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Housing market

mandryka said:
My own borough, Merton, is considering introducing a selective licensing scheme for private houses in multiple occupation in some districts. This will require the landlord to maintain the property to a certain standard. It doesn't concern me directly because I don't own HMOs, but what interested me was that the council are saying they want to do it because they think it will reduce anti-social behaviour like drug dealing and prostitution. Can anyone explain why it should have this effect? Surely the properties deteriorate because the tenants run brothels and deal drugs from them, or is it that if they had nice places to live in, they wouldn't sell sex and drugs?
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Simply put, it's the last part of the last sentence. People sell sex and drugs for a number of reasons, but generally high on the list is because they need to.
If you have a decent place to live you will have less need to get off your face all the time and shag strangers to pay for it. Does this work for everyone? No. Obviously. However it will work on a certain proportion. Is that proportion significant? Depends who you ask. Is it a justifiable investment? Depends who you ask.
I used to work in a sh*tty bit of Oldham in a big factory. It was a bloody awful place to work, we had interracial violence, drug use and dealing on and around the premises, weapons attacks, managers getting beaten up in the car park, all sorts. However the police loved us. Why? Because when our volumes went up in the months before Xmas and we hired lots of temps the crime rate in the town went down. Measurably. Firstly because by the time they had worked their balls off for us for 8 hours they were too knackered to go out burgling, stealing cars and selling drugs, but mostly because they now had some money and didn't need to bother with the burgling and all the rest. It didn't work for all of them, but it worked on enough.
 
Ponty said:
Of course you won’t sell it, why would you even if you were thinking about it. The law of unintended consequences. Surprised a second property can be inherited free of CGT / IHT, maybe they’ll look into that!
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Inherited property is subject to CGT but only from the value on the day it was inherited. So sell up straight away, no CGT.
 
Ponty said:
Of course you won’t sell it, why would you even if you were thinking about it. The law of unintended consequences. Surprised a second property can be inherited free of CGT / IHT, maybe they’ll look into that!
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Won't that depend on the total value of the estate and the prevailing IHT threshold? In other words, it's the value of the assets that count, not the type (notwithstanding the residence nil rate band, which applies only to one property). I think CGT can only be applied to post death increase in value.
 
UK house prices forecast to fall for the next two years

https://www.bbc.co.uk/news/business-63676119

A drop of 9% is expected between now and autumn 2024, the Office for Budget Responsibility (OBR) has said.

It forecast that there will still be an average increase in property prices this year of 10.7% despite the recent slowdown.

That will be followed by two years of falls, with house prices down by 1.2% next year, and 5.7% in 2024.

Then the OBR suggests that property prices will start to rise again at a rate slightly faster than people's incomes - up by 1.2% in 2025, 3% in 2026 and 3.5% in 2027.

However, it pointed out there was "significant uncertainty over this forecast" given the sensitivity of house prices to mortgage rates and general borrowing costs.
 
kensalriser said:
Won't that depend on the total value of the estate and the prevailing IHT threshold? In other words, it's the value of the assets that count, not the type (notwithstanding the residence nil rate band, which applies only to one property). I think CGT can only be applied to post death increase in value.
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Unless there had been a gift with reservation of benefit, in which case it can be doubly taxed. IHT on the value at the time of death, and CGT if and when the property is sold by the beneficiary, calculated on the capital gain from the time of the gift.
 
kensalriser said:
9% doesn't even wipe out the gains since the spring! I think the entire covid bubble needs to deflate.
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Quite. An event which shuts the country down and house prices go……. up! The cheap money has gone and we’re having to pay back the bail outs, I’m seeing plenty of reductions. This will also put pressure on prices (along with tax hikes, inflation and potential job losses etc etc….).

https://www.bbc.co.uk/news/uk-63673838
 
Yes, my thoughts also, although heat retention should not be at the expense of ventilation. Nor should these two necessities conflict, i.m.o.
 
hifinutt said:
ah that would be unfair on tenants if they were denied energy saving measures .
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I've got two elderly tenants in houses which may benefit from more insulation - I'm not sure. If the scheme applies I'll speak to them and if they want to go ahead and apply, I'll pay any excess. That way, the value of my house increases, they are warmer and spend less on energy and I go to heaven. Everyone's a winner baby.
 
i was planning cavity wall to 2 houses but the interest rate rise made it totally impossible . hopefully this may help
 
Tried so hard today to get a very deserving family who have rented for decades into a property .flipping tragic but not to be

There was quite an piece on itv news tonight about the lands selling up and evicting thousands as housing benefit rates not keeping up with rent .

One of the ladies featured is in sunningdale apartments in babbacombe living in a b&b on the seafront in a room .strangely not far from me typing this
 
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