House prices up 8.5% in 2020 amid tax holiday
17/02/2021 | news | business | 1,004
Prices climbed at their fastest annual rate since October 2014, official figures show.
1
17/02/2021 12:02:35 105 9
bbc
Artificially high prices are simply a means of pushing more and more debt onto future generations.

One section of society consuming now at the expense of those yet to enter the housing market.

Buy now and let others pay later.
5
17/02/2021 12:04:24 89 33
bbc
It isn't artificial. Things are worth as much as someone is willing to pay for them.

It may be undesirable, but it is definitely real.
15
17/02/2021 12:07:42 6 8
bbc
How are they artificially high? I mean, have the rules of supply and demand stopped working? Genuinely interested, not having a dig.
316
17/02/2021 13:25:32 1 0
bbc
I used to adhere to that rationale. Then I discovered that our WW2 debt to the US was finally paid back in full, comparatively recently, by at least one generation who were not even born when the debt was accrued. Besides..for future generations, the state of the environment, climate & the ecology will be of prior importance I suspect & may already be so. Shall we ask Greta? Just a thought.
453
17/02/2021 13:57:59 0 1
bbc
Surely the future generations will inherit the houses of their parents?
2
17/02/2021 12:02:48 130 5
bbc
The bubble continues to inflate...for now.
13
17/02/2021 12:07:03 125 29
bbc
Indeed. Inflated by hedge fund billionaire Sunak.
117
17/02/2021 12:23:31 9 2
bbc
Ive been hearing predications that house prices will fall since i had my milk teeth. It would be a good thing but demand and supply sets the price and thats not gonna change things for years to come.
187
17/02/2021 12:51:13 4 1
bbc
First rule of business, supply and demand. The bubble will pop when the demand falls. Can you give me insight into when the demand will fall? Something would need to wipe out 1/3 of the population to have any effect. House prices will be the last of your worries if that happens.
783
17/02/2021 16:17:31 1 1
bbc
Prediction of a housing price crash No 42,687
959
18/02/2021 09:55:30 0 0
bbc
Apart from 2008 when everything went a bit haywire, the bubble has not really deflated since the mid 1960s.
And the reason for 2008 was everyone lost their jobs so couldn't buy a house anyway
We have a housing shortage and the only thing HMG has done recently to help it is to clamp down on the tax-breaks around BTL, as builders continue to favour the higher margins of green-belt 'villas'
3
17/02/2021 12:03:41 81 25
bbc
Please crash so I can get a bargain and finally move out
55
17/02/2021 12:20:05 35 27
bbc
You will then have to let your parents MOVE IN as they won't have any money for care costs!
130
17/02/2021 12:35:32 3 1
bbc
Will do when the scheme ends, taxes go up and the recession hits hard.
406
17/02/2021 13:46:00 3 2
bbc
If there is a crash you'd have likely lost your job.
475
17/02/2021 14:02:41 5 0
bbc
I used to feel exactly the same, until I realised that in a recession the banks will start restricting the mortgages they make available to younger and first time buyers. Either way, we're stuffed.
837
17/02/2021 17:55:04 0 0
bbc
A major crash to occur..?? would require all the myriad of trades,professions / service workers who are fully or partly dependent on heathy housing market..to take a big pay cut + build materials to become much cheaper too. Central bank & Gov. sensibly have a 2 % inflation tgt. SO a crash is wishful thinking on your part and highly unlikely and highly undesirable for the country and its economy.
4
17/02/2021 12:04:18 35 2
bbc
As long as the central banks keep printing money and devaluing fiat, asset prices will only increase.
508
17/02/2021 14:11:08 12 1
bbc
And almost no one realises this. Instead they blame it on BTL. Not realising most of those BTL landlords would prefer to earn 5% by putting their money in the bank, like it was pre-ZIRP
1
17/02/2021 12:02:35 105 9
bbc
Artificially high prices are simply a means of pushing more and more debt onto future generations.

One section of society consuming now at the expense of those yet to enter the housing market.

Buy now and let others pay later.
5
17/02/2021 12:04:24 89 33
bbc
It isn't artificial. Things are worth as much as someone is willing to pay for them.

It may be undesirable, but it is definitely real.
22
17/02/2021 12:09:27 15 2
bbc
There is an underlying tacit acknowledgement between the Banks, Government and Developers to do all they can to keep and increasingly keep prices high through various means.

The UK housing market is not a market.
27
17/02/2021 12:12:46 20 0
bbc
People are willing to pay that much for them because they're told they'll cost more in 10 years. And they can afford to because interest rates are at historic lows.

In reality, the only way house price growth above wage growth is sustainable in the long time is by reducing interest rates. The BoE base rate's already down at 0.1%, there's nowhere for it to go - perpetual growth can't go on forever
39
17/02/2021 12:15:25 16 1
bbc
It's artificial in that if one cannot borrow £500k, one cannot ask for £500k+.

Take away ridiculous lending criteria and the whole thing implodes. There's no reason for any houses to go up in price as much as they have other than uber-lending. The BoE said themselves they actively pursue the 'wealth effect'. Houses do the same job they did 40 years ago.

Debt expansion is the only game in town.
310
17/02/2021 13:22:48 2 0
bbc
It is artificial if the stimulus is artificial (and finite). Simply repurposing stamp duty 'saved' to add to purchase price.
465
17/02/2021 14:00:00 3 0
bbc
Ah but that is rigged. The Bank of England admitted it. Their policies hype the house prices. Proper interest rates, better sized deposits and house prices collapse. But then the ordinary peasants get something on their savings and less for bankers, land sellers, developers, buy to let spivs. Guess who are mates of the political class?
525
17/02/2021 14:15:26 3 0
bbc
People are not paying, the banks are lending more. House prices up 8.5% salaries? Prices are controlled by how easy it is to get funded not by desire of the buyer. Average house price is 8 times salary but in 80s it was 3. So the banks are fuelling price rises by lending more against slower rising salaries. If they didn’t, they couldn’t buy and then house prices would go up in sync with income.
628
RIP
17/02/2021 14:54:53 1 0
bbc
Nothing to do with what someone's "willing" to pay. Everything to do with massive Govt props and subsidies, ie what this taxpayer is UNWILLING to cough up for thank you very much. I'd rather my taxes helped real business and jobs not a static pre-existing pile of bricks.
639
17/02/2021 14:56:59 2 0
bbc
Government intervention on this scale is massively artificial. Especially when most of the pounds spend were created out of thin-air courtesy of the BoE
854
17/02/2021 18:09:09 0 0
bbc
Indeed. An artificially high price implies that there is a 'real' underlying price, based on some kind of algorithm. In reality the price of anything is dictated only by production cost, perceived value, supply & demand, and substitution possibilities.
6
17/02/2021 12:04:32 208 30
bbc
More government subsidies push house prices higher.

Is this a market or a Ponzi scheme?
10
17/02/2021 12:06:39 68 90
bbc
If you knew what a Ponzi scheme was you wouldn't ask the question
58
17/02/2021 12:20:54 16 5
bbc
Gov are used to Running Ponzi Schemes. Look at the state pension.
108
17/02/2021 12:31:29 13 0
bbc
The Government don't want lower house prices, its that simple. There is no benefit to them for lower house prices.
169
xlr
17/02/2021 12:45:11 7 3
bbc
Pushing house prices higher is the only kind of government subsidy the Tories ever liked.
622
RIP
17/02/2021 14:51:58 0 1
bbc
Well it's not a market because it's so massively rigged with hundreds of Govt props. So that leaves, er, Ponzi!
855
17/02/2021 18:24:16 0 1
bbc
7
Bob
17/02/2021 12:04:42 47 3
bbc
Following the introduction to the stamp duty holiday the OBR revised their prediction and predicted growth for 2020 so it isn't as surprising as painted.

It is 2021 where they see the market tanking.

No doubt some new scheme to keep investor's pockets lined will be created to prevent that happening, too.
615
17/02/2021 14:47:20 6 5
bbc
What, like when Labour bailed out the banks?
Whatever scheme any govt runs there will be people who game it and profit through fraud of some sort.
All parties should be clamping down on illegal actions, if people do well out of it legally, good luck to them.
Bored of being lectured about moral duty, I reckon most complaining here were first to buy up loo roll, beans and pasta this time last year!
8
17/02/2021 12:05:24 459 15
bbc
This supports the prediction that the stamp duty savings would simply get added to the asking prices.

Another very poor use of public money.
33
17/02/2021 12:14:27 143 226
bbc
Tory voters (predominantly homeowners) are grinning.
51
17/02/2021 12:19:24 22 19
bbc
Half a pound of tuppenny rice
Half a pound of treacle
That's the way the money goes
Pop goes the Housing Bubble.
73
17/02/2021 12:25:00 53 10
bbc
Poor use of public money.

And bad news for productivity and business in the UK.

We need people investing in innovation, manufacturing and technology.

Put the brakes on the property market now.
112
17/02/2021 12:32:16 42 6
bbc
Or perhaps people couldn't afford the tax to move into bigger houses or houses in more affluent areas before, with London and South-East seeing lowest increases (with exception of Northern Ireland)? This should be a wake-up call to reshape this unfair tax and instead focus the taxation more on those buying second properties and buy-to-let.
192
17/02/2021 12:52:50 4 5
bbc
Delighted, wont be moving again, bought the final house 4 years ago, Very Happy with this news, can down size with ease a little later in life.
199
17/02/2021 12:55:36 0 0
bbc
From my experience it hasn't been. Many are actually being reduced down from initial ask price.
212
17/02/2021 12:50:09 2 0
bbc
Exactly... so nobody saves any money at the end of it.
220
17/02/2021 12:59:27 3 1
bbc
Low interest rates would have played an equally as large role in price increase. I would say that the stamp duty holiday was quite an strange policy, but it does help the economy as more people moving house keeps people buying things and renovating which provides jobs and income.
252
17/02/2021 13:09:50 1 2
bbc
All stamp duty does is add friction to the moving process, stopping people from downsizing when they otherwise would, hence making the entire housing market less efficient - and that means harder to break into for first time buyers
269
17/02/2021 13:14:01 5 3
bbc
How is it public money? It’s public money when the tax has been paid on the property at completion.

Still have solicitors fees, estate agent fees, removal companies, DIY, land registry fees, mortgage product fees (some products not all) which attract VAT.

Randomly declaring it’s a poor use of public money is an ill thought out statement. Probably a Labour or SNP voter trying to score likes.
388
17/02/2021 13:36:50 1 0
bbc
yup our estate agent said as much, said the whole thing was just psychological as buyers think they are getting more but actually the estate agents just raised the prices and are the only ones really profiting.
433
17/02/2021 13:52:15 0 1
bbc
Not a poor use when every knew that is what happens. It is a deliberate choice. All the money ends up in the pockets of mates of the political class, that sell our green fields at development prices. It is not for our benefit! Hence the ever looser free for all in planning.
9
17/02/2021 12:06:30 96 3
bbc
Property is an investment in this country. It needs to be reclassified as 'shelter' to halt speculation.
37
17/02/2021 12:15:13 40 4
bbc
Nice thought it will never happen.
124
Bob
17/02/2021 12:34:39 4 1
bbc
You see this a lot with people who sell new builds a few years later. NBs are priced higher than existing stock and so when they too become existing stock the growth isn't there and some people flatly refuse to sell below the price they initially paid.

Instead of viewing it from the POV that their only cost for living was fees + interest they expect to have profited.
485
17/02/2021 14:05:46 1 0
bbc
It'd be nice to see an end to boring tv shows like "Homes under the Hammer", "A place in the Sun" & "Escape to the Country". Those that have to work for a living to put a roof over their head don't have time to watch such materialistic drivel.
494
17/02/2021 14:08:00 2 0
bbc
How?
What is needed is a simple program of modular container homes. Cost kept low for shelter. Without any subsidy. It should then be the only shelter provided or funded for all taking any benefits. That alone would rip out the demand and crash houses quickly and easily. Along with creating an affordable starter home instead of all renting.
537
17/02/2021 14:22:37 3 0
bbc
Property has always been an investment in this country. Where do you think the power of the monarchy and aristocracy comes from? Turns out the Queen owns the seabed too.
731
17/02/2021 15:45:17 0 2
bbc
The vast majority of homes are bought as homes..not for specuative purposes you are a victim of the myth crowd and silly media reporting on month to month and single year figures. Last20 year ave per yr is 3% no more no less.
6
17/02/2021 12:04:32 208 30
bbc
More government subsidies push house prices higher.

Is this a market or a Ponzi scheme?
10
17/02/2021 12:06:39 68 90
bbc
If you knew what a Ponzi scheme was you wouldn't ask the question
24
17/02/2021 12:09:56 15 9
bbc
Didn't your private school teach you about rhetorical questions? You should apply for a rebate.
11
Bob
17/02/2021 12:06:53 306 23
bbc
Says it all really when you go deeper into the figures. Prices up higher for cash purchases. Prices up higher for larger & detached properties. Prices up higher in plush rural locations.

The well-off have done well in the pandemic.

All thanks to a stamp duty holiday that has no benefit to first time buyers (already exempt up to £300k) for whom price to wage ratios were hovering at record levels.
136
17/02/2021 12:36:17 94 16
bbc
What about buyers moving into bigger houses? In the headline figures South East &London have seen lowest % increases (other than N Ireland). This tax break has allowed people in these areas to buy bigger houses as their families grow, rather than being stuck because of the large tax that is stamp duty.

If you want to target the well-off, only apply stamp duty to 2nd home purchases & buy to let.
210
17/02/2021 12:57:51 9 10
bbc
You are right, the well off have benefitted.

I bought a house for both my children in cash from the proceeds of a huge growth in the Stock market. I quadrupiled my assets in a year and used £500k for 2 houses.

For the well off all well for thiose who have lost their job, not so.
It’s important to ensure the hugely inflated asset bubble is maintained for multi portfolio landlords and banks - subsidised as ever by tax payers via Corporate Socialism!
230
17/02/2021 13:03:08 3 4
bbc
A lot of these house moves have been incremental and would never have happened if the stamp duty holiday was not implemented. Therefore the loss of "Duty" is a lot than any predictions.

You also have to bear in mind its had a big knock on impact for Furniture sales, Tradesmen, DIY Stores. Ask anyone who works in these sectors - performance has been very good.

This stimulates the economy
311
17/02/2021 13:14:25 1 1
bbc
Well said.

Always what it was about.
332
17/02/2021 13:32:19 0 0
bbc
£125k actually.
351
17/02/2021 13:36:13 1 0
bbc
NOT in Scotland though.
Pre the waiver it was as low as £145,000 and only increased to £250,000.
Relatives moved from a one bed apt to a two bedded one and price was £260,000.
Land Tax as it has been renamed here(shock) was over £12k.
So all this rich folks nonsense is exactly that, nonsensical!!!!
535
17/02/2021 14:21:15 2 1
bbc
The envy in your comment is palpable. Doing well in life is not a crime.
Like you said prices are up for larger, detached, rural properties, NOT the sort of homes first time buyers are looking for.
No, these are properties purchased by second, or third time buyers, who will in turn be selling their properties. Thus, a massive increase in availability of homes suitable for first time buyers.
668
17/02/2021 15:07:46 0 0
bbc
What a load of rubbish.First time buyers only had the massive increase in the amount tax free under this Government.Generally the many have done financially quite well during this crisis the Average earner in particular.The furlough scheme that paid 80% of wages were better off as although they received less than before but less than 20% there savings have been very high indeed
714
17/02/2021 15:31:09 0 0
bbc
They were not exempt up to 300k get your facts right. Houses over 500k did not get the relief so you are wrong there too.
12
17/02/2021 12:06:59 30 2
bbc
Estate Agents must have loved the stamp duty holiday, raising prices and telling people about the discount they would get if they bought before the deadline....
859
17/02/2021 18:38:44 2 2
bbc
Estate agents do not set asking prices.House owners do..so makes no sense to vilify one without the tother!..Usually not best to vilify anyone and maybe work to a better and more accuarate understanding.
2
17/02/2021 12:02:48 130 5
bbc
The bubble continues to inflate...for now.
13
17/02/2021 12:07:03 125 29
bbc
Indeed. Inflated by hedge fund billionaire Sunak.
290
17/02/2021 13:18:52 8 1
bbc
Whose dad was a bus driver.
450
17/02/2021 13:56:57 0 0
bbc
What we need then is a short seller Chancellor!
14
17/02/2021 12:07:06 1 3
bbc
Another good reason to extend lockdown restrictions then! ??????
1
17/02/2021 12:02:35 105 9
bbc
Artificially high prices are simply a means of pushing more and more debt onto future generations.

One section of society consuming now at the expense of those yet to enter the housing market.

Buy now and let others pay later.
15
17/02/2021 12:07:42 6 8
bbc
How are they artificially high? I mean, have the rules of supply and demand stopped working? Genuinely interested, not having a dig.
146
17/02/2021 12:38:16 4 0
bbc
There are myriad of subtle means including land banking and the interminable reluctance on planning reforms.

The motivations for Government(s) are of course for happy voters and those for the Banks/Developers are self-evident.
233
17/02/2021 13:04:07 4 0
bbc
Continued Gov efforts to keep prices high, reductions in supply, 1st time buyer equity schemes etc. now the Stamp Duty exception - recent figures on 1st time Buyer deposits are eye watering.
501
17/02/2021 14:09:59 1 0
bbc
Help to buy
stamp duty holidays
developers sitting on land banks as thy know bringing more properties onto the market will reduce prices.
Houses being bought up and left empty by overseas investors.
House building has not kept up with demand for years, every governments talks about the required number of new homes but the targets are never met.
536
17/02/2021 14:21:43 2 0
bbc
The rules of supply and demand are alive and well... Just that the demand is massively fuelled by artificially low interest rates (QE and absurd 0.1% base rate).

Supposing rates were 4-6% and then let's see what happens with supply and demand... My guess would be that prices collapse. The problem isn't supply, it's crazy interest rates.
540
17/02/2021 14:23:24 0 0
bbc
Your salary goes up 3 %, pa. your bank lends the difference to meet the higher house price then it becomes affordable and bought. If your banks just referred to our salary not rising enough then the house doesn’t sell so the offer price is reduced. Demand is governed by the broad lenders as it not a cash purchase like coffee for eg the problem is banks have been allowed to put more debt on us!
636
RIP
17/02/2021 14:56:38 1 0
bbc
Yes those rules HAVE stopped working. All that matters is the hundreds of Govt bungs and props. Obvious example: ditch stamp duty and prices go up to match. Nothing to do with supply or demand - both are still the same. In fact, transactions are some of the lowest they've ever been.
789
17/02/2021 16:35:10 1 0
bbc
I think that is a very good question.
In my opinon the Part Ownership process has driven up the prices.
Prior to that if a person could not afford an a house, then they could not buy it, so the price could not get too far out of reach.
Now people are able to buy 10% of a house, with the hope of working towards the remainder, but this just pushes the prices up prices by increasing demand.
792
17/02/2021 16:39:17 2 0
bbc
If it was simple supply and demand they would be no need for schemes or tax breaks on housing.

Help To Buy
Rent To Buy
Part Ownership

All these pay the developer profits via the taxpayer on houses they build for the most profit not on need.

A few simple changes by removing subsidies and tax breaks would make a lot of houses simply unaffordable. There maybe demand but unaffordable.
805
17/02/2021 16:55:15 1 0
bbc
Artificial demand due to billions being printed. Assets are hugely inflated now due to the fake economy (GDP down, incomes down, employment down but house prices up, stock market up etc)
16
MVP
17/02/2021 12:07:49 136 6
bbc
Great news for those who own their own home but heartbreaking for those who have been desperately saving for a deposit for years and their first home is now even more out of reach than before.
75
17/02/2021 12:25:20 66 12
bbc
Based on previous house price cycles, I think there is a big crash coming.
460
ceb
17/02/2021 13:58:50 7 0
bbc
It’s sort of meaningless for single homeowners unless you’re about to downsize. Makes zero difference to me if house values double or half. I still have somewhere to live. House increases are mostly just miserable for renters and good for people who invest in property
555
17/02/2021 14:29:34 3 5
bbc
Just let the Brexit sink in, the prices will drop
717
17/02/2021 15:32:12 2 0
bbc
Lots of renters based in London have moved out to afford their first home. Remote working has enabled them to continue to earn a London salary. This is a major trend powering the demand. Bad news for local workers though.
726
17/02/2021 15:40:11 1 0
bbc
Dozens of 10% deposit products out there and actual mortgage rates have NEVER been lower. Cut the hype study the facts.
899
Guy
17/02/2021 19:56:26 0 0
bbc
very true
17
17/02/2021 12:08:29 2 3
bbc
And now people live in fear of the stamp duty being reinstated in case they have bought negative equity
18
17/02/2021 12:08:32 3 3
bbc
Ha ! This demonstrates just how many people have been screwing the system and are now “loaded”.

Government payments while still working...... nice!
19
17/02/2021 12:08:35 45 4
bbc
We need higher interest rates to control house prices and stop people treating someone's home as an investment. However if you have cash and get no interest on savings you will then buy a property where you get a 5% return. Increases demand and pushes prices up - higher inflation will also help longer term in getting prices down.
268
17/02/2021 13:05:35 10 10
bbc
Are you really an accountant? Higher interest rates will make mortgages more expensive and as mortgages are granted on the basis of affordability that will preclude even more people from getting one. It’s really easy to control second home ownership and buy to let ownership, its just the politicians don’t have the spine to do it.
20
17/02/2021 12:08:47 60 9
bbc
This is ridiculous, if I somehow managed to save 50% of my salary every year for a house deposit, I'd still be nowhere closer to owning my own home based on these year on year increases. The help to buy scheme is also capped at £250k, which means the 'average' property is no longer part of that.
87
17/02/2021 12:28:22 51 15
bbc
first time buyers don't buy the average property - they buy near the bottom of the price ladder in their area
140
17/02/2021 12:37:16 6 11
bbc
if you want to even consider paying a mortgage, you should now as has always been the case be saving more than 50% of your salary

My first mortgage in 1988 cost 70% of my salary
145
17/02/2021 12:38:16 1 0
bbc
Soon will crash or wages will rise. As soon as will kill the speculative market.
147
17/02/2021 12:38:28 2 1
bbc
Help to buy scheme was PR stunt - been capped at £250K
What do you get ? £3K - avge increase just in last 12 mths was +£20K
Thanks a lot!
384
17/02/2021 13:42:55 2 2
bbc
Any First Time Buyer using the help to buy scheme expecting to be able to afford an "average" house needs a reality check. Whatever happened to starter homes - one up from a bedsit?
838
17/02/2021 17:58:38 2 0
bbc
You are maybe confusing compounding with annual inflation. Long term annual on houses is 3% according to ALL three main chart providers. Check them over 20 years..Hlfx..Nationwide or O>N>S. So your 50% saving would see you easily getting in front on average years.Incidentally if it wasnt just 3% there wouldnt be so much noise now about 8% ish recently.
21
17/02/2021 12:08:58 3 3
bbc
And yet the one measure that would debunk all of the 'data' from the cohort trying to make us believe that high house prices are great is that volumes have dropped off a cliff and only high end properties have been selling, hence skewing the useless 'average price' measure heavily upward. It's an equity-swapping game.

But we're not allowed to know that.
144
17/02/2021 12:38:11 0 0
bbc
Dunno where you are, but there is very little here for under £250,000 where as there is masses for £750,000 upwards. I'd say the average here is at least £500,000
5
17/02/2021 12:04:24 89 33
bbc
It isn't artificial. Things are worth as much as someone is willing to pay for them.

It may be undesirable, but it is definitely real.
22
17/02/2021 12:09:27 15 2
bbc
There is an underlying tacit acknowledgement between the Banks, Government and Developers to do all they can to keep and increasingly keep prices high through various means.

The UK housing market is not a market.
77
17/02/2021 12:25:32 11 1
bbc
If Government(s) were genuinely intent on solving the ‘housing crisis’, why do they not simply set up a house building company.

A company that completely rejects the awful dense tower block approach but concentrates on good quality, varied and beautiful housing establishing welcoming environments in which people genuinely want to live.
23
17/02/2021 12:09:40 3 8
bbc
We seem to have this HYS subject every month when the figures come out. Yawn! ??
10
17/02/2021 12:06:39 68 90
bbc
If you knew what a Ponzi scheme was you wouldn't ask the question
24
17/02/2021 12:09:56 15 9
bbc
Didn't your private school teach you about rhetorical questions? You should apply for a rebate.
296
17/02/2021 13:19:49 5 1
bbc
He's right though. It has none of the characteristics of an actual Ponzi (pyramid) scheme. There's no paying of early investors with proceeds from new investors. It's an accidental market subsidy scheme, which to be fair is just as bad.
25
17/02/2021 12:11:06 13 4
bbc
Stamp Duty is a dreadful tax and should not apply to those buying their primary residence as it impedes social mobility.

The current holiday should apply to those sold subject to contract prior to 31st March so as not to crash current transactions, then taper off to avoid cliff.

Longer term the gov need to get rid of this tax and change it to something more equitable.
29
17/02/2021 12:13:12 14 0
bbc
Agree with you regarding it should not be applied to your primary residence. Possibly only apply to those who are buying a second/holiday home, or buying with the sole purpose of letting/renting the house out.
46
17/02/2021 12:17:26 0 0
bbc
like extending existing capital gains rules for 2nd homes to primary residences?

Gov could then afford to scrap SDLT & still net an additional £15Bn a year revenue at current rates.

Makes the seller liable for the tax as they generally have greater means to pay (having just sold). May also reduce cash in hand economy as properly receipted work is deductible from the gain.
26
17/02/2021 12:11:27 12 10
bbc
House hunting before and after lockdown, the savings people would get from not paying Stamp Duty (I was exempt being a FTB) was simply added to the asking price.

It really sucks that it happened, but, instead of complaining, I just saved harder to get my foot on the ladder. I didn't buy my dream home, but it's a start at least. Something FTB seem to often forget. Rome wasn't built in a day.
47
17/02/2021 12:17:51 8 8
bbc
We're not talking about building Rome though are we, were talking about house prices shooting up when real time wages are going down, it's just another "I'm alright jack" attitude from you I see
5
17/02/2021 12:04:24 89 33
bbc
It isn't artificial. Things are worth as much as someone is willing to pay for them.

It may be undesirable, but it is definitely real.
27
17/02/2021 12:12:46 20 0
bbc
People are willing to pay that much for them because they're told they'll cost more in 10 years. And they can afford to because interest rates are at historic lows.

In reality, the only way house price growth above wage growth is sustainable in the long time is by reducing interest rates. The BoE base rate's already down at 0.1%, there's nowhere for it to go - perpetual growth can't go on forever
41
17/02/2021 12:16:15 10 0
bbc
I didn't buy my home as an investment, nor did my sister or brother, or my Mum and Dad - but then none of us live in or near London or the South East. Actually I suppose you could say it was cheaper than renting, maybe that's an incentive.
806
17/02/2021 16:56:51 1 0
bbc
Exactly, when the asset inflation creeps into commodity inflation, BoE will have be stuck between a rock and a hard place. If they raise interest rates to control inflation then even gov will struggle to pay interest let alone people. If they dont then inflation will run rampant.
28
17/02/2021 12:13:05 54 18
bbc
tory policy - make the house-owning wealthy tory supporters even richer whilst making the property ladder even harder to get onto for the rest
49
17/02/2021 12:19:07 45 11
bbc
Tory policy, Labour policy, SNP policy..
171
17/02/2021 12:45:36 6 3
bbc
The whole country voted Tory last time around, so everyone is happy.
620
17/02/2021 14:51:41 8 2
bbc
Because no Labour voters own a house?
Though many stop supporting Labour once they do own a house as they realise Labour wants to strip it from them.
Do check President Blair's portfolio and very dodgy property deals when he was in office. And Commrade Corbyn seems happy enough with the money he rakes in, at arms' length of course, don't want to be seen benefiting from capitalism.
850
17/02/2021 18:08:26 1 2
bbc
ERM SO HELP TO BUY FOR FIRST TIMERS DIDNT HELP..NOT..ONE PERSON ?...SO STAMP DUTY OFF DIDNT HELP? so cheapest ever mortgages dont help ?
and by the way dont repeat the error of many on here..there was no stamp break for second home buyers or buy to lets..or any home over 500K.Those policys were aimed squarely at helping first timers . Your prejudice exceeds your ability to be sensible.
25
17/02/2021 12:11:06 13 4
bbc
Stamp Duty is a dreadful tax and should not apply to those buying their primary residence as it impedes social mobility.

The current holiday should apply to those sold subject to contract prior to 31st March so as not to crash current transactions, then taper off to avoid cliff.

Longer term the gov need to get rid of this tax and change it to something more equitable.
29
17/02/2021 12:13:12 14 0
bbc
Agree with you regarding it should not be applied to your primary residence. Possibly only apply to those who are buying a second/holiday home, or buying with the sole purpose of letting/renting the house out.
30
17/02/2021 12:13:37 3 2
bbc
At this rate Londoner's will be cashing in the old casino chips and moving up to Ramsbottom.
31
17/02/2021 12:13:46 1 2
bbc
property prices surprisingly high with or without S DUTY . the VERY FAVOURABLE lending rates make up most of the rise. I on my travels, have never seen so many new builds as in 1 and 2 bed flats ALL OVER GREATER LONDON AND SURROUNDING AREAS . To me it actually looks like over supply.
32
17/02/2021 12:14:10 2 6
bbc
what does it matter the banks have closed the doors and nobody can go anywhere....also house prices mean nothing
100
17/02/2021 12:30:49 1 0
bbc
Correct, house prices are relative to the circumstance of the individual, just as are taxes and inflation. Your own personal circumstances drive all these things. A 21 year old living with parent(s) is affected by inflation very differently to the OAP who owns their house and no longer needs to be drawn into spending silly money on say a £4 coffee a day (£1408 a year towards a mortgage alone).
8
17/02/2021 12:05:24 459 15
bbc
This supports the prediction that the stamp duty savings would simply get added to the asking prices.

Another very poor use of public money.
33
17/02/2021 12:14:27 143 226
bbc
Tory voters (predominantly homeowners) are grinning.
93
GBE
17/02/2021 12:29:24 15 21
bbc
Still grinning
105
17/02/2021 12:19:59 51 67
bbc
Not true, we have children and grandchildren who cannot get on the housing ladder. Too many coming to live on our crowded island is the problem. This wasnt the case prior to your mate Tony (landlord) Blair coming to power,
110
17/02/2021 12:31:46 46 10
bbc
Inane comment totally unsubstantiated, I know many non Tory Voters who are hone owners,
135
17/02/2021 12:35:59 36 3
bbc
The problem for Labour is that so many of their core voters are home owners too. If only the well off homeowners voted Conservative they would never be in government.
156
17/02/2021 12:40:42 30 27
bbc
its never been cheaper to get a mortgage and buy a house-nothing to do with your own brand of politics. Assume by your anger at homeowners is driven by what? Still in a rented property or living with mummy and daddy?
157
17/02/2021 12:41:16 37 4
bbc
Not at all, because the value of the home we live in is meaningless to most of us.

I really couldn't care less what my home is worth and indeed would happily see the value of my home along with all others drop by 50% or more if it helped more people to join the housing ladder.

But sadly; any drop would only be temporary and some would deliberately profiteer from it.
173
17/02/2021 12:45:48 14 7
bbc
Pathetic left wing drivel.

You assume people are pocketing the profits. If they are moving to a larger property that has also gone up and further away.
188
17/02/2021 12:51:51 10 1
bbc
The only people grinning are estate agents, whose industry was for some reason directly saved from covid collapse rather than sticking them on furlough. Unless you sold and moved into a rented house and plan to re-buy when the stamp duty holiday ends. Then you might be grinning...
289
Me
17/02/2021 13:18:32 5 2
bbc
Would be good if you had evidence to support this, don't let the facts get in the way of a bitter comment will you.
347
17/02/2021 13:35:47 4 2
bbc
Like all those Labour voting home owners in London you mean?
444
17/02/2021 13:55:12 2 0
bbc
No they are a side show being bought off with chicken feed.
The real purpose is for converting your agricultural field into a development site. Millions overnight for absolutely nothing. I know some of those gagging for their slice! They know why government arranged things so they can overrule local denials. Why there are forced 'development plans' required.
34
17/02/2021 12:14:42 32 9
bbc
Private landlords have FUBAR'd the housing market and our corrupt government can't do anything about it because the most powerful of those landlords are the ones who have the spineless puppets in the Cabinet bent over a barrel.
48
17/02/2021 12:18:11 14 24
bbc
Meanwhile, back in the real world, the (Tory) government has shafted small landlords by imposing huge costs on them, thus preventing Mr and Mrs Average owning 2 or 3 houses if they so choose.
71
17/02/2021 12:24:24 12 1
bbc
If you want to have a go at "private landlords", and by that I presume you mean "buy to let". Perhaps you're feelings would be better directed at the private landlords who:

1. Buy whole swathes of new developments up at a time.
2. Who are non-UK resident
3. Many of whom aren't even UK citizens.

About time we introduced conditions such as "must at least be UK citizen" to own UK housing.
513
17/02/2021 14:12:10 2 0
bbc
It's not landlords, it's QE and ZIRP. The govt and central banks are over the moon landlords are getting the blame for something deliberately constructed by them
35
17/02/2021 12:14:49 38 7
bbc
STAMP DUTY HOLIDAY- It's like pouring petrol on a fire, of course it burn well for a while. Duh.
36
Vid
17/02/2021 12:14:51 6 23
bbc
I see the socialists are out in force again
70
17/02/2021 12:24:01 5 4
bbc
as are the right wingers - you prove that
9
17/02/2021 12:06:30 96 3
bbc
Property is an investment in this country. It needs to be reclassified as 'shelter' to halt speculation.
37
17/02/2021 12:15:13 40 4
bbc
Nice thought it will never happen.
38
17/02/2021 12:15:16 97 40
bbc
Put a stop to second home ownership.
50
17/02/2021 12:19:17 65 21
bbc
Nothing wrong with second home ownership - if Mr and Mrs Jones want a holiday home or a house that they rent out then fair play.
The real problem is 3rd, 4th, 5th, 6th etc home ownerships and landlords who can only afford to be landlords by the likes of BTL, and treating it like an unlimited free money forever dispensary rather than as a business with risk and potential for loss
54
17/02/2021 12:20:03 21 10
bbc
One property per adult limit. We could implement progressive value tax if you keep additional properties for more than one tax year.
Also - Stamp duty should be paid only for the difference in value of the house, when moving, not for the entire value of new property - it's a rip-off.
270
17/02/2021 13:15:05 7 4
bbc
A bit of a sweeping statement. We own a second home, not for ourselves but to rent to our daughter. We aren’t making any profit out of it. She isn’t in position to get a mortgage yet. When she does she will buy it off us at a discount from the market rate. We will subtract the amount of rent she has paid us. As long as we get our original investment back that’s all we want.
569
17/02/2021 14:34:21 6 0
bbc
Despite what comments on here would have you believe, not all landlords are bad. The ones who have everything mortgaged up to the eyeballs on interest only and don't put any money back into the properties need to be stopped. For the landlords who are sensible and invest in their properties, don't penalise them, doing so will cause bigger problems.
841
17/02/2021 18:00:15 1 1
bbc
Just reading the comments tells what the problem is, it’s not second home ownership... it’s stupidly high property prices set by agents!
People are complaining because someone buys a second home, but if they could afford to buy it in the first place they would so it’s price not ownership that’s the issue!
Red rhetoric isn’t going to solve the housing problem, fixed affordable prices are!
5
17/02/2021 12:04:24 89 33
bbc
It isn't artificial. Things are worth as much as someone is willing to pay for them.

It may be undesirable, but it is definitely real.
39
17/02/2021 12:15:25 16 1
bbc
It's artificial in that if one cannot borrow £500k, one cannot ask for £500k+.

Take away ridiculous lending criteria and the whole thing implodes. There's no reason for any houses to go up in price as much as they have other than uber-lending. The BoE said themselves they actively pursue the 'wealth effect'. Houses do the same job they did 40 years ago.

Debt expansion is the only game in town.
178
17/02/2021 12:47:16 9 1
bbc
The UK economy likely has gotten itself into a particularly dangerous dependency on the housing market, more than widely known, clearly illustrated by this bizarre policy of Stamp Duty Holidays.

But when the music stops…
40
17/02/2021 12:15:46 45 5
bbc
More bad news for my property dream of owning a home one day.
52
jon
17/02/2021 12:19:28 24 6
bbc
Asking prices are now being reduced as the stamp duty holiday comes to an end.
488
17/02/2021 14:06:55 4 2
bbc
You'll never own one.

Not with that attitude.
27
17/02/2021 12:12:46 20 0
bbc
People are willing to pay that much for them because they're told they'll cost more in 10 years. And they can afford to because interest rates are at historic lows.

In reality, the only way house price growth above wage growth is sustainable in the long time is by reducing interest rates. The BoE base rate's already down at 0.1%, there's nowhere for it to go - perpetual growth can't go on forever
41
17/02/2021 12:16:15 10 0
bbc
I didn't buy my home as an investment, nor did my sister or brother, or my Mum and Dad - but then none of us live in or near London or the South East. Actually I suppose you could say it was cheaper than renting, maybe that's an incentive.
42
17/02/2021 12:16:34 91 10
bbc
Country of 40 year olds still living in the box room.
408
17/02/2021 13:46:56 35 10
bbc
And voting for the party that puts them there
43
17/02/2021 12:16:46 187 26
bbc
The barriers to entry for first time buyers are disgusting

Those stuck in the renting trap are basically being exploited to fund 2nd, 3rd, 4th homes of people that got in when houses were dramatically cheaper in real terms

The housing market is in desperate need for reform
68
17/02/2021 12:23:28 88 108
bbc
I doubt houses were actually cheaper in the past in real terms. We bought a 2 bed cottage in the mid 80s as FTB and our mortgage (12% interest) took up £500 out of my £600 take home pay. My son is paying far less for his 4 bed house in real terms now. Incidentally we bought a telly for £500 and a VHS player for £200
when we moved in. These are hugely cheaper now, too.
326
17/02/2021 13:30:38 18 1
bbc
In my area the average price of a house is 11 - 16 times the average yearly wage. Just saving the percentage required for a deposit is impossible for many young people... not that they can afford a mortgage, even if both of them are working full time. City dwellers with their city wages buy up everything available as second homes or holiday lets & locals' only option is to pay expensive rents.
420
17/02/2021 13:49:27 3 1
bbc
Not always, a good number of landlords invested in property instead of pensions. Anyone can, its easy to do & manage, there are tax benefits & penalties. Bricks & mortar dont disappear like companies or pensions did. Every service involved inflate their charges- legal, estate agents, builders for repairs & maintenance, accountants, insurance. All that gets passed on to the tennant as rent.
459
17/02/2021 13:58:47 5 2
bbc
2nd homes should attract significant taxation, as should buy to let, although ironically you don't want to kill the rental market, so it's difficult.

Supply and demand drives price, and we're not building at a sufficient rate to account for the ever growing average life expectancy.

An awful lot of posh cars parked outside those rented flats mind, so the Insta generation can't have it all ways.
518
17/02/2021 14:13:39 2 3
bbc
work harder.
609
17/02/2021 14:45:31 3 3
bbc
I purchased my first house in the early noughties. I have got more and more disposable income as the years have gone by even though I have moved up the ladder substantially. I have invested the disposable income for my children so that they can purchase their first home. Why isn't everyone doing this where they can rather than frittering it away.
677
17/02/2021 15:12:04 2 2
bbc
There is no real barrier to first time buyers than forty years ago.The only one that is obvious is raising the deposit.This is due to the fact that young people enter the workforce so much later than they used to and cannot save unless they stay home.This is what my children did and in fact paid the same as I did in real terms and currently pay less of their income than I did forty years ago
720
17/02/2021 15:33:59 3 1
bbc
Despite the hype renting is still far cheaper than buying andmaintaining..also the number of people with 3 or 4 homes is minute compared to the whole.Your prejudice outweighs your reasoning.
44
17/02/2021 12:16:54 74 8
bbc
So as usual, it's the sellers, not the buyers, who have benefited from this taxpayer funded scheme.

What is the economic reasoning behind wanting property prices to rise above normal inflation - even to the point of using taxpayer's money to satisfy the ever increasing demands of sellers?
63
17/02/2021 12:22:52 33 17
bbc
Actually I bought and benefitted hugely from paying less in Stamp Duty. Significant money that I can now route in to home improvements. I'm sure I won't be the only one.
67
17/02/2021 12:23:25 7 2
bbc
Em, every seller has to then be a buyer (generally) so it's a zero-sum game. I get more for my house but then have to pay more for my purchase.
72
17/02/2021 12:24:44 7 1
bbc
To increase profits for builders to ensure they keep building. The builders don't want to flood the market with too many new homes because if there's enough supply values drop lowering profits. I'm not a labour supporter but we really do need public owned house building now or the young will have to look elsewhere for any future prospects, then we really are in for a recession like no other.
394
17/02/2021 13:44:04 0 0
bbc
Nonsense.
Think it through!
991
18/02/2021 16:14:53 0 0
bbc
Sensible economists state that real estate seen in full round including direct & indirect employment & all the services attached thereto is the biggest employer. Also given the vast range and number of those jobs plus materials plus land plus 2 % gov. and B of E infl.target... housing will always inflate over time. Wages & whole economy would have to be in V. V severe depression for it not to.
45
17/02/2021 12:17:04 76 10
bbc
Looking forward to when this unsustainable above-inflation-increases-forever bubble bursts.
There's only so much of the population you can price out of the housing market
193
17/02/2021 12:53:07 36 12
bbc
The 'haves' simply leverage their capital to keep swallowing up more houses making them unaffordable to many.

I think the UK is one of very few countries that the home occupier pays the local rates rather than the owner as is the case in many places in Europe.

The equivalence is, people who own multiple homes would pay the council tax on all of them, not the tenants.
739
17/02/2021 15:50:43 6 1
bbc
Mortgages have never ever been cheaper. You forget that. You also repeat the myth that H/prices somehow extra ordinary...they have actually averaged just 3% gain per annum across last 20 years. Also NOT out of sync with other similar countries! Go and read the charts.
25
17/02/2021 12:11:06 13 4
bbc
Stamp Duty is a dreadful tax and should not apply to those buying their primary residence as it impedes social mobility.

The current holiday should apply to those sold subject to contract prior to 31st March so as not to crash current transactions, then taper off to avoid cliff.

Longer term the gov need to get rid of this tax and change it to something more equitable.
46
17/02/2021 12:17:26 0 0
bbc
like extending existing capital gains rules for 2nd homes to primary residences?

Gov could then afford to scrap SDLT & still net an additional £15Bn a year revenue at current rates.

Makes the seller liable for the tax as they generally have greater means to pay (having just sold). May also reduce cash in hand economy as properly receipted work is deductible from the gain.
674
17/02/2021 15:10:35 0 0
bbc
Why the blazes should we have to keep giving the government free money if we wish to move house? The government has no involvement in the transaction and it costs them nothing, yet we (or some of us) have to pay them thousands of pounds for nothing. It is inequitable and in a country with more volatile citizens would lead to rioting if people stopped to think about it.
26
17/02/2021 12:11:27 12 10
bbc
House hunting before and after lockdown, the savings people would get from not paying Stamp Duty (I was exempt being a FTB) was simply added to the asking price.

It really sucks that it happened, but, instead of complaining, I just saved harder to get my foot on the ladder. I didn't buy my dream home, but it's a start at least. Something FTB seem to often forget. Rome wasn't built in a day.
47
17/02/2021 12:17:51 8 8
bbc
We're not talking about building Rome though are we, were talking about house prices shooting up when real time wages are going down, it's just another "I'm alright jack" attitude from you I see
170
17/02/2021 12:45:34 3 0
bbc
It's a "No point complaining, knuckle down and work for what you want" attitude from me.
34
17/02/2021 12:14:42 32 9
bbc
Private landlords have FUBAR'd the housing market and our corrupt government can't do anything about it because the most powerful of those landlords are the ones who have the spineless puppets in the Cabinet bent over a barrel.
48
17/02/2021 12:18:11 14 24
bbc
Meanwhile, back in the real world, the (Tory) government has shafted small landlords by imposing huge costs on them, thus preventing Mr and Mrs Average owning 2 or 3 houses if they so choose.
133
17/02/2021 12:35:42 5 0
bbc
When there is a shortage of critical items, need must always come ahead of want, so Mr and Mrs average shouldn't be allowed to own more than one house until supply increases beyond demand.
28
17/02/2021 12:13:05 54 18
bbc
tory policy - make the house-owning wealthy tory supporters even richer whilst making the property ladder even harder to get onto for the rest
49
17/02/2021 12:19:07 45 11
bbc
Tory policy, Labour policy, SNP policy..
646
17/02/2021 14:59:20 3 0
bbc
Exactly. Yet another example of a "policy" that in fact does not change at all, whichever bunch of incompetent lying con-artists forms the government.

I never cease to laugh at the people on HYS - Tory bad, Labour good; Tory wonderful, Labour evil. It's as if there were any practical difference between them!
38
17/02/2021 12:15:16 97 40
bbc
Put a stop to second home ownership.
50
17/02/2021 12:19:17 65 21
bbc
Nothing wrong with second home ownership - if Mr and Mrs Jones want a holiday home or a house that they rent out then fair play.
The real problem is 3rd, 4th, 5th, 6th etc home ownerships and landlords who can only afford to be landlords by the likes of BTL, and treating it like an unlimited free money forever dispensary rather than as a business with risk and potential for loss
104
17/02/2021 12:31:15 17 3
bbc
Most don't even live in our country just buy them up and rent out , time to put a stop to it for good.
202
Suz
17/02/2021 12:56:14 22 2
bbc
There is a lot wrong with 2nd home ownership, when it is left empty for most of the year and completely destroys rural communities and the hopes of local youngsters. Tax 2nd homes to the hilt and also landlords who want it as a "pension", but are not prepared to treat it as a business, ie renovate and repair as necessary and not see the deposit as easy money each time a tenant leaves.
214
17/02/2021 12:58:42 15 4
bbc
Oh yes there is. Second homes, used once in a blue moon, mean that local people have less chance of buying and staying local. A lot of 2nd home owners don't even shop locally when they do use the holiday home, so it's not just locals wanting to live locally who lose out.
663
17/02/2021 15:05:28 0 0
bbc
Actually no, because it is most likely a holiday home would be small and cheap, so exactly what FTBs need
704
17/02/2021 15:24:28 5 0
bbc
Being a landlord is not unlimited free money and most small landlords do not make much money on the rent but on the capital gain over the long term wich is just really another way of investing their money.
750
17/02/2021 15:58:04 3 0
bbc
Just watch the BBC daily advert for what appears to be mainly Asian property developers 'homes under the hammer'. 'What will you do with the property?' 'add it to our portfolio of 50 others...'
8
17/02/2021 12:05:24 459 15
bbc
This supports the prediction that the stamp duty savings would simply get added to the asking prices.

Another very poor use of public money.
51
17/02/2021 12:19:24 22 19
bbc
Half a pound of tuppenny rice
Half a pound of treacle
That's the way the money goes
Pop goes the Housing Bubble.
236
17/02/2021 12:58:18 2 0
bbc
It won’t. Demand still outstrips supply.
381
17/02/2021 13:31:13 2 1
bbc
"Pop goes the Housing Bubble."

People have been saying that for as long as I can remember. It won't happen without a major increase in housing supply. And I wouldn't hold your breath on that.
40
17/02/2021 12:15:46 45 5
bbc
More bad news for my property dream of owning a home one day.
52
jon
17/02/2021 12:19:28 24 6
bbc
Asking prices are now being reduced as the stamp duty holiday comes to an end.
69
Bob
17/02/2021 12:24:00 2 0
bbc
Very definite stagnation in this area at the moment, and the number of results continues to drop daily.

Having been searching even prior to the pandemic they're at very low levels. If supply continues this say that could have an upward effect too if people become desperate to move.
53
17/02/2021 12:19:52 5 9
bbc
Stamp Duty on primary residence is a tax on jobs. Millions of people out of work who could find jobs easier if they weren't penalised for relocating.
38
17/02/2021 12:15:16 97 40
bbc
Put a stop to second home ownership.
54
17/02/2021 12:20:03 21 10
bbc
One property per adult limit. We could implement progressive value tax if you keep additional properties for more than one tax year.
Also - Stamp duty should be paid only for the difference in value of the house, when moving, not for the entire value of new property - it's a rip-off.
3
17/02/2021 12:03:41 81 25
bbc
Please crash so I can get a bargain and finally move out
55
17/02/2021 12:20:05 35 27
bbc
You will then have to let your parents MOVE IN as they won't have any money for care costs!
162
17/02/2021 12:42:16 4 6
bbc
No, if they have no assets, the state pays.
175
xlr
17/02/2021 12:46:07 9 5
bbc
Vote for a government that doesn't force the elderly to sell their homes to get care then.
56
17/02/2021 12:20:15 14 3
bbc
Madness...utter madness
57
17/02/2021 12:20:41 2 3
bbc
Lots of High Street HMO,s will follow shortly, housing crisis sorted !!

Chicken shed living.
6
17/02/2021 12:04:32 208 30
bbc
More government subsidies push house prices higher.

Is this a market or a Ponzi scheme?
58
17/02/2021 12:20:54 16 5
bbc
Gov are used to Running Ponzi Schemes. Look at the state pension.
59
17/02/2021 12:20:54 19 9
bbc
Just another blow for the young, all the older generations moan about people coming over taking jobs but soon they'll have their cake and before you know it the young will look elsewhere as they have no prospects here anymore, who's going to fill those jobs if no one comes in and more start to leave?
88
17/02/2021 12:28:26 16 15
bbc
Except with the benefit of Brexit the uncontrolled mass immigration from the EU has been stopped , giving our own younger citizens just starting out a better chance of accessing housing
878
17/02/2021 19:05:04 1 0
bbc
Lived in 3 countries and having seen how people work elsewhere as opposed to certain attitudes that are becoming increasingly prevalent here...good luck. Too many people here think country owes them the standard of living they aspire to as opposed to what they are prepared to graft for. Not all.. but attitudes are getting worse and blaming others for what one doesnt have is more prevalent here.
60
17/02/2021 12:21:35 22 8
bbc
I'm asexual and therefore single- and I am thus screwed in the housing market since you need two incomes to afford to buy. I have a professional job, but the idea of affording even the tiniest house is an absolute joke. Working in the public sector, the pay rises were got were 0% two years ago, 1% last year and 0% again this year.

By retirement, I may just about be able to afford a cardboard box.
74
17/02/2021 12:25:16 15 17
bbc
You always have needed two incomes to buy a house since women went to work and thus inflated house prices. Perfectly possible to buy a house jointly with a friend and I know a number of young people who have done this.
128
17/02/2021 12:35:03 3 2
bbc
1. Buy with a friend - this will get you o the ladder
2. Private sector pay rises have been no better and more likely worse as more likely to have been furloughed
661
17/02/2021 15:04:22 4 2
bbc
You get a second job in the evening and weekends (deliveroo for example), stop your morning lattes and smashed avo on toast, knuckle down for 3-4 years and then buy the sort of place your don't really want - small and in a shitty area.

That's the first step on the ladder, welcome to adulthood.
864
17/02/2021 18:47:55 0 0
bbc
Look in other areas perhaps..and im not being facetious...you could buy elsewhere..also you could jointly buy with soemone who isnt a partner. Lots of potential solutions although I agree its not always easy. Maybe see a really good mortgage broker.
61
17/02/2021 12:21:43 11 4
bbc
Great for those who had already invested in brick-coin.
62
17/02/2021 12:22:46 4 5
bbc
the north south divide perpetuated by the shared purchase schemes in London - where all the jobs are!!!
We need action to force companies to move away from the M25 circle and into other areas. That will even out house prices, give job opportunities and make first house purchases far more affordable.
The root cause needs addressing, not a sticking plaster approach
44
17/02/2021 12:16:54 74 8
bbc
So as usual, it's the sellers, not the buyers, who have benefited from this taxpayer funded scheme.

What is the economic reasoning behind wanting property prices to rise above normal inflation - even to the point of using taxpayer's money to satisfy the ever increasing demands of sellers?
63
17/02/2021 12:22:52 33 17
bbc
Actually I bought and benefitted hugely from paying less in Stamp Duty. Significant money that I can now route in to home improvements. I'm sure I won't be the only one.
163
17/02/2021 12:42:28 1 0
bbc
For most this isn't the case though is it because most people pay for their houses by getting a mortgage and the benefit of the stamp duty break is miniscule over the course of the mortgage.
932
17/02/2021 22:35:47 0 0
bbc
Can you please make sure that you use reputable tradesman to do your home improvements (those that declare and pay their taxes). Otherwise there won’t be any tax being paid back into the system to help subsidise the tax saving you’ve just benefitted from. Cheers
64
17/02/2021 12:22:57 30 3
bbc
So when you inject cash into the demand side, but don't address the supply side, prices go up? Who knew?
653
17/02/2021 15:01:57 2 0
bbc
And we've injected people into the demand side as well over the past 20 years - a pop growth rate five times that of the previous decades.
65
17/02/2021 12:12:58 20 5
bbc
The tax holiday only served to make it more expensive to buy a house. When will Governments learn to,stop meddling in house prices and allow the market to get to a sustainable affordable level.
66
17/02/2021 12:14:04 114 20
bbc
Average UK salary of £30k (which is actually inflated due to the highly paid), with average UK rent price of £700, not including bills and living expenses, no wonder it’s so hard for first time buyers to save a deposit for a quarter of a million £ house without bank of mum and dad or inheritance. Plus the £50k it costs to attend uni. It’s ridiculous. Young have been shafted for the last 2 decades
85
17/02/2021 12:27:46 72 75
bbc
Except the young are n't meant to buy a house at the average price but a home at the cheaper end of the market and yes, it takes two incomes to do it. Perfectly possible to save up and buy a house if you put your mind to it.
165
17/02/2021 12:43:35 14 3
bbc
As an older person I completely agree with you - I don't understand why there are no protests - perhaps there will be post COVID restrictions
315
17/02/2021 13:25:14 15 19
bbc
Whereas a £1,000 phone, £96/year Prime, £50/m Sky, etc., etc. are affordable?

The pandemic should have been a great opportunity to save for many too.
466
17/02/2021 14:00:13 14 4
bbc
Not everyone has to go to uni. For many its just a jolly ending in mickey mouse degrees no employer wants.
490
17/02/2021 14:07:32 7 0
bbc
I have no idea why the young don't protest about the money printing causing this. Instead, they're more bothered about statues of people who had slaves many years ago and equal rights for transexuals. Priorities...
531
17/02/2021 14:18:45 0 3
bbc
Never let the facts get in the way of a good moan. Average full time salary in UK is nearly. Average means that there are higher and lower, so it's not all inflated it's an average. Standard of living over the last 2 decades is the highest it's ever been, I'm not too sure I'd have liked being 20 in 1916 or 1940 or the 70's etc etc....
693
17/02/2021 15:18:46 1 2
bbc
what rubbish you write.In fact when there are no rises it is actually cheaper to rent than to buy as you do not have any unexpected bills to pay.The Average salary quote is actually also is the median so most earn it.Uni loans which you do not pay until a certain level are very small.Young have not been shafted at all in the last two decades
734
17/02/2021 15:47:32 1 1
bbc
Absolute nonsense. House prices have gained just 3% per anum per ave year over the last 20 years.. ( see O>N>S..or Halifax..or Nationwide charts ) which is historically LOW. We also have the lowest actual mortgage pay rates ever...get real and ignore the silly hype.
832
17/02/2021 17:48:14 0 0
bbc
Wow so its hard to save for 250k house.Simple buy a more modest property.There are many many cities and suburbs around the uk where small homes can be bought for a fraction of that. And enjoy paying an interest rate of around 2.5% as opposed to the double figure interest rates that many previous generations paid.
And dont forget greater London is massively distorting the so called average fig.
852
17/02/2021 18:10:12 1 0
bbc
Excellent Post...

1985- Bought a house £24,950 my earnings £12,500.
2013- Sold that house £180,000
2021- House Today 250/260K (On this basis I would need to be earning 125k for same 1985 outcome) It backs up your post.
44
17/02/2021 12:16:54 74 8
bbc
So as usual, it's the sellers, not the buyers, who have benefited from this taxpayer funded scheme.

What is the economic reasoning behind wanting property prices to rise above normal inflation - even to the point of using taxpayer's money to satisfy the ever increasing demands of sellers?
67
17/02/2021 12:23:25 7 2
bbc
Em, every seller has to then be a buyer (generally) so it's a zero-sum game. I get more for my house but then have to pay more for my purchase.
43
17/02/2021 12:16:46 187 26
bbc
The barriers to entry for first time buyers are disgusting

Those stuck in the renting trap are basically being exploited to fund 2nd, 3rd, 4th homes of people that got in when houses were dramatically cheaper in real terms

The housing market is in desperate need for reform
68
17/02/2021 12:23:28 88 108
bbc
I doubt houses were actually cheaper in the past in real terms. We bought a 2 bed cottage in the mid 80s as FTB and our mortgage (12% interest) took up £500 out of my £600 take home pay. My son is paying far less for his 4 bed house in real terms now. Incidentally we bought a telly for £500 and a VHS player for £200
when we moved in. These are hugely cheaper now, too.
96
17/02/2021 12:30:00 46 7
bbc
There is no doubt to be had, the research has been done and accounting for inflation and past interest rates house prices have never been higher
119
17/02/2021 12:33:45 52 4
bbc
my parents bought a 3 bed semi in a good area in 1980 with big gardens and a garage for about three times a bus drivers salary, that would equate to about £50,000 adjusted for inflation, so yes, in real terms they are very much more expensive.
134
17/02/2021 12:35:46 26 21
bbc
Oh do keep up. If avge price was say £80K and wage £15K then house only £65K more.
Avge price today 250K; avge wage 25K then it's 225K more
Don't play with %s - use £
238
17/02/2021 13:05:27 15 18
bbc
Totally agree. We bought our first house, a 2 bed semi, in 1973 for £7,250. I was earning £2,000 a year and, with the very high interest rates, all my salary was going to pay the mortgage. We basically lived day to day on my wife's salary. It was only the rampant inflation through the 70's that enabled us to move up market very quickly. At less than 1.0% inflation we would have been stuck.
240
Bob
17/02/2021 13:06:03 13 6
bbc
Wage to house price ratios are hovering at record levels, as they have done for a good few years now. About 8x+.

'Back then' it was more like 4x. Interest rates much higher, indeed, but it doesn't come close to closing the gap when you factor that in.

The market wasn't doing too bad until 2020 happened. Low growth, and below wage growth. Finally some catching up taking place.

No more.
251
17/02/2021 13:09:48 23 1
bbc
It’s more difficult to get a mortgage now and you need a much larger deposit.
287
17/02/2021 13:18:01 26 4
bbc
Barton52 - no i brought in 1986, mortgage 3X my salary wife did not have to work. Now? 3x my salary buys 1/4 of my house. .
You're absolutely right. The proportion of my income that I would pay on any of the homes I've had is now very significantly less than it was. In real terms, mortgage costs are at a near-record low.
334
17/02/2021 13:32:38 28 6
bbc
Oh come on. The interest rates of the 70s were a blip. You ignore that wages were rapidly increasing too. Those big mortgage payments quickly became more comfortable and equity grew rapidly. It was easy to move up a few years later.

House price as a multiple of income is a more realistic measure.

Anyone claimg housing is as affordable now as in the past is delusional. The facts don't agree.
338
17/02/2021 13:34:25 6 1
bbc
mortgage payments may have been higher due to interest rates, but house prices were not higher.
Average house price has increased far quicker than average salary.
370
17/02/2021 13:39:56 8 5
bbc
As you can see from the replies to you - many don't seem to understand the differences between capital value and monthly interest payments. It's no wonder they haven't been able to buy if they are that financially illiterate.
442
Jon
17/02/2021 13:54:53 6 2
bbc
The average UK house price in 1985 was £30k but you claim to have been paying back £6k/year on your mortgage, over £5k of which would have been repayment. You could have paid off the average UK house in less than six years!

Either you had a very short mortgage period or a very expensive 2-bed cottage.
467
17/02/2021 14:00:18 8 1
bbc
"I doubt houses were actually cheaper in the past in real terms."

I'm confused if you were unsure why not check by typing "uk house price inflation in real terms" into Google or another search engine?

All the top 10 results confirm that your "doubt" was unfounded and since the 1960s house prices have skyrocketed.

Better than posting on here and risking being thought to be a fool?
476
17/02/2021 14:02:50 4 0
bbc
Difference is society gained by proper interest rates. Your costs were a lot of interest that was shared out with all the population with small savings. Mitigating your taking of all the asset gain to yourself. Now it is rigged so only the greedy and income rich gain every last penny. Keeping the poor poorer.
482
17/02/2021 14:03:55 4 1
bbc
Think you're forgetting MIRAS. You could offset those high interest rates against tax. Not any more. Compared to today, it was SIGNIFICANTLY cheaper buying in the 80s (and even cheaper in late 90s) by any measure you can make up.
635
17/02/2021 14:56:03 1 2
bbc
When you buy a house with interest rates at 12%, it's likely that rates will fall, your debt becomes more affordable and prices rise with affordability. FTBs now only know that interest rates can't really fall but could rise, leaving them in trouble.

Also imagine the judgment from boomers of the millennial who dares to take out a mortgage that costs 83% of their take-home pay!
683
17/02/2021 15:14:41 2 0
bbc
You are quite right.I also paid nearly that figure in payments.I only wish people stopped peddling this lie.There is a problem though I started earning at 16 whereas today many do not start to 22-23 so they have less time to save and also sometimes spend too much so cannot save a decent amount
718
17/02/2021 15:32:27 2 0
bbc
Well said. My first mortgage was at 12.25% and I was a student at the time.
794
17/02/2021 16:40:51 1 0
bbc
it took 10 years for my wages to catch up with my mortgage, its a fact of life.
891
17/02/2021 18:56:31 0 0
bbc
Yes, but your pay rises made your mortgage vanish if you could hang on. I bought in 1996, Faversham, 35K, earning 10K a year having quit a job in London to move home. I traded up when I earned 20K to a three bed semi for 82K having sold it for 60K. I sold it in 2009, took the proceeds and went to France. I couldn't afford to come back if I wanted to. Sold last year for 280K. I feel for the young.
895
17/02/2021 19:41:11 2 0
bbc
A house was bought in 2008 for £250k. This same house was sold in 2018 for £425k.
Now tell me if the salaries have gone up accordingly!
This stamp duty holiday has increased prices anyway because this £8-15k has just been added to the final price.
944
Lee
18/02/2021 08:03:02 0 0
bbc
My wife & I also brought our first house in the 1980s.

But you forgot to mention that back then someone with a "average" wage could get a house for 3x their income with a 5% deposit. I was earning £10,000 a year back then and we could have got a 95% mortgage based on just my income, not the many multiples of a joint income, plus huge deposit, as is now required for many first time buyers.
52
jon
17/02/2021 12:19:28 24 6
bbc
Asking prices are now being reduced as the stamp duty holiday comes to an end.
69
Bob
17/02/2021 12:24:00 2 0
bbc
Very definite stagnation in this area at the moment, and the number of results continues to drop daily.

Having been searching even prior to the pandemic they're at very low levels. If supply continues this say that could have an upward effect too if people become desperate to move.
36
Vid
17/02/2021 12:14:51 6 23
bbc
I see the socialists are out in force again
70
17/02/2021 12:24:01 5 4
bbc
as are the right wingers - you prove that
34
17/02/2021 12:14:42 32 9
bbc
Private landlords have FUBAR'd the housing market and our corrupt government can't do anything about it because the most powerful of those landlords are the ones who have the spineless puppets in the Cabinet bent over a barrel.
71
17/02/2021 12:24:24 12 1
bbc
If you want to have a go at "private landlords", and by that I presume you mean "buy to let". Perhaps you're feelings would be better directed at the private landlords who:

1. Buy whole swathes of new developments up at a time.
2. Who are non-UK resident
3. Many of whom aren't even UK citizens.

About time we introduced conditions such as "must at least be UK citizen" to own UK housing.
654
17/02/2021 15:02:21 0 0
bbc
"About time we introduced conditions such as "must at least be UK citizen" to own UK housing."

I support that 100%. I believe it is already the case in Jersey for one; not sure about anywhere else. It is beyond ridiculous that foreigners and non-resident ones at that, are allowed to buy up property in our country. No wonder there are no houses for lower-income people to buy.
44
17/02/2021 12:16:54 74 8
bbc
So as usual, it's the sellers, not the buyers, who have benefited from this taxpayer funded scheme.

What is the economic reasoning behind wanting property prices to rise above normal inflation - even to the point of using taxpayer's money to satisfy the ever increasing demands of sellers?
72
17/02/2021 12:24:44 7 1
bbc
To increase profits for builders to ensure they keep building. The builders don't want to flood the market with too many new homes because if there's enough supply values drop lowering profits. I'm not a labour supporter but we really do need public owned house building now or the young will have to look elsewhere for any future prospects, then we really are in for a recession like no other.
8
17/02/2021 12:05:24 459 15
bbc
This supports the prediction that the stamp duty savings would simply get added to the asking prices.

Another very poor use of public money.
73
17/02/2021 12:25:00 53 10
bbc
Poor use of public money.

And bad news for productivity and business in the UK.

We need people investing in innovation, manufacturing and technology.

Put the brakes on the property market now.
362
17/02/2021 13:32:29 2 0
bbc
How do you "put the brakes" on the property market?
60
17/02/2021 12:21:35 22 8
bbc
I'm asexual and therefore single- and I am thus screwed in the housing market since you need two incomes to afford to buy. I have a professional job, but the idea of affording even the tiniest house is an absolute joke. Working in the public sector, the pay rises were got were 0% two years ago, 1% last year and 0% again this year.

By retirement, I may just about be able to afford a cardboard box.
74
17/02/2021 12:25:16 15 17
bbc
You always have needed two incomes to buy a house since women went to work and thus inflated house prices. Perfectly possible to buy a house jointly with a friend and I know a number of young people who have done this.
84
17/02/2021 12:27:35 10 3
bbc
So they don't have a right to own the shelter over their heads because they're single? Creating two classes through the back door there
97
17/02/2021 12:30:26 11 1
bbc
Categorically untrue. Even as late as the early 90's you could purchase a house on one income, even on a relatively low paid job.
164
17/02/2021 12:42:57 11 5
bbc
Not true. I'm single, live on my own. I bought a house in London 6 years ago (I didn't use any govt scheme to do it). I earn less than the average wage (for London) and have never had a penny from my parents. I made smart investments and spent what money I had wisely. It is possible but you have to be willing to make sacrifices.
665
17/02/2021 15:06:38 1 2
bbc
Wrong. My nephew bought his own house in Bucks. He's never been other than single although he managed to have a succession of girlfriends over the years. I imagine it's harder to buy as a singleton now, but it is possible.

It was encouraging women to work that created the problem, as stated. If one partner, could be the man, was not working prices could not have risen like this.
16
MVP
17/02/2021 12:07:49 136 6
bbc
Great news for those who own their own home but heartbreaking for those who have been desperately saving for a deposit for years and their first home is now even more out of reach than before.
75
17/02/2021 12:25:20 66 12
bbc
Based on previous house price cycles, I think there is a big crash coming.
215
17/02/2021 12:58:45 9 4
bbc
Do you work for BofE

Have predicted 30% crashes for voting leave

Triggering A50

Actually leaving.

Prices still rising

At the end of the day, supply and demand trumps expert opinion.
223
17/02/2021 12:55:24 7 0
bbc
Exactly right... history repeats itself by definition.
368
17/02/2021 13:39:38 1 4
bbc
Prove your fallacious point.
437
17/02/2021 13:54:14 7 2
bbc
I own a standard suburban three-bed with my husband.

I'm genuinely considering selling up and moving in with his mum. Prices are so inflated that I genuinely think if we sell up now we could be cash buyers in a few years when prices go back where they need to be.
484
17/02/2021 14:05:35 1 1
bbc
I'm sure I've heard that numerous times over many economic crises - why has it never happened, and why do you think it will now?
486
17/02/2021 14:05:50 0 0
bbc
Govts of all colours won't allow a crash. They'll push interest negative if necessary. In the last crash, 2008, Labour even started paying the mortgage of those who could no longer afford it.
522
17/02/2021 14:14:52 0 0
bbc
nope. simply need to look a pop figs vs available properties
730
17/02/2021 15:42:48 0 1
bbc
Really..amazing especially since weve never really had a "big crash"...and even when prices have come off maybe fifteen percent or so its NEVER lasted. You need to understand this country and all other westernised democracys need and seek to have inflation.Against that background sustained house price falls are not going to be possible.
76
17/02/2021 12:25:25 2 8
bbc
More evidence of the lies told by project fear pedlars like discredited George Osborne & David Cameron
89
17/02/2021 12:28:28 1 0
bbc
If you thought the financial downturn was going to happen the very next day you either didn't understand, or chose not to understand what they were saying.
22
17/02/2021 12:09:27 15 2
bbc
There is an underlying tacit acknowledgement between the Banks, Government and Developers to do all they can to keep and increasingly keep prices high through various means.

The UK housing market is not a market.
77
17/02/2021 12:25:32 11 1
bbc
If Government(s) were genuinely intent on solving the ‘housing crisis’, why do they not simply set up a house building company.

A company that completely rejects the awful dense tower block approach but concentrates on good quality, varied and beautiful housing establishing welcoming environments in which people genuinely want to live.
250
17/02/2021 13:09:44 1 0
bbc
Spot on, for years this has been the `so called` aim of successive governments but their vested interest groups halt progress, eg The Nimby`s
78
PEP
17/02/2021 12:25:38 1 2
bbc
Raising interest rates will not stop this, it will just cause non investors to struggle to pay mortgages, then have to sell their house cheap because nobody can afford to buy them, which allows investors with loads of rental income to buy more houses cheaply and push up rents. rates go back down and investors have made loads off the backs of those who are probably still paying off negative equity.
79
17/02/2021 12:25:51 1 4
bbc
Too few houses will guarantee prices will always remain high.
80
17/02/2021 12:25:54 2 5
bbc
For anyone young please consider investing in stocks with you deposit as early as possible. It's the only way to get on the ladder if you're single. Gotta roll the dice....worked for me.
98
17/02/2021 12:30:32 0 0
bbc
Unfortunately that's been my realisation too. The young can continue being drained of wealth year on year like a donkey following a carrot or take a bit of a gamble and put what you do have into something speculative and hope it helps you reach your goal.
81
17/02/2021 12:17:45 5 6
bbc
So the government still don't realise if you give people money to buy houses the sellers just add that money to the price....

Tories clueless as ever.
115
17/02/2021 12:32:38 0 1
bbc
When was the last house price Bubble and crash, please remind us who where in government, and it was not the Tories
82
17/02/2021 12:26:49 6 6
bbc
What a surprise. The stamp duty holiday was only ever going to make prices skyrocket, just like that other farce "Help to Buy". These schemes have one aim, and one aim only, to force up house prices. I feel so sorry for young people. Locked up in rented flats to stop them catching a disease that won't harm them, job losses in the millions and zero chance of ever affording home of their own.
83
17/02/2021 12:27:26 6 2
bbc
So who has the money to move at the moment? I thought the country was on its knees and unemployment was rising. Obviously someone has some cash. Probarly the buy to let brigade. I would have thought prices would have dropped in view of what's going on.
95
17/02/2021 12:29:57 0 0
bbc
Probably so...
109
17/02/2021 12:31:41 1 0
bbc
Mortgages are dirt cheap at 1-2%. We paid between 12 and 14% for the first 15 years of our mortgage. Anything under 10% still seems cheap to me. If you reduce the cost of mortgages by 80%, pump money into the economy, let foreign investor park their money in the UK, restrict supply below demand, house prices will only go one way.
114
17/02/2021 12:32:36 0 0
bbc
Rishi Sunak decided to subsidize them
912
Dee
17/02/2021 20:25:29 0 0
bbc
Many different people. Downsizers, upsizers, those who have changing circumstances eg divorce, bereavement, moving job, moving to a new location, to be nearer family, schools, those who have paid too much & want to come out without a loss, to reduce living expenses, those who want to sit the market out & rent among others!
74
17/02/2021 12:25:16 15 17
bbc
You always have needed two incomes to buy a house since women went to work and thus inflated house prices. Perfectly possible to buy a house jointly with a friend and I know a number of young people who have done this.
84
17/02/2021 12:27:35 10 3
bbc
So they don't have a right to own the shelter over their heads because they're single? Creating two classes through the back door there
66
17/02/2021 12:14:04 114 20
bbc
Average UK salary of £30k (which is actually inflated due to the highly paid), with average UK rent price of £700, not including bills and living expenses, no wonder it’s so hard for first time buyers to save a deposit for a quarter of a million £ house without bank of mum and dad or inheritance. Plus the £50k it costs to attend uni. It’s ridiculous. Young have been shafted for the last 2 decades
85
17/02/2021 12:27:46 72 75
bbc
Except the young are n't meant to buy a house at the average price but a home at the cheaper end of the market and yes, it takes two incomes to do it. Perfectly possible to save up and buy a house if you put your mind to it.
127
17/02/2021 12:35:03 16 6
bbc
I think it would be an awful lot easier and quicker if they weren't leaving uni with a £50k debt.
152
17/02/2021 12:40:04 33 4
bbc
The young generally earn considerably less than an average salary too so you can't just dismiss his point by saying one side of the equation is inflated

Can you get there with two salaries, over time with a lot of saving? Sure
Did previous generations have to go through the same difficulty? No. Should a home be so unobtainable? No. Should the desire of BTL investors be above first time buyers? No
410
17/02/2021 13:47:27 1 0
bbc
It really isn’t
571
17/02/2021 14:34:47 2 0
bbc
On zero hours contracts and the low pay received by so many in vital services such as social care? There is such a big divide in this country, so that many at the top actually have no idea how the other half are forced to live. You cannot work your way up from nothing to be a home owner in this country when every time your hard work gets you anywhere the barriers are raised like this.
578
17/02/2021 14:35:50 1 0
bbc
It's not when the bottom of the market is being dominated by cash buyers. I'm a first time buyer and have failed to get 4 houses in the past five months, even when offering over 18% more than asking. Each house had at least ten offers (the most had 22) and this is just in Nottingham!
656
17/02/2021 15:02:52 1 1
bbc
Boomers in denial
685
17/02/2021 15:15:09 0 0
bbc
good advice, buy a cheaper house, and watch anything nicer inflate even further out of reach, whilst wages stagnate.
86
17/02/2021 12:28:06 25 4
bbc
Make houses homes, not items in somebodies property portfolio
116
17/02/2021 12:33:00 4 10
bbc
The one floor with that argument is that every home is an item in someone's property portfolio - even when you own it. It's an item in YOUR property portfolio even if it is the ONLY item.

The problem are the property (residential as opposed to commercial/industrial) portfolios owned by foreign, non-UK resident, non-UK citizen investors.
509
17/02/2021 14:11:18 0 0
bbc
Where does someone who wants to rent live? You know, like one of the many millions who have moved to the UK over the past 20 years, where were they going to live on day one of arriving?
20
17/02/2021 12:08:47 60 9
bbc
This is ridiculous, if I somehow managed to save 50% of my salary every year for a house deposit, I'd still be nowhere closer to owning my own home based on these year on year increases. The help to buy scheme is also capped at £250k, which means the 'average' property is no longer part of that.
87
17/02/2021 12:28:22 51 15
bbc
first time buyers don't buy the average property - they buy near the bottom of the price ladder in their area
177
17/02/2021 12:47:09 11 7
bbc
I sympathise with Yeahok, but Timbo is right. Help to buy should sensibly be only available for first time buyers, as they are arguably the ones who need the most help. Most FTB's should be buying studios / 1-bed flats (families of course may need bigger).....the want-it-all-now generation won't stand for that though! P.S. it doesn't need to be central London prime real estate either!
227
17/02/2021 13:02:43 8 1
bbc
That's what someone with common sense would do, however...too many people purchase impressive looking properties that they can only just about afford, until unexpected life moments happen.
253
17/02/2021 13:10:32 4 0
bbc
Fair point, but the annual increase in house prices making saving for a deposit very difficult was my main issue. If people are already struggling to get a deposit, a 10% annual increase in prices isn't exactly making it easier. I don't see many people getting 10% pay rises every year.
305
17/02/2021 13:21:41 1 0
bbc
Given 'the bottom of the price ladder' are usually shoddily constructed flats, a decent proportion of which have unsafe cladding, accumulate value far less on average than houses, and afford you fewer rights as you're a leaseholder, is it any wonder that most buyers are a bit reticent to chain themselves to such a poor investment? And don't get me started in shared bleeding ownership - utter con.
858
17/02/2021 18:35:40 2 0
bbc
Excellent point sir or should be except that recent generations are often more unwilling to live in a small..maybe one bed place...for a few years. They often have expectations beyond those of previous generations and its not always accompanied by a determination to take a second job...save..live on less..go car-less or without overseas holidays..etc. Not all of them but the broad point is there.
59
17/02/2021 12:20:54 19 9
bbc
Just another blow for the young, all the older generations moan about people coming over taking jobs but soon they'll have their cake and before you know it the young will look elsewhere as they have no prospects here anymore, who's going to fill those jobs if no one comes in and more start to leave?
88
17/02/2021 12:28:26 16 15
bbc
Except with the benefit of Brexit the uncontrolled mass immigration from the EU has been stopped , giving our own younger citizens just starting out a better chance of accessing housing
121
17/02/2021 12:34:07 5 4
bbc
That's simply not true, we have seen a drop in population by an order of 200k this last year and prices continue to rise. The jobs they're vacating are below average wages so a drop in prices has to happen for that to be true, we all know what happens when house prices crash: building slows and people don't sell making it even harder
566
17/02/2021 14:33:15 1 0
bbc
"giving our own younger citizens just starting out a better chance of accessing housing"

If you export a load of the good jobs in things we export, like financial services and intellectual property (music & the Arts) then those houses are nowhere near where the young want to work.

So you'll be faced with no people here to look after you and your property reducing in value. Well done!
76
17/02/2021 12:25:25 2 8
bbc
More evidence of the lies told by project fear pedlars like discredited George Osborne & David Cameron
89
17/02/2021 12:28:28 1 0
bbc
If you thought the financial downturn was going to happen the very next day you either didn't understand, or chose not to understand what they were saying.
90
17/02/2021 12:28:43 10 3
bbc
With hindsight, it would seem that Rishi Sunak's stamp duty holiday wasn't a good idea. If he extends it (as some are calling for) after looking at this, he obviously wants house price inflation!
176
17/02/2021 12:46:43 6 4
bbc
Sorry - you say 'with hindsight?' any sane person didn't need hindsight
91
17/02/2021 12:28:48 2 1
bbc
As Shakespeare might have said "A price rise by any other name smells as bad".
92
17/02/2021 12:28:49 7 3
bbc
The stamp duty holiday only benefited sellers and agents as was entirely predictable. When is someone in government going to admit that such price inflation is not a good thing?
33
17/02/2021 12:14:27 143 226
bbc
Tory voters (predominantly homeowners) are grinning.
93
GBE
17/02/2021 12:29:24 15 21
bbc
Still grinning
94
FF
17/02/2021 12:29:48 7 3
bbc
This will all go bang very shortly too.
83
17/02/2021 12:27:26 6 2
bbc
So who has the money to move at the moment? I thought the country was on its knees and unemployment was rising. Obviously someone has some cash. Probarly the buy to let brigade. I would have thought prices would have dropped in view of what's going on.
95
17/02/2021 12:29:57 0 0
bbc
Probably so...
68
17/02/2021 12:23:28 88 108
bbc
I doubt houses were actually cheaper in the past in real terms. We bought a 2 bed cottage in the mid 80s as FTB and our mortgage (12% interest) took up £500 out of my £600 take home pay. My son is paying far less for his 4 bed house in real terms now. Incidentally we bought a telly for £500 and a VHS player for £200
when we moved in. These are hugely cheaper now, too.
96
17/02/2021 12:30:00 46 7
bbc
There is no doubt to be had, the research has been done and accounting for inflation and past interest rates house prices have never been higher
644
17/02/2021 14:59:10 1 1
bbc
You may be right, but wages are also higher ??, so makes your argument look silly
74
17/02/2021 12:25:16 15 17
bbc
You always have needed two incomes to buy a house since women went to work and thus inflated house prices. Perfectly possible to buy a house jointly with a friend and I know a number of young people who have done this.
97
17/02/2021 12:30:26 11 1
bbc
Categorically untrue. Even as late as the early 90's you could purchase a house on one income, even on a relatively low paid job.
189
17/02/2021 12:52:09 6 4
bbc
Absolutely, I did (1 bed property), damn near crippled me, had to sell my only means of transport and lived for the first couple of years with hand-me-down furniture only (same telly for 22 years!!) as I couldn't afford anything but paying the mortgage and the basic necessities to live. That was 1992. Would the generation now trying to buy suffer that?
80
17/02/2021 12:25:54 2 5
bbc
For anyone young please consider investing in stocks with you deposit as early as possible. It's the only way to get on the ladder if you're single. Gotta roll the dice....worked for me.
98
17/02/2021 12:30:32 0 0
bbc
Unfortunately that's been my realisation too. The young can continue being drained of wealth year on year like a donkey following a carrot or take a bit of a gamble and put what you do have into something speculative and hope it helps you reach your goal.
99
17/02/2021 12:30:35 0 6
bbc
Hopefully chancellor is aware of this. When he needs money should just levy a one off 20%property tax on entire country. That will raise a few billion.
People can either pay the tax now or agree to pay it when the house is sold.
32
17/02/2021 12:14:10 2 6
bbc
what does it matter the banks have closed the doors and nobody can go anywhere....also house prices mean nothing
100
17/02/2021 12:30:49 1 0
bbc
Correct, house prices are relative to the circumstance of the individual, just as are taxes and inflation. Your own personal circumstances drive all these things. A 21 year old living with parent(s) is affected by inflation very differently to the OAP who owns their house and no longer needs to be drawn into spending silly money on say a £4 coffee a day (£1408 a year towards a mortgage alone).