What are you taking about?
I know - I'm still waiting for the results of his national survey and assessment of every property in the country to back up the tosh he spouted in the loft conversion thread
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House prices rose 7.3% this year, average now almost £250k
- Thread starter HACO
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What are you taking about?
I know - I'm still waiting for the results of his national survey and assessment of every property in the country to back up the tosh he spouted in the loft conversion thread
People generally borrow as much as they can to afford anything, and then overpaying a loan that's 1.5-2% interest is usually a bad idea, they get better return in a mutual fund in their S&S ISA, or can contribute to their pension to get tax relief (somewhere between 32-62% depending on income assuming they can salary sacrifice).
Deleted User 298457
Deleted User 298457
Not taking financial/ house buying advice from you, thanks!
Not taking financial/ house buying advice from you, thanks!
Take it from Sonny then, you'll be a BTL landlord in no time (if you're not one already)
Deleted User 298457
Deleted User 298457
I wish, that'd pay for some real good chicken tendies. I do plan to take the equity out of this place to make a deposit for my next place though. I bought in an area out performing the market.Take it from Sonny then, you'll be a BTL landlord in no time (if you're not one already)
Ya know, cause I don't live in North Korea and that's how the free market rewards people who take risks instead of sitting still
I wish, that'd pay for some real good chicken tendies. I do plan to take the equity out of this place to make a deposit for my next place though. I bought in an area out performing the market.
Ya know, cause I don't live in North Korea and that's how the free market rewards people who take risks instead of sitting still
Good for you buddy. Good for you. Enjoy your free market rewards. Sadly I live in Pyongyang and here it's all communism here, we get free cookies though
Caporegime
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How is putting more into their pension going to help them buy a house? It's locked away for an eternity then.
Soldato
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We did it after 4 years in our first home. Moved from 250k to 500k house. Yes our wealth had gone up but not by crazy amounts, we were just in a better position to purchase due to being on the ladder.
It probably happens more than you realise.
Major things yet - leaks etc. It's not common for them to fix decoration issues, snot, or even add comment to the hundreds of things picked up by the snagging list.
I wouldn't call it disinformation - if anything my comment would encourage people to delve deeper and enquire into if the snagging list will be addressed.
Your comment basically said don't bother unless it's urgent or actually needs fixing because it's a hazard
Either way, I encourage anyone to make a snagging list and follow it up, you e just purchased a brand new house, it should be pristine inside, regardless of the price.
Yeah, gotta keep those builders accountable. They build a house and usually make a 30% profit margin. It has to be problem-free.
Soldato
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lol good luck with that...
We had constant communication with them during the building (bought off-plan)... But to pick some examples:
Q: Can we pay to have a bunch of extra Cat6 run around to various rooms?
A: You can pay £75 per individual run/room
Q: That's ridiculous, can we pay £75 to do one run with 4 cables?
A: No that would be £75x4
Q: Can we arrange to have an external company come and do it while the walls aren't up?
A: No
Q: We've noticed on the plans that this door opens in a direction that seems kind of obstructive in the room, any chance you can hang it from the opposite side?
A: No sorry, we can't deviate from the plans in any way
Roll onto getting the keys and seeing the house
Q: Oh, on the plans the loft hatch was in this room, but it's now in this room
A: Yeah we thought that would be better
Q: And this light fitting in the kitchen is 0.5m off where it is on the plans
A: Yeah I guess the person installing it felt it would line up better that way
We made a snag list and they did the absolute bare minimum to fix things even though we had them back multiple times to do so. The contractors they send if you report anything later are terrible - had a guy come round to fix a switch on the wall in the kitchen - in the process some plaster dust went on the counter and I watched him lick his vest and use that to wipe it, right in front of me... "Oh yeah sorry"... Basically they just aim to have such bad service and wear you down to the point you give up and stop using it...
Complaints aside I'm still glad to have gotten onto the ladder and off of renting, we had it easier than some due to circumstance but it still wasn't without some sacrifices... a small inheritance from my wife's mother passing away that covered our moving costs and made up our 5% deposit and stamp duty on a 250k house, plus the HTB loan taking 20% to get us a 75% LTV... but that results in mortgage payments about £200 less per month than our rent was before. Now 8 years later we've built up a good chunk more equity in the house, it's gone up in value a bit (sadly that means the HTB loan has too) but at least we have a house that is big enough for our slowly growing family (would like to move on oneday, mostly for a better location, but at least we aren't going to be forced out due to running out of space). Need to work out what to do about the HTB loan but that's another story!
Why oh why isn't the stamp duty break staggered? So it started coming to an end in January, and each month the duty gradually increased. May make this cliff edge not quite so bad.
Expect the growth last year to be wiped out? Which is no bad thing unless you bought at the peak I guess. Like anything
Expect the growth last year to be wiped out? Which is no bad thing unless you bought at the peak I guess. Like anything
Are we expecting them to extend it anyway? Most commentators saying it was brought in too early and should be extended. Gotta prop up the market y'all.
Current claims from gov is it will not be extended but they are good with the u-turns
Who knows with this this government
There was a piece news a week or so ago that Sunak was considering plans to get rid of SDLT and council tax completely in the March budget and replace them with an annual property tax.
https://www.thetimes.co.uk/article/rishi-sunak-eyes-tax-rises-in-march-budget-gmd3qpmkb
A 0.48% annual property tax would raise the same money as SDLT and council tax do now, and this was planned to be a tax rise, so probably more than that. Hopefully at least 1 or 1.5% per year, although my preference would be above 2%.
Obviously we wouldn't know until announced. if a 0.48% property tax is implemented, the average person outside London will save money, the average person in London will have to pay a little more.
That would mean for example my council take going up by something like 5x per month lol.
You'd also need a way of constantly revaluing houses.. it's a total non starter.
Also massively regressive, you'd have people being forced out of areas through gentrification because they couldn't afford the property tax despite the fact they'd perhaps lived there for generations.
If it was basically replacing council tax then I guess fine and it can start to diverge but it's no panacea.
Associate
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I can understand that council tax needs more accurate. But yeah it's going to suck for some people that have lived there for years in an area that has become more expensive. But it has to be done at point. Council tax is based on 1991 prices. I mean it's been 30 years.
Fingers crossed!
Well until I personally want to buy a bigger place then lets have a crash pls...
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