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Property prices thread

Started by Tamas, April 06, 2021, 10:12:46 AM

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Josquius

Quote from: Valmy on April 06, 2021, 12:25:49 PM
Quote from: Sheilbh on April 06, 2021, 12:22:30 PM
Quote from: Barrister on April 06, 2021, 11:48:59 AM
Quote from: Sheilbh on April 06, 2021, 11:45:12 AM
Most people own a property so they benefit from prices going up.

YOu don't really benefit from housing prices going up though - you have to live somewhere.  It's not like you can cash out of your house.
Re-mortgaging/access to more credit, a big return when you down-size once the kids move out, something to pass on to the kids.

But higher taxes and so long as no member of your family ever wants to have kids again you can get a big return :P
You don't pay taxes on property value in the UK.
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Valmy

Damn. Texas screws me again.

You would pay inheritance tax when you pass your 2 million pound hovel on to your kids though right?
Quote"This is a Russian warship. I propose you lay down arms and surrender to avoid bloodshed & unnecessary victims. Otherwise, you'll be bombed."

Zmiinyi defenders: "Russian warship, go fuck yourself."

Sheilbh

Quote from: Valmy on April 06, 2021, 12:26:59 PM
Damn. Texas screws me again.

You would pay inheritance tax when you pass your 2 million pound hovel on to your kids though right?
There's a tax on the sale of property and council tax is based on property values (due to the increase in property prices this is still based on the rates in 1992 :lol:). Edit: And that's a tax on the occupier not the owner, so I pay that tax.

Inheritance tax kicks in on estates over £325,000.

Given the average price house price in the UK is around £250,000 it's not normally a huge issue - it is more of a problem in London, obviously.

Although if you leave your home to your children then the threshold increases to £500,000. Also if you're married, any unused bit of your threshold gets passed on to your spouse - so if my estate is zero and I die first I could pass my £325,000 threshold to my (theoretical) husband, say, then the total tax-free value of the estate would be £650,000 - that would also apply if there's a car crash or something that kills both at once. So, in theory, if a couple owned two properties and left them to the kids that would also be tax free.

Obviously once you're over the threshold then the tax kicks in at 40% and it's a demand for cash which can cause issues if you've been left a huge asset like a house because you might not have 40% of the excess to hand which means you normally need to get into some sort of financing with a bank.
Let's bomb Russia!

merithyn

Yesterday, upon the stair,
I met a man who wasn't there
He wasn't there again today
I wish, I wish he'd go away...

Admiral Yi


The Brain

Quote from: Valmy on April 06, 2021, 12:26:59 PM
Damn. Texas screws me again.

You would pay inheritance tax when you pass your 2 million pound hovel on to your kids though right?

There's no inheritance tax in Sweden. Texas seems to be pretty Socialist.
Women want me. Men want to be with me.

Sheilbh

Quote from: Admiral Yi on April 06, 2021, 09:27:49 PM
40% on the first pound of inheritance over 325? :o
Or the first pound above 500k is it's a home. From a quick look that's lower than the US, no?
Let's bomb Russia!

Sheilbh

Quote from: Tyr on April 06, 2021, 12:22:38 PM
Yes. This is a big one.
My dad is doing some work at the moment for a Cornish woman who just moved up here to be near her son who married a Geordie. She bought a really nice bungalow in the countryside for £100k or there abouts having sold her family home in Cornwall for 4 times that.
Yeah and that goes the same in London. I know a Londoner born-and-bred. Family had a lovely home in a nice-ish bit of London which they'd lived in for about 20+ years. The dad died and the kids had moved out so the mum sold that property and was able to move into a very nice, far smaller house in Lewes - so a little bit country, little bit town - plus a big lump-sum she could put into her pension.

QuoteAlso things change once you are on the property ladder. £50k vs £25k a year matters little when rent is £2000 vs £500 a month. But when your housing is covered its fine. Even if the mortgage payments are more thats not money that is disappearing into space barring a housing crash, its still yours (which explains why the government has no interest in bringing down housing prices).
Honestly the single biggest driver for me wanting a flat is that while the rent and mortgage payments would be roughly the same I just want to stop giving that money to a landlord :lol: I get somewhere to live but I'm basically just giving that money to pay off someone else's mortgage which always annoys me.

At risk of pissing off some folks, rest assured I don't mean you here. Just thinking to some conversations I've had...
I have to say there is quite an entitled attitude amongst a lot of people who are priced out of London property ownership. They expect an awesome two bed flat in a trendy part of town, but not too noisy, walking distance from all the cool bars... at sub £200k or whatever it is.
Moving out of London and getting a job elsewhere? Why no. I can't do that. I like living here. I can't move to the badlands. Its uncool.
Moving out to a cheaper part of the London area? 90 minute commutes every day? No thanks.
So they continue to live in a garden shed, paying £2000 a month to cover the big house owner's mortgage.[/quote]
Well I feel very attacked :P

This doesn't match my experience - though I get it might reflect the way Londoners come across and I think it is definitely a bit of a thing when you first move to London. Either you are comparing your (normally decent) pre-rent salary with places back home or you're someone entitled who's just moved into Clapham (parents in Surrey), and you will end up buying a flat like that (parents paying your deposit and helping on the mortgage) <_<

But I think most people grow out of that pretty quickly and you work out what your priorities/compromises are. So a lot of my friends have bought now (though it's very difficult if you're single - which is another of my life problems that I'm forced to blame on heterosexuality). In general they're not living centrally - and only one or two are living near a tube station as opposed to buses or overground (which terrifies a lot of newcomers) - and they're not living in particularly exciting areas though some are up and coming. So it's places like Walthamstow, Leytonstone, Forest Hill, Streatham, Sydenham, Blackheath etc. A few cared more about location and wanting to stay reasonably central - but they live in high-rise, ex-council blocks on estates that aren't for everyone. That's normally the trade-off - you move out a little bit or you move into somewhere that not everyone is going to like.

Personally I'm probably more in the latter camp - I really love the area of London I live in. I've rented three flats/rooms around here for most of the last ten years and I want to stay here or near to it. It's not super-trendy (and, again, no Tube - which I think does knock £10,000s off the price). I currently live in a council block and I can basically afford the mortgage for a flat in another council block - which I'm fine with because they're pretty decent on the inside, I like the area etc but I know other people might not like it. I think for me and others in London the big barrier to actually being able to buy is the deposit - it's really difficult to save that much money if you're not able to get help from your parents (which I can't - hence why I'm still saving).

QuoteFor born and raised Londoners for generation upon generation I feel sorry for them. For teachers, doctors, etc... I have huge sympathy and really want something to be done. But there's an awful lot of people who just can't compromise in their life. There's little attempt to think of the big picture.
Doctors are fine - it's nurses I sympathise with :P
Let's bomb Russia!

Richard Hakluyt

Back in the day the NHS used to have a lot of accommodation for its staff and councils would make flats that were disliked by families available to nurses. With so many hospitals in city centres and nurses being on low pay this was considered to be basic social solidarity.

Sheilbh

Quote from: Richard Hakluyt on April 07, 2021, 06:54:09 AM
Back in the day the NHS used to have a lot of accommodation for its staff and councils would make flats that were disliked by families available to nurses. With so many hospitals in city centres and nurses being on low pay this was considered to be basic social solidarity.
The thing that slightly blew my mind when I was in hospital last year was student nurses. I think this is because it's moved from a purely vocational route to a university degree. So where I think it used to basically be like an apprenticeship where you'd get paid while you trained, now it's a degree so you don't.

One of the student nurses who I got chatting to was attending university in Roehampton which is very south-west London, but would get placements in any London hospital which were unpaid (I think there was a travel and lunch allowance). I assumed that it was basically because they do a lot more class learning - like maybe the first year in university or 3 days on placement/2 days study. But apparently not, from memory she was basically on placement for six weeks then one week in lectures. And she had student fees and loans like anyone else to pay for the privilege (though there is an NHS grant).

It's a ridiculous, broken system - and a really good example of how we've made far too many things degree-based/attach professional status to people with degrees instead of people with practical professional skills <_<

It made me very angry because I'd no idea.
Let's bomb Russia!

The Larch

There's a reason why the UK has such a large nurse shortage (as well as many other healthcare related professions) and have for decades resorted to importing them from abroad in bulk.

Richard Hakluyt

Quote from: Sheilbh on April 07, 2021, 07:06:49 AM
Quote from: Richard Hakluyt on April 07, 2021, 06:54:09 AM
Back in the day the NHS used to have a lot of accommodation for its staff and councils would make flats that were disliked by families available to nurses. With so many hospitals in city centres and nurses being on low pay this was considered to be basic social solidarity.
The thing that slightly blew my mind when I was in hospital last year was student nurses. I think this is because it's moved from a purely vocational route to a university degree. So where I think it used to basically be like an apprenticeship where you'd get paid while you trained, now it's a degree so you don't.

One of the student nurses who I got chatting to was attending university in Roehampton which is very south-west London, but would get placements in any London hospital which were unpaid (I think there was a travel and lunch allowance). I assumed that it was basically because they do a lot more class learning - like maybe the first year in university or 3 days on placement/2 days study. But apparently not, from memory she was basically on placement for six weeks then one week in lectures. And she had student fees and loans like anyone else to pay for the privilege (though there is an NHS grant).

It's a ridiculous, broken system - and a really good example of how we've made far too many things degree-based/attach professional status to people with degrees instead of people with practical professional skills <_<

It made me very angry because I'd no idea.

It is outrageous; hard to contemplate without raising my BP and risking giving the nursing profession even more work to do. My ex trained at Great Ormond St back in the late 70s and lived in a nurses' home in Bedford place just off Russell Square. She paid a peppercorn rent for that, so most of her small salary went on worthy activities like partying and enjoying central London....this is how it should be  :(

Sheilbh

Quote from: The Larch on April 07, 2021, 07:13:53 AM
There's a reason why the UK has such a large nurse shortage (as well as many other healthcare related professions) and have for decades resorted to importing them from abroad in bulk.
Yeah - this made me look up recent stats on it and I was actually surprised how low it is for nurses. There are more overseas-born doctors in the NHS (excluding GPs where there's no stats because they're all independent) as a proportion than nurses, which I found surprising although that's probably just based on my own anecdotal experience plus my general disinterest in/dislike of doctors :ph34r:
Let's bomb Russia!

Sheilbh

Quote from: Richard Hakluyt on April 07, 2021, 07:31:38 AM
It is outrageous; hard to contemplate without raising my BP and risking giving the nursing profession even more work to do. My ex trained at Great Ormond St back in the late 70s and lived in a nurses' home in Bedford place just off Russell Square. She paid a peppercorn rent for that, so most of her small salary went on worthy activities like partying and enjoying central London....this is how it should be  :(
Agreed :(

Having said that - and I don't know where they lived or how they afforded it - but I used to live next door to the Royal Free and there was one pub in particular that the nurses partied hard in :lol: Maybe the NHS discount was very good. I think if you're a pub near a hospital you can probably make a killing with a 50% NHS discount if you become the go-to.
Let's bomb Russia!

Richard Hakluyt