Housing market

[hifinutt]

Interesting stuff.
so……good time to be a buyer or seller ?

both really
there is bargains to be had if you have the money . Tommorow have to choose between 8 investors and 2 FTB buyers in a final shoot out for a house . the owner is leaning towards the ftb despite the investors offering more . reason being they investors tend to turn these 2 beds int 4 bed HMO to maximise profits

 

[stevec67]

both really
there is bargains to be had if you have the money . Tommorow have to choose between 8 investors and 2 FTB buyers in a final shoot out for a house . the owner is leaning towards the ftb despite the investors offering more . reason being they investors tend to turn these 2 beds int 4 bed HMO to maximise profits

Don't fall for what a mate of mine did. They were selling a nice family home in Headingley, in the middle of studentland. Developers offered full asking and then some, but for the sake of their neighbours they didn't want to turn the place into yet another stufent let. They sold it to a "it's my house, for the family, here's my wife" buyer for less, as soon as he had the keys he said "Haha, sod you, the scaffolders are in tomorrow" and it was gutted, extra floors added and the place turned into an 8 bed student ghetto.

 

[hifinutt]

yes my neighbour went to see my old lady neighbour on her death bed to buy her house ... its for my son he said . few weeks later its rented out and not in a good condition, for many years the wires were hanging out of plugs and windows held together by sellotape . then a few years later these tenants bought it and started to rip this 4 bed apart with no pp and tried to build an 8 bed house , after 3 years of hell they succeeded but did eventually get some sort of PP

 

[Mike Reed]

CGT allowance on other property is now rubbish comparably. However, it occurred to me that if someone is well below the ordinary tax allowance, would that CGT be added to earnings or is it treated separately? In other words, can a total non-earner pay CGT (up to £12,570)? The tax is different, so I doubt it.

 

[Bob McC]

It is added to other incomes for CGT rate purposes once the annual CGT allowance is subtracted.

 

[mandryka]

L & G are arguing that it would be good to reduce the number of buy to lets and increase the number of new build-to-lets, on the grounds that institutions are less likely to make bad landlords than individuals.

Britain would be better off with fewer buy-to-let landlords, says L&G

Britain would be better off with fewer buy-to-let landlords, says L&G

‘Unscrupulous’ investors are taking tenants’ money and ‘giving them a bad experience’

www.telegraph.co.uk

 

[hifinutt]

brilliant , meanwhile the demand for rental is massively rising as no one can afford to buy any more !!!

 

[kensalriser]

L & G are arguing that it would be good to reduce the number of buy to lets and increase the number of new build-to-lets, on the grounds that institutions are less likely to make bad landlords than individuals.

Britain would be better off with fewer buy-to-let landlords, says L&G

Britain would be better off with fewer buy-to-let landlords, says L&G

‘Unscrupulous’ investors are taking tenants’ money and ‘giving them a bad experience’

www.telegraph.co.uk

That wouldn't appear to be evidenced by the criminal job some housing associations are doing. And no-one has killed more tenants in recent years than Kensington & Chelsea council and their stooges.

 

[stevec67]

Meanwhile nobody has come up with temporary housing. I've just seen a proposal for a rented canteen area built into a container, the cost is £55 a week. For that you get a nice little container based building of about 30 sqm. It can have toilet facilities, a little kitchen, etc. There's no reason why people couldn't live in something like that. Connect water, sewerage, electricity and you are away. £55 a week.

 

[LecsonQuad]

Temporary housing in containers would become like post 2nd world war prefabs which were supposed to last a few years but many are still in use. When Peterborough council wanted to demolish a street of them there was such an outcry from the residents that they were refurbished and are still in use. Container homes are probably still worth doing.

 

[stevec67]

Temporary housing in containers would become like post 2nd world war prefabs which were supposed to last a few years but many are still in use. When Peterborough council wanted to demolish a street of them there was such an outcry from the residents that they were refurbished and are still in use. Container homes are probably still worth doing.

Well, that's rather the point. There are temp prefabs all over, a few are still standing in Bradford near where I used to work. Likewise a girlfriend lived in one as a student. They now can't be mortgaged because the concrete is starting to fall apart, after about 70 years, in a temporary building, who knew, but they are still providing housing. As the concrete panels get to end of life the walls are rebuilt with normal bricks and the rest of the house carries on. Not bad for temporary housing, put up 70 years ago.

 

[Mike Reed]

It is added to other incomes for CGT rate purposes once the annual CGT allowance is subtracted.

Thanks, Bob, but unfortunately I don't follow that, unless you are are saying that excess CGT, once the £3K has been deducted, is treated as ordinary income up to the £12570 allowance figure and then he excess taxed at CGT rates? Doesn't really make sense to me, though having painfully negotiated a CGT situation a year or two back, I'm still confused by any overlaps/correlations with earned income, if any.

 

[Mike Reed]

post 2nd world war prefabs

Wasn't there a name for these (escapes me)? They were ghastly looking places and I came across one around Norwich a few years back which was very difficult to sell, even at a great discount, simply because of its provenance/construction/age etc.

 

[Ponty]

Rising in the north, falling in the south, apparently.

House prices stagnate as mortgage rates rise

Mortgage deals have been rising as expectations of an imminent interest rate cut fade.

www.bbc.co.uk

 

[stevec67]

Wasn't there a name for these (escapes me)? They were ghastly looking places and I came across one around Norwich a few years back which was very difficult to sell, even at a great discount, simply because of its provenance/construction/age etc.

There were various designs and suppliers. The one I know was a Cornish Unit. It wasn't Ideal Homes but it was nice enough. There were others when I lived in Corby, they were made of steel and rather less pretty.

Edit - the one I know was a Cornish Unit Type 1, with a hipped roof and tiles covering the upper floor. It's not Wisteria Cottage but I wouldn't call it "ghastly". The type 2s were concrete all the way to the eaves and rather less attractive. Still better than "ghastly" though.

 

[Bob McC]

Thanks, Bob, but unfortunately I don't follow that, unless you are are saying that excess CGT, once the £3K has been deducted, is treated as ordinary income up to the £12570 allowance figure and then he excess taxed at CGT rates? Doesn't really make sense to me, though having painfully negotiated a CGT situation a year or two back, I'm still confused by any overlaps/correlations with earned income, if any.

It is.
Gain is added to income to determine rate of CGT payable.
It couldn’t be clearer here.

Capital Gains Tax: what you pay it on, rates and allowances

What Capital Gains Tax (CGT) is, how to work it out, current CGT rates and how to pay.

www.gov.uk

 

[laughingboy]

However, it occurred to me that if someone is well below the ordinary tax allowance, would that CGT be added to earnings or is it treated separately? In other words, can a total non-earner pay CGT (up to £12,570)? The tax is different, so I doubt it.

CGT and Income Tax are distinct taxes. Each has its own allowance (the Personal Allowance for Income Tax, and the tax-free allowance for CGT). See here for an HMRC source explaining how it works.

Income Tax and Capital Gains Tax are two entirely separate taxes, with each having is own tax free element. In 2023 to 2024, Income Tax has a personal allowance of £12570 and Capital Gains Tax has an annual exempt allowance of £6000. The two taxes are always, without exception, calculated separately.

Income Tax is always, without exception, calculated first. Where there is an element of the basic rate band (20%) not utilised against income, this unused element can then be utilised as the lower rate of capital gains tax (either 10% or 18% depending on the type of gain) with any remaining gain taxed at 20% or 28%.

Capital Gains Tax for residential property is taxed at the lower rate of 18% and the higher rate of 28%, whereas, personal possessions such as stocks and shares or jewellery, paintings, antiques, coins and stamps and sets of things, eg matching vases or chessmen; are all taxed at the rates of 10% and 20%.

 

[Kirk]

L & G are arguing that it would be good to reduce the number of buy to lets and increase the number of new build-to-lets, on the grounds that institutions are less likely to make bad landlords than individuals.

Britain would be better off with fewer buy-to-let landlords, says L&G

Britain would be better off with fewer buy-to-let landlords, says L&G

‘Unscrupulous’ investors are taking tenants’ money and ‘giving them a bad experience’

www.telegraph.co.uk

L&G are smoking crack.

 

[Kirk]

Rising in the north, falling in the south, apparently.

House prices stagnate as mortgage rates rise

Mortgage deals have been rising as expectations of an imminent interest rate cut fade.

www.bbc.co.uk

Flat in contemporary Londinium. NI the standout performer. Predictions of price increases of 20% in the next 4 years.

 

[hifinutt]

Temporary housing in containers would become like post 2nd world war prefabs which were supposed to last a few years but many are still in use. When Peterborough council wanted to demolish a street of them there was such an outcry from the residents that they were refurbished and are still in use. Container homes are probably still worth doing.

indeed , many are now listed buildings

The Wake Green Road Prefabs « Birmingham Conservation Trust

www.birminghamconservationtrust.org

take a trip down Wake Green Road and you could be forgiven for thinking you’d stepped back in time. Sitting back off the road, behind their front gardens, you’ll find a row of seventeen 1940s’ Phoenix design prefabs.

The Grade II listed Phoenix prefab bungalows in Wake Green Road were designed and manufactured by John Laing, McAlpine and Henry Boot, as part of a consignment of 2,428 prefabs supplied to the Ministry of Works under the Temporary Housing Programme. These temporary homes were only expected to be in use for ten years but 70 years on they are still in use. There are no other known surviving Phoenix prefabs still lived in which makes these extra special.