How far will house prices fall [volume 5]
Discussion
Currently looking for my first property in wales. Phoned around for various viewings 80% wont allow viewings because people are living in them the other 20% is either empty houses or the estate agent has told the home owner to leave the house for the time of the viewing.
Also have one viewing for next week where I was told you must wear a face mask think I might cancel that one tbh.
The smaller independents seem to be more sensible in viewings where the large chains are playing it by the book from the nut jobs in the welsh assembly.
Also have one viewing for next week where I was told you must wear a face mask think I might cancel that one tbh.
The smaller independents seem to be more sensible in viewings where the large chains are playing it by the book from the nut jobs in the welsh assembly.
anonymous said:
[redacted]
That's interesting, I guess these must have their market but it does look pricey. It doesn't seem close enough by rail to London to justify the price to me. I live in Bedford and a direct train to and from London seems to take a similar amount of time (45 mins-ish), but you can buy a new build 2 bed flat from about 170k. For 265k you can get a 3 bed detached with garage, etc.SteadyAsSheGoes said:
That's interesting, I guess these must have their market but it does look pricey. It doesn't seem close enough by rail to London to justify the price to me. I live in Bedford and a direct train to and from London seems to take a similar amount of time (45 mins-ish), but you can buy a new build 2 bed flat from about 170k. For 265k you can get a 3 bed detached with garage, etc.
They are oddly priced and this is why I think they'll get battered https://www.rightmove.co.uk/property-for-sale/prop...Same town but a longer walk to the station
In all of the Medway towns any land near a station has had these thrown up, I guess some HTB and people wanting to be right by the station and newness
If people aren't going to the station 5 days a week anymore then they'd buy the house probably
SteadyAsSheGoes said:
anonymous said:
[redacted]
That's interesting, I guess these must have their market but it does look pricey. It doesn't seem close enough by rail to London to justify the price to me. I live in Bedford and a direct train to and from London seems to take a similar amount of time (45 mins-ish), but you can buy a new build 2 bed flat from about 170k. For 265k you can get a 3 bed detached with garage, etc.NickCQ said:
Has anyone figured out exactly what the stamp duty cut is?
Specifically, how much is the FTB buying my flat for £520 saving / what's the "split the difference" ask?
Could be up to £15k total?
Would you actually want to renegotiate/ request more money from your buyer off the back of this? Their tax affairs are theirs surely.Specifically, how much is the FTB buying my flat for £520 saving / what's the "split the difference" ask?
Could be up to £15k total?
spreadsheet monkey said:
NickCQ said:
Has anyone figured out exactly what the stamp duty cut is?
Specifically, how much is the FTB buying my flat for £520 saving / what's the "split the difference" ask?
Could be up to £15k total?
2% on 125k + 5% on £250k = £14.5k saving, if my maths is right...Specifically, how much is the FTB buying my flat for £520 saving / what's the "split the difference" ask?
Could be up to £15k total?
spreadsheet monkey said:
NickCQ said:
Has anyone figured out exactly what the stamp duty cut is?
Specifically, how much is the FTB buying my flat for £520 saving / what's the "split the difference" ask?
Could be up to £15k total?
2% on 125k + 5% on £250k = £14.5k saving, if my maths is right...Specifically, how much is the FTB buying my flat for £520 saving / what's the "split the difference" ask?
Could be up to £15k total?
That is, assuming the legislation reflects what the policy paper says (para 3.9, https://www.gov.uk/government/publications/a-plan-... )
Jobbo said:
spreadsheet monkey said:
NickCQ said:
Has anyone figured out exactly what the stamp duty cut is?
Specifically, how much is the FTB buying my flat for £520 saving / what's the "split the difference" ask?
Could be up to £15k total?
2% on 125k + 5% on £250k = £14.5k saving, if my maths is right...Specifically, how much is the FTB buying my flat for £520 saving / what's the "split the difference" ask?
Could be up to £15k total?
That is, assuming the legislation reflects what the policy paper says (para 3.9, https://www.gov.uk/government/publications/a-plan-... )
number2 said:
Jobbo said:
spreadsheet monkey said:
NickCQ said:
Has anyone figured out exactly what the stamp duty cut is?
Specifically, how much is the FTB buying my flat for £520 saving / what's the "split the difference" ask?
Could be up to £15k total?
2% on 125k + 5% on £250k = £14.5k saving, if my maths is right...Specifically, how much is the FTB buying my flat for £520 saving / what's the "split the difference" ask?
Could be up to £15k total?
That is, assuming the legislation reflects what the policy paper says (para 3.9, https://www.gov.uk/government/publications/a-plan-... )
NickCQ said:
Has anyone figured out exactly what the stamp duty cut is?
Specifically, how much is the FTB buying my flat for £520 saving / what's the "split the difference" ask?
Could be up to £15k total?
It would be £15K (FTB reduction doesn't apply over £500K) if £500K became the new starting point. Specifically, how much is the FTB buying my flat for £520 saving / what's the "split the difference" ask?
Could be up to £15k total?
It could be that anything over £500K will be unaffected. So your buyer may well be looking for a £20K reduction, saving themselves £16K in stamp duty. Good luck! Be amazing if they plough on and ignore those numbers.
Edited by Sheepshanks on Wednesday 8th July 13:31
Sheepshanks said:
It could be that anything over £500K will be unaffected. So your buyer may well be looking for a £20K reduction, saving themselves £16K in stamp duty. Good luck! Be amazing if they plough on and ignore those numbers.
Not according to the policy paper:3.9 Policy decisions
Temporary Stamp Duty Land Tax (SDLT) cut – The government will temporarily increase the Nil Rate Band of Residential SDLT, in England and Northern Ireland, from £125,000 to £500,000. This will apply from 8 July 2020 until 31 March 2021 and cut the tax due for everyone who would have paid SDLT. Nearly nine out of ten people getting on or moving up the property ladder will pay no SDLT at all.
Jobbo said:
Not according to the policy paper:
3.9 Policy decisions
Temporary Stamp Duty Land Tax (SDLT) cut – The government will temporarily increase the Nil Rate Band of Residential SDLT, in England and Northern Ireland, from £125,000 to £500,000. This will apply from 8 July 2020 until 31 March 2021 and cut the tax due for everyone who would have paid SDLT. Nearly nine out of ten people getting on or moving up the property ladder will pay no SDLT at all.
Yes - just seen that.3.9 Policy decisions
Temporary Stamp Duty Land Tax (SDLT) cut – The government will temporarily increase the Nil Rate Band of Residential SDLT, in England and Northern Ireland, from £125,000 to £500,000. This will apply from 8 July 2020 until 31 March 2021 and cut the tax due for everyone who would have paid SDLT. Nearly nine out of ten people getting on or moving up the property ladder will pay no SDLT at all.
So NickCQ's buyer saves £15K.
Jobbo said:
Sheepshanks said:
It could be that anything over £500K will be unaffected. So your buyer may well be looking for a £20K reduction, saving themselves £16K in stamp duty. Good luck! Be amazing if they plough on and ignore those numbers.
Not according to the policy paper:3.9 Policy decisions
Temporary Stamp Duty Land Tax (SDLT) cut – The government will temporarily increase the Nil Rate Band of Residential SDLT, in England and Northern Ireland, from £125,000 to £500,000. This will apply from 8 July 2020 until 31 March 2021 and cut the tax due for everyone who would have paid SDLT. Nearly nine out of ten people getting on or moving up the property ladder will pay no SDLT at all.
What are the rules around BTLs? i read something like the monthly mortgage cannot be more than 60% of the monthly rent?
If the Govt are determined that people pay 500k for something that was once 190k and should only now be 250k/290k, with 35 year mortgages, maybe even some intergenerational mortgages, rather than see even a moderate calming down, then i may as well jump on this bandwagon too
If the Govt are determined that people pay 500k for something that was once 190k and should only now be 250k/290k, with 35 year mortgages, maybe even some intergenerational mortgages, rather than see even a moderate calming down, then i may as well jump on this bandwagon too
DaveCWK said:
Would you actually want to renegotiate/ request more money from your buyer off the back of this? Their tax affairs are theirs surely.
Impact of tax on market price is independent of which side of the deal the tax is levied on.The value of the flat (which I still own 100% of with no binding contract to sell) just went up £15k, 50/50 split is more than fair.
Especially as the buyer is already getting a £15k discount versus an agreed offer pre-lockdown and was moaning about stamp (i.e. trying to make it my problem) all the way through the price negotiations.
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