £148m refers to SDRT relief on unit trusts and OEICs - these aren't hedge funds.

http://www.aima.org/download.cfm/docid/BCB6C548-E5...

Personally I am not sure why stamp duty is any more or less bad than all the other types of tax.
I guess it slows the climb up the ladder but I don't know if that is intrinsically bad or not.
At least they got rid of those absurd bandings.

[anonymous-user]

Dave_ST220 said:

z4RRSchris said:

there is a rumour that there will be a change in SDLT coming

Well they've changed it once (thanks, that could have saved me a few grand). What's annoying is the money wasted on this tax would almost certainly end up going back into the economy via goods & services etc. However, realistically what would happen if SDLT was abolished? Me thinks house prices would rise further still, just like they did when the rules around the thresholds were changed (eg, properties around the £250k mark suddenly jumped to £265k).

If it was abolished, I could foresee primary residences becoming liable to CGT. You give with one.....