Budget removed uncertainty for house buyers, says the Halifax
05/03/2021 | news | business | 323
The UK's largest mortgage lender, the Halifax, says the stamp duty holiday extension was welcome.
1
05/03/2021 11:41:28 11 10
bbc
Budget supported middle class house owners at the expense of those on UC and free meals for kids and not giving nhs staff a decent pay boost - especially for nurses.
18
05/03/2021 12:23:17 6 4
bbc
Private sector pays for public sector wages. The shrinking and heavily taxed private sector is paying a hell of a lot already.

Support for pie-in-the-sky mortgage owners is just to keep debt plates spinning.
2
05/03/2021 11:44:42 24 8
bbc
Before the budget we had seen a 10% downturn in the economy and a more than 5% increase in house prices. This was bad news. In the budget many were expecting Sunak to get a grip but instead he has made it worse. We will now get another increase in house prices and a further increase in private sector debt. This already stands at 220% of GDP and is more than double that of the public sector.
3
05/03/2021 11:44:13 2 3
bbc
Ah, yes : our weekly property review................

Will always be a decent, long term investment.
21
05/03/2021 12:26:49 6 3
bbc
I cannot ethically agree. Homes should be for living in. Not to make a living from.
The stamp duty holiday perpetuates the whole parasitic property supply chain. Its digusting that we have uk veterans homeless whilst second and third homes lie empty and scum landlords ramp up the rent beyond he means of working families.
4
05/03/2021 11:48:11 56 14
bbc
This money could be used to pay nurses properly. Instead of increasing house prices to make it ever harder for young people to buy
15
05/03/2021 12:05:14 25 12
bbc
Nice idea, but it wouldn't would it?
The peanuts involved in stamp duty wouldn't touch a percentage rise in one of the biggest organisations in the world.

Like you, I'm disappointed at the rise they've been given, but I can see why the govt has done it. The scale of the cost is enormous and will saddle the NHS with those costs for every after.
42
05/03/2021 12:49:08 9 2
bbc
We have 3 million freelancers /self employed excluded for 11 months with no income, help or support. They are not all tax dodgers or cash in hand merchants (driving instructors, for example), so why should we pay more all the nhs staff which are Still getting paid, some for doing on line videos and some consultants and admin managers on 100K+. Yes, if targeted at front-line maybe, but not all.
197
05/03/2021 18:15:35 3 2
bbc
Really don't know why you think nurses are not paid enough. My wife, my sister in law and my niece think they are very well paid along with a great pension and other benefits.
220
05/03/2021 22:46:36 2 2
bbc
Millions lost jobs and livelihoods. Many businesses bust and owners in deep debt - nurses have a good salary and generous pension + only PS workers getting a rise ++++ they have a PERMANENT job. So no, they do not deserve more
5
05/03/2021 11:53:57 40 9
bbc
So the budget was supposed to help those getting onto the market but all they did was make it easier for anyone to get a mortgage, increasing competition and therefore house prices making it even harder for first time buyers to get on the market.

All that will happen is the middle class and upper class will buy up housing and rent it out which just increases the strain on the housing market.
20
05/03/2021 12:25:15 38 3
bbc
It's not a middle class thing. It's a debt-junkie thing.

We need a functioning middle class that creates wealth through investment and private enterprise, not debt-to-the-eyeballs house cash machines that create nothing.
122
05/03/2021 14:15:03 3 4
bbc
The strain on housing is a primary demand exceeding inelastic supply (driven by persistent high net immigration). This is the same across all three main tenures - wait lists for social housing are long, rents in the private sector are robust, prices for houses are high showing excess demand across all. Low interest rates exacerbate the prices.
255
06/03/2021 11:05:23 1 4
bbc
The vast majority of people who move from one home they own (mtged or not ) will not be putting down just 5%...so it is very primarily first timers that will in fact use this. To suggest that wealthier people will primarily be using it is just silly. Why would they when they have the equity/resources to put more in than 5%..it will not attract many from that group.
6
05/03/2021 11:55:31 24 4
bbc
When the stamp duty holiday was announced, sellers whacked up their asking prices. When it was going to end and so sells could not be completed in time to qualify for it, the asking prices went down to less inflated numbers.

Odds on that now with this further extension that asking prices will rise again.

Instead of the tax being paid, sellers and their agents are swallowing up the cash.
10
05/03/2021 12:00:41 5 12
bbc
At least that way it will get fed back into the economy, instead of the government using the tax to pay billions to their mates for dodgy contracts.
11
05/03/2021 12:01:06 2 2
bbc
But the sellers had to buy somewhere else so it was all relative... you're house is valued at what someone will pay for it - not blind greed.
7
Bob
05/03/2021 11:56:02 12 3
bbc
The uncertainty has just been moved down the road. Tapering lessens the effect, but still causes one.

The reason people worried so much is because they overpaid for the property having factored in potential stamp duty savings.

Either way a stupid scheme that did nothing but make life harder for those who can't gain a foothold in the market.
8
05/03/2021 11:59:52 22 6
bbc
Conservative pray at the altar of market forces, relying on markets to set the prices, repeating this dogma - when it suits them.

On house prices they are prepared to throw seemingly endless public money to keep up house price inflation: stamp duty holidays, Help-to-Buy, mortgage guarantees.... to the exclusion of a growing majority.

They recognise that tumbling prices exposes other failures.
9
05/03/2021 12:00:38 36 7
bbc
What the press don't make very clear is that first time buyers never had to pay stamp duty. The holiday (and therefore its extension) only applies to people already on the housing ladder. The increase in prices will only make the debt the FTB need to take on to get on the property ladder even higher. But hey presto! the Government are guaranteeing lenders on the extra debt a 95% loan . Shameful.
183
05/03/2021 17:25:28 9 4
bbc
WHAT. ABSOLUTE. TOSH.

FTBs did pay Stamp Duty at a rate of 5% from £300,000 before the giveaway (and will do again after June).

Apart from that glaring mistake, you are spot on that the Government has acted shamefully and is playing fast and loose with TAXPAYER money.

Saying their coffers are empty to NHS staff IS an outrage, when they are happy to bribe homeowners with guarantees & holidays.
6
05/03/2021 11:55:31 24 4
bbc
When the stamp duty holiday was announced, sellers whacked up their asking prices. When it was going to end and so sells could not be completed in time to qualify for it, the asking prices went down to less inflated numbers.

Odds on that now with this further extension that asking prices will rise again.

Instead of the tax being paid, sellers and their agents are swallowing up the cash.
10
05/03/2021 12:00:41 5 12
bbc
At least that way it will get fed back into the economy, instead of the government using the tax to pay billions to their mates for dodgy contracts.
54
05/03/2021 12:59:30 5 1
bbc
Oh, they're rewarding their mates, all right - most of the big housebuilders are major donors to the Conservative party.
223
05/03/2021 22:49:36 0 3
bbc
Suggest you go back to your Momentum meeting
251
06/03/2021 10:58:01 3 1
bbc
Assuming you believe in the trickle down effect of the economy, alot is squirrelled away to offshore tax havens !!!
296
VoR
06/03/2021 15:27:14 3 0
bbc
Don't forget they are mates with property developers. Who can now sell their properties at higher prices and faster.
6
05/03/2021 11:55:31 24 4
bbc
When the stamp duty holiday was announced, sellers whacked up their asking prices. When it was going to end and so sells could not be completed in time to qualify for it, the asking prices went down to less inflated numbers.

Odds on that now with this further extension that asking prices will rise again.

Instead of the tax being paid, sellers and their agents are swallowing up the cash.
11
05/03/2021 12:01:06 2 2
bbc
But the sellers had to buy somewhere else so it was all relative... you're house is valued at what someone will pay for it - not blind greed.
12
05/03/2021 12:01:22 67 3
bbc
Making it easier to borrow without risking your own capital. Have we learnt nothing from the financial crash?
And this time it will be tax payers' directly bailing out the defaulters.
30
05/03/2021 12:36:51 38 7
bbc
WELL SAID WE DONT TAXES TO SUBSIDISE MORTAGES. TAXES ARE FOR PUBLIC SERVICES.
13
05/03/2021 12:01:35 35 11
bbc
Conservative donating house builders get something back in return. Quelle surprise.
14
05/03/2021 12:02:57 96 9
bbc
"Budget removed uncertainty for house buyers, says the Halifax"

more realistic headline:-

"Budget removed uncertainty for house sellers who are now free to inflate their asking prices yet again, says the Halifax"
25
05/03/2021 12:30:28 42 8
bbc
Says the Halifax as they rub their hands with glee
250
06/03/2021 10:53:59 0 4
bbc
And wouldnt they have to buy their new place at the HIGHER costs ???...which presumably would be a larger/better?? place...
319
06/03/2021 21:00:57 0 0
bbc
Nailed it
4
05/03/2021 11:48:11 56 14
bbc
This money could be used to pay nurses properly. Instead of increasing house prices to make it ever harder for young people to buy
15
05/03/2021 12:05:14 25 12
bbc
Nice idea, but it wouldn't would it?
The peanuts involved in stamp duty wouldn't touch a percentage rise in one of the biggest organisations in the world.

Like you, I'm disappointed at the rise they've been given, but I can see why the govt has done it. The scale of the cost is enormous and will saddle the NHS with those costs for every after.
22
05/03/2021 12:26:55 8 4
bbc
So, I used to work for the RCN years ago and the rough figure floating about for the number of nurses was around 500,000.

Taking the average salary of a nurse as 25k - and say giving them a decent (10%) pay rise of £5k gives a cost of £2.5 billion.

Looking at the revenue receipts for stamp duty for 2019-2020, the figure is £11.6 billion for the year. 11.6/4 (3 months) gives £2.9 billion lost.
16
05/03/2021 12:16:36 69 10
bbc
Utter waste of public money - pushing up house prices and feeding the profits of developers once more.

Oh so typically Tory.
166
05/03/2021 16:04:26 3 12
bbc
Keep your money under the pillow!!!!! And watch it grow everyday.
253
06/03/2021 11:01:19 1 4
bbc
You miss the point which is the economy as a whole suffers if housing market founders..ask an economist. Thousands of jobs..lots of services/professions/institutions directly or indirectly reliant wholly or partly upon it.
17
05/03/2021 12:21:12 16 4
bbc
I don't want help buying an overpriced house.

I want the fiddling to stop so that I'm not forced to take out life-crippling debt just to have a home of my own.

Ban BTL. Tax multiple home ownership punitively. Bring borrowing levels into line with wages at 3x single and 1.5x second income. Watch the money freed up wash into the economy for investment and true community growth.
23
05/03/2021 12:27:29 4 9
bbc
Why is it 'life crippling' to buy your own house. Except for London monthly mortgage payments are always cheaper than renting (like for like) and home ownership is effectively free due to the fact you get the benefit of the full rise in the house price even if you only have a small amount of equity in it (FACT).
Removed
121
05/03/2021 14:11:08 2 7
bbc
"Ban other people buying houses so I can get a cheap one"

"tax other people punitively so I can get a cheap deal"

The me, me, me generation writ large.
205
05/03/2021 19:47:58 1 1
bbc
House prices move with the availability of credit. Credit crunch of 2008, house prices dropped. Banks moving into mortgages lending after Big Bang offering 7x both incomes , house prices increased.
1
05/03/2021 11:41:28 11 10
bbc
Budget supported middle class house owners at the expense of those on UC and free meals for kids and not giving nhs staff a decent pay boost - especially for nurses.
18
05/03/2021 12:23:17 6 4
bbc
Private sector pays for public sector wages. The shrinking and heavily taxed private sector is paying a hell of a lot already.

Support for pie-in-the-sky mortgage owners is just to keep debt plates spinning.
47
05/03/2021 12:52:38 1 2
bbc
And nurses keep you alive
19
05/03/2021 12:24:32 15 10
bbc
There are always those who say how difficult it is to get on the housing ladder by comparing the deposit required to the 'average' house price. Well first time buyers don't buy houses at that level they normally buy at the lower end (1 bed flats, terraces, etc.) at around £150k, that means a £7.5k deposit or £3 per day for 3 years each for 2 people, that's 1 Costa or a beer or 20 mins extra work
26
05/03/2021 12:30:59 20 5
bbc
So for a low-end property you want young people to borrow 8-9 times their annual salary? Or force a co-habiting relationship that means they 'only' have to maybe borrow 4-5 times their salary? Hoping that when they want to move to a house some other mug is going to do the same?

Propped up house prices are socially and economically destructive. The madness has to stop.
28
05/03/2021 12:34:23 6 1
bbc
Plus quite a lot of costs around the time of purchase - surveys, solicitors fees, etc. In principle, you're right that it can be done, but there's also the issue of many young people in insecure employment, so even with a deposit, they may not get a mortgage (and if they do, their APR will be a lot higher).
56
05/03/2021 13:01:05 7 2
bbc
Ah yes, the "takeaway coffee and avo toast" argument.
You've forgotten the 50% of wages that gets spent on rent (esp in London)?
Why should FTBs be forced into 95% LTV mortgages, when the government could just let the market correct itself like every other financial market this year?
84
05/03/2021 13:32:24 1 4
bbc
Only £3 a day? Why, that's in the order of what nurses will pay to park to go to work given the government announced it would end free parking for nurses after Covid is over - https://rcni.com/nursing-standard/newsroom/news/government-announces-end-to-free-hospital-parking-all-nurses-england-163146
5
05/03/2021 11:53:57 40 9
bbc
So the budget was supposed to help those getting onto the market but all they did was make it easier for anyone to get a mortgage, increasing competition and therefore house prices making it even harder for first time buyers to get on the market.

All that will happen is the middle class and upper class will buy up housing and rent it out which just increases the strain on the housing market.
20
05/03/2021 12:25:15 38 3
bbc
It's not a middle class thing. It's a debt-junkie thing.

We need a functioning middle class that creates wealth through investment and private enterprise, not debt-to-the-eyeballs house cash machines that create nothing.
249
06/03/2021 10:52:07 1 3
bbc
Second homes and b to let raise comparatively enormous amounts of tax compared to ordinary homes...eg 3% stamp surcharge extra..plus tax on rents
,plus tax on finance COSTS..yes COSTS....Thats a fact check it at HMRC..including the CAPITAL GAINS..28% for B to L..... ZERO for private homeowners..so to say they create "nothing" is totally in correct.
3
05/03/2021 11:44:13 2 3
bbc
Ah, yes : our weekly property review................

Will always be a decent, long term investment.
21
05/03/2021 12:26:49 6 3
bbc
I cannot ethically agree. Homes should be for living in. Not to make a living from.
The stamp duty holiday perpetuates the whole parasitic property supply chain. Its digusting that we have uk veterans homeless whilst second and third homes lie empty and scum landlords ramp up the rent beyond he means of working families.
126
05/03/2021 14:19:09 1 2
bbc
Next you'll be telling us that food is for eating and not to be made a profit from. The reality is that the market economy has shown itself to be the most efficient method of allocating resources.
194
05/03/2021 17:40:32 0 1
bbc
Where did I say 'to make a living from'??

I merely pointed out that in general, bricks and mortar rises in value..................
15
05/03/2021 12:05:14 25 12
bbc
Nice idea, but it wouldn't would it?
The peanuts involved in stamp duty wouldn't touch a percentage rise in one of the biggest organisations in the world.

Like you, I'm disappointed at the rise they've been given, but I can see why the govt has done it. The scale of the cost is enormous and will saddle the NHS with those costs for every after.
22
05/03/2021 12:26:55 8 4
bbc
So, I used to work for the RCN years ago and the rough figure floating about for the number of nurses was around 500,000.

Taking the average salary of a nurse as 25k - and say giving them a decent (10%) pay rise of £5k gives a cost of £2.5 billion.

Looking at the revenue receipts for stamp duty for 2019-2020, the figure is £11.6 billion for the year. 11.6/4 (3 months) gives £2.9 billion lost.
33
05/03/2021 12:40:46 9 2
bbc
I've done my own calculations and I agree the difference is not as stark as I thought. But your figures seem to be taking the total stamp duty take, not just the cost of the avoided stamp duty.
The other key difference is that stamp duty is a one off payment, if you raise wages, you pay that for ever. We seem to have a govt that doesn't mind throwing cash at things, but not structural increases.
58
05/03/2021 13:02:23 11 2
bbc
Today's figures after 12 5% rise over 3 years is nurse starting salary at your average well just under 25k and ave more like 33k the median UK salary level after big rises elsewhere in bands.

1% inflation busting rise an alternative take on news

Many NHS trusts were billions in debt, cleared last year, big costs for many wages and Labour PFI scheme debt repayments from 2000's projects.
82
05/03/2021 13:30:44 8 2
bbc
'Taking the average salary of a nurse as 25k -'.... But it isn't - according to the Royal College of Nursing 2020 it's £33,384 p.a. - I too support NHS nurses and am glad they get decent pay (newly qualified starting at £24,907 with annual increases before any general %).
17
05/03/2021 12:21:12 16 4
bbc
I don't want help buying an overpriced house.

I want the fiddling to stop so that I'm not forced to take out life-crippling debt just to have a home of my own.

Ban BTL. Tax multiple home ownership punitively. Bring borrowing levels into line with wages at 3x single and 1.5x second income. Watch the money freed up wash into the economy for investment and true community growth.
23
05/03/2021 12:27:29 4 9
bbc
Why is it 'life crippling' to buy your own house. Except for London monthly mortgage payments are always cheaper than renting (like for like) and home ownership is effectively free due to the fact you get the benefit of the full rise in the house price even if you only have a small amount of equity in it (FACT).
125
05/03/2021 14:17:56 1 3
bbc
Correct..except its cheaper to rent in London too..actually has the LOWEST % rental yields in the whole of the UK.
24
05/03/2021 12:28:48 16 7
bbc
So after a year of damaged education, the loss of employment opportunities and restrictions on all social activity, young people are now finding themselves even further from the distant goal of home ownership. The government certainly seem keen to punish young people in favour of their core voter base.
39
05/03/2021 12:46:15 6 7
bbc
Young people don't need houses; a good suitcase is enough.
14
05/03/2021 12:02:57 96 9
bbc
"Budget removed uncertainty for house buyers, says the Halifax"

more realistic headline:-

"Budget removed uncertainty for house sellers who are now free to inflate their asking prices yet again, says the Halifax"
25
05/03/2021 12:30:28 42 8
bbc
Says the Halifax as they rub their hands with glee
19
05/03/2021 12:24:32 15 10
bbc
There are always those who say how difficult it is to get on the housing ladder by comparing the deposit required to the 'average' house price. Well first time buyers don't buy houses at that level they normally buy at the lower end (1 bed flats, terraces, etc.) at around £150k, that means a £7.5k deposit or £3 per day for 3 years each for 2 people, that's 1 Costa or a beer or 20 mins extra work
26
05/03/2021 12:30:59 20 5
bbc
So for a low-end property you want young people to borrow 8-9 times their annual salary? Or force a co-habiting relationship that means they 'only' have to maybe borrow 4-5 times their salary? Hoping that when they want to move to a house some other mug is going to do the same?

Propped up house prices are socially and economically destructive. The madness has to stop.
27
05/03/2021 12:31:21 4 7
bbc
I intend selling one of my BTL properties in the spring and no doubt the budget has given me the opportunity to obtain a better price/quicker sale then before. Reducing stamp duty and help for buyers ony increases prices. Much better policy would be to build build build in places where people want to live and bring to a grinding halt those coming to live here. Its called supply and demand, simple.
36
05/03/2021 12:44:39 6 3
bbc
Demand? So how was your demand to buy a BTL a need to live there if you snatched it from a person that would have actually lived there in the first place? If you didn't buy it as a place to rent, then a person who needed a roof over their head could have done! They wouldn't be renting now while you sit on more properties you never intended to live in and pushed the prices up in the process.
49
05/03/2021 12:55:34 0 2
bbc
I don't blame you for the problem. The Banks & Government are to blame, because BTL's were sold by banks, that wanted more profits as before they wouldn't allow you to rent a place that was mortgaged. Government let them do this which would obviously push prices up as suddenly someone who had a mortgage, could buy another property, pushing artificial (Not lived in by owners) demand & prices up.
57
05/03/2021 13:01:58 2 2
bbc
If BTL didn't make up such a high proportion of buyers then the prices wouldn't be quite so inflated as it is.

https://www.ons.gov.uk/economy/inflationandpriceindices/articles/ukprivaterentedsector/2018
19
05/03/2021 12:24:32 15 10
bbc
There are always those who say how difficult it is to get on the housing ladder by comparing the deposit required to the 'average' house price. Well first time buyers don't buy houses at that level they normally buy at the lower end (1 bed flats, terraces, etc.) at around £150k, that means a £7.5k deposit or £3 per day for 3 years each for 2 people, that's 1 Costa or a beer or 20 mins extra work
28
05/03/2021 12:34:23 6 1
bbc
Plus quite a lot of costs around the time of purchase - surveys, solicitors fees, etc. In principle, you're right that it can be done, but there's also the issue of many young people in insecure employment, so even with a deposit, they may not get a mortgage (and if they do, their APR will be a lot higher).
17
05/03/2021 12:21:12 16 4
bbc
I don't want help buying an overpriced house.

I want the fiddling to stop so that I'm not forced to take out life-crippling debt just to have a home of my own.

Ban BTL. Tax multiple home ownership punitively. Bring borrowing levels into line with wages at 3x single and 1.5x second income. Watch the money freed up wash into the economy for investment and true community growth.
Removed
12
05/03/2021 12:01:22 67 3
bbc
Making it easier to borrow without risking your own capital. Have we learnt nothing from the financial crash?
And this time it will be tax payers' directly bailing out the defaulters.
30
05/03/2021 12:36:51 38 7
bbc
WELL SAID WE DONT TAXES TO SUBSIDISE MORTAGES. TAXES ARE FOR PUBLIC SERVICES.
177
05/03/2021 16:55:58 3 4
bbc
Maybe home buyers are sick of paying inproportionately more tax... stamp duty should be abolished
252
06/03/2021 10:59:29 0 2
bbc
U miss the point any economist will tell you if the housing mkt dies its very hard to have a positive general economy .. given the vast number of persons professions services institutions etc directly or partly reliant upon it . Effectively THE biggest employer .Thats why Sunak is ensuring itnot for sake of house prices per -se. & taxes arising from housing come in many ways apart from stamp.
31
05/03/2021 12:38:05 25 7
bbc
PORK BARREL PONZI SCHEME FOR TORY DONORS.
224
05/03/2021 22:51:57 2 6
bbc
If that is all you can conjure up - give it a rest AND LEAVE THE CLEVER THINKING TO OTHERS!
32
05/03/2021 12:40:10 1 1
bbc
its taken me five months so far to procure a property where if i was in Scotland it would have taken me eight weeks. Its the availability of property thats causing the rise not the first time buyers so we need to build more so that the demand weakens.
52
05/03/2021 12:58:05 3 2
bbc
This has never worked...the housing cartel will make sure that housing units don't flood the market (in return for Tory Party donations) and house prices are very 'inelastic' in economic terms. It's the money supply (cheap mortgages) not demand fueling the market. It's a Tory PONZI scheme by any other name.
22
05/03/2021 12:26:55 8 4
bbc
So, I used to work for the RCN years ago and the rough figure floating about for the number of nurses was around 500,000.

Taking the average salary of a nurse as 25k - and say giving them a decent (10%) pay rise of £5k gives a cost of £2.5 billion.

Looking at the revenue receipts for stamp duty for 2019-2020, the figure is £11.6 billion for the year. 11.6/4 (3 months) gives £2.9 billion lost.
33
05/03/2021 12:40:46 9 2
bbc
I've done my own calculations and I agree the difference is not as stark as I thought. But your figures seem to be taking the total stamp duty take, not just the cost of the avoided stamp duty.
The other key difference is that stamp duty is a one off payment, if you raise wages, you pay that for ever. We seem to have a govt that doesn't mind throwing cash at things, but not structural increases.
45
05/03/2021 12:49:49 5 5
bbc
Yup - I hit the comment length limit. It doesn't take into account the duty on purchases over £500,000 and yes, it only pays for one year.

Even taking those factors into account (and this is only the 3 month stamp duty holiday we're using the fund this) I think they could afford to pay more than a 1% pay rise or even give a 5-10% one off bonus.

To say 'money is tight' is an insult.
34
05/03/2021 12:41:35 10 3
bbc
Tories love supporting over inflated house prices using public money. Makes people think they've done better than the reality.
44
05/03/2021 12:49:42 8 6
bbc
Labour did the same indirectly.

Working tax credits for people on £50k pa hardly the poor in society.
35
05/03/2021 12:42:38 9 1
bbc
Mmmmnnn, buyers beware, especially when its the Halifax giving you news.
Just got my house insurance renewal from guess who, AND, they have put it up by a massive 65%. Needless to say they wont get my money. Bye bye.
59
05/03/2021 13:03:15 5 1
bbc
If an insurer gives you a stupid quote they're telling you they don't want your business.
27
05/03/2021 12:31:21 4 7
bbc
I intend selling one of my BTL properties in the spring and no doubt the budget has given me the opportunity to obtain a better price/quicker sale then before. Reducing stamp duty and help for buyers ony increases prices. Much better policy would be to build build build in places where people want to live and bring to a grinding halt those coming to live here. Its called supply and demand, simple.
36
05/03/2021 12:44:39 6 3
bbc
Demand? So how was your demand to buy a BTL a need to live there if you snatched it from a person that would have actually lived there in the first place? If you didn't buy it as a place to rent, then a person who needed a roof over their head could have done! They wouldn't be renting now while you sit on more properties you never intended to live in and pushed the prices up in the process.
115
05/03/2021 14:04:45 1 2
bbc
Most of my places are rented to EU migrants, we had several million of them rock up to our shores over the past 20 years all needing a private rental on day 1.

Landlords expanded their portfolios to provide this accommodation, where would you have these migrants live otherwise? In a box under a bridge? Shame on you.
124
05/03/2021 14:16:02 1 2
bbc
So the people who rented it ..they didnt need a roof over their heads Ey ?
37
05/03/2021 12:44:43 1 1
bbc
Massive pay decreases followed by lower living standards coming for everybody. But in our debt-fuelled economy we are all without poverty and living in comfort.
38
05/03/2021 12:40:30 32 5
bbc
WHY THE HELL IS THE GOV SUBSIDISING MORTAGES UP TO 95% ON USING TAX PAYERS MONEY?

I PAY MY TAXES FOR THE NHS, LOCAL SERVICES AND THE POLICE. I DONT PAY TAXES TO SUBSIDISE AN INFLATED HOUSING MARKET.

ISNT THAT THE JOB OF THE BANKS?

SERIOUSLY SOMETHING WRONG GOING ON HERE!!!
46
05/03/2021 12:50:52 9 4
bbc
Its cuz you are no free citizen. AND, its going to get worse.
They fully know we can be controlled now.
222
05/03/2021 22:48:49 2 5
bbc
Oh do stop whingeing
257
06/03/2021 11:09:44 0 5
bbc
You miss the point..given all its associated workers/trades professions services..professionals etc directly or even partly.. in housing its THE biggest employer...and when the housing mkt flounders...general economic recession much more likely..ask an economist. Thats why we have the encouragement to lenders on the 5% deposit...and to help first timers.
293
VoR
06/03/2021 15:24:55 2 0
bbc
I think I'd agree with you, but as a rule of thumb, I find people typing in caps are normally wrong.
24
05/03/2021 12:28:48 16 7
bbc
So after a year of damaged education, the loss of employment opportunities and restrictions on all social activity, young people are now finding themselves even further from the distant goal of home ownership. The government certainly seem keen to punish young people in favour of their core voter base.
39
05/03/2021 12:46:15 6 7
bbc
Young people don't need houses; a good suitcase is enough.
137
05/03/2021 14:31:42 1 2
bbc
And a bike!
40
05/03/2021 12:46:26 7 2
bbc
Great news is it not that the unearned income in a home is puffed up even more while the earnings needed to buy or even rent a home do not match.
Madness for what end. #helptorent
41
05/03/2021 12:48:48 10 4
bbc
My children can't afford a deposit because they're paying off their student loans, along with their punitive interest rates.

So here's an idea:-
Scrap the student loans and encourage them to build their own deposit.

Two monstrously bureaucratic schemes avoided, a fairer system for all, and let those who want a house save for one.
71
05/03/2021 13:21:04 4 6
bbc
Student loans, inevitable consequence of Blair's 50% target.

And the new loans charge as you say high interest on those paying - in part in reality to subsidise the ones who never will.

Govts own figures - av debt c£40k and only 25% will earn enough to repay student loans fully.

Feel sorry for the young who are influenced down the route in light of likely outcome for many.
91
05/03/2021 13:48:27 1 3
bbc
Except you have to earn over £26,575 p.a. to even reach the threshold to begin paying money back, and it's only 9% on earnings above that threshold. So If you're earning £30k per year you still only pay £26 per month. Which is basically nothing.
And the whole thing gets written off after 30 years. So just pay the minimum required, because you'll end up paying less than if you pay it all off.
100
05/03/2021 13:56:47 0 1
bbc
When my children's annual statement comes through the post I open them. I don't want them looking at the extortionate interest being added every month.
I looked once and wish I hadn't. Now I file them without looking
4
05/03/2021 11:48:11 56 14
bbc
This money could be used to pay nurses properly. Instead of increasing house prices to make it ever harder for young people to buy
42
05/03/2021 12:49:08 9 2
bbc
We have 3 million freelancers /self employed excluded for 11 months with no income, help or support. They are not all tax dodgers or cash in hand merchants (driving instructors, for example), so why should we pay more all the nhs staff which are Still getting paid, some for doing on line videos and some consultants and admin managers on 100K+. Yes, if targeted at front-line maybe, but not all.
43
05/03/2021 12:49:39 15 2
bbc
More support to existing home owners passed off as help to buyers.
It is a simple fact that if you add more money into the housing market without an increase in the number of houses being built then all that will happen is that the existing houses being offered for sale will increase in price.
117
05/03/2021 14:06:43 2 9
bbc
Thousands of houses being built right now..and of course the mass of materials..labour..trades..professionals..and services involved...the costs of all those and land (which we aint making) all rise overtime...therefore houses do
34
05/03/2021 12:41:35 10 3
bbc
Tories love supporting over inflated house prices using public money. Makes people think they've done better than the reality.
44
05/03/2021 12:49:42 8 6
bbc
Labour did the same indirectly.

Working tax credits for people on £50k pa hardly the poor in society.
86
05/03/2021 13:34:22 4 4
bbc
Scot, that happened in two places, one is in your head, the second is in the Daily Mail.
98
05/03/2021 13:56:07 2 3
bbc
That isnt true
123
05/03/2021 14:15:15 1 1
bbc
And did plenty of the same directly

Search for instance - just one of the many over the previous years - from 2008

Home Buy Direct

The idea is that for first-time buyers looking at purchasing a new-build property, an equity loan of up to 30% of the value will be available that is co-funded by the government and the developer
33
05/03/2021 12:40:46 9 2
bbc
I've done my own calculations and I agree the difference is not as stark as I thought. But your figures seem to be taking the total stamp duty take, not just the cost of the avoided stamp duty.
The other key difference is that stamp duty is a one off payment, if you raise wages, you pay that for ever. We seem to have a govt that doesn't mind throwing cash at things, but not structural increases.
45
05/03/2021 12:49:49 5 5
bbc
Yup - I hit the comment length limit. It doesn't take into account the duty on purchases over £500,000 and yes, it only pays for one year.

Even taking those factors into account (and this is only the 3 month stamp duty holiday we're using the fund this) I think they could afford to pay more than a 1% pay rise or even give a 5-10% one off bonus.

To say 'money is tight' is an insult.
76
05/03/2021 13:25:35 3 4
bbc
And there is still 3% being paid by people with some existing form of property ownership.

But I agree that something like 3% rise could be achievable, or 5-10% as a one off bonus. I honestly can't explain what this govt's thinking is on splashing the cash on the one hand and being mean on the other. It isn't consistent, nor dealing with long term needs like social care and climate change.
38
05/03/2021 12:40:30 32 5
bbc
WHY THE HELL IS THE GOV SUBSIDISING MORTAGES UP TO 95% ON USING TAX PAYERS MONEY?

I PAY MY TAXES FOR THE NHS, LOCAL SERVICES AND THE POLICE. I DONT PAY TAXES TO SUBSIDISE AN INFLATED HOUSING MARKET.

ISNT THAT THE JOB OF THE BANKS?

SERIOUSLY SOMETHING WRONG GOING ON HERE!!!
46
05/03/2021 12:50:52 9 4
bbc
Its cuz you are no free citizen. AND, its going to get worse.
They fully know we can be controlled now.
18
05/03/2021 12:23:17 6 4
bbc
Private sector pays for public sector wages. The shrinking and heavily taxed private sector is paying a hell of a lot already.

Support for pie-in-the-sky mortgage owners is just to keep debt plates spinning.
47
05/03/2021 12:52:38 1 2
bbc
And nurses keep you alive
127
05/03/2021 14:20:01 1 1
bbc
Not very well according to some who bemoan the UK death figures.
48
05/03/2021 12:52:56 16 4
bbc
At a time of massive economic uncertainty this Stamp Duty 'holiday' has pushed the market into a frenzy...vendors (speculating) and estate agents are increasing asking prices forcing buyers into borrowing massive mortgages...just when the economy tanks, inflation is gathering pace and interest rates can only move upwards. Sunak is the worst Conservative chancellor in a long line of fools.
27
05/03/2021 12:31:21 4 7
bbc
I intend selling one of my BTL properties in the spring and no doubt the budget has given me the opportunity to obtain a better price/quicker sale then before. Reducing stamp duty and help for buyers ony increases prices. Much better policy would be to build build build in places where people want to live and bring to a grinding halt those coming to live here. Its called supply and demand, simple.
49
05/03/2021 12:55:34 0 2
bbc
I don't blame you for the problem. The Banks & Government are to blame, because BTL's were sold by banks, that wanted more profits as before they wouldn't allow you to rent a place that was mortgaged. Government let them do this which would obviously push prices up as suddenly someone who had a mortgage, could buy another property, pushing artificial (Not lived in by owners) demand & prices up.
50
05/03/2021 12:55:48 6 4
bbc
So why not tax the profits on residential homes at 100% if sold within in 5 years. it would take the heat out of the market and stop the spivs, speculators and BTL parasites fleecing the poor and working class. If you want a home and are happy to live there for 5 years, what the issue.
If you want to buy, flip for profit and add 10%, then you are the problem and pay the tax.
64
05/03/2021 13:10:45 4 5
bbc
Your local shop,pub,restaurants tradies etc etc are all working on far far higher margins than b to let. Typical GROSS ( N.B GROSS ) yield on a suburban semi is 3 to 4%..and the owners pay especially high taxes..higher stamp..by far..tax on rents..tax EVEN on their finance COST..and 28% capital gains tax when they sell. Oridnary home owners pay zilch. SO...hardly "parasitic". Prejudice misplaced.
65
05/03/2021 13:11:15 2 1
bbc
What about people who legitimately need to relocate due to work, whether changing jobs or seeking another elsewhere if you get made redundant? Why would you want to trap such people?
66
05/03/2021 13:15:15 2 1
bbc
Btl and second properties (those not registered in spouse or other names etc unless loopholes been closed) are subject to CGT.

And as a private renter, unable to afford to buy and unable to rent from local authority, would be homeless otherwise.

But govt schemes do nothing to help - under Labour or Tories
- fuelling house price boom and failing to provide build for rent to LA or housing assocs.
225
05/03/2021 22:53:34 1 1
bbc
Are you a member of Momentum?
51
05/03/2021 12:56:22 26 4
bbc
Just for the record house prices during the worst financial hit since WW2 having during the pandemic risen 8%, even if there had not been a pandemic house prices are rising well ahead of inflation.

Why is the UK totally obsessed with keeping house prices high and will use any means in order to do so,
55
05/03/2021 13:00:37 24 4
bbc
Because it gives homeowners the illusion of wealth and masks the fact the economy is tanking.
70
05/03/2021 13:21:03 3 1
bbc
Many hope to be lucky enough to escape the Ponzi scheme before it collapses, unlikely to be the vast majority though.
89
05/03/2021 13:42:23 2 6
bbc
FACT read the chart with this article correctly..it show the average per ANNUM growth of house prices is just 3% across the extended period (14 yrs)..thats actually historically pretty low....but you seem to prefer the hype...around very short term spikes..but ...oh.. look again the biggest spike in there was DOWN!!
295
VoR
06/03/2021 15:26:29 0 0
bbc
Pretty sure we'll still see London property prices (both residential and commercial) dropping in value over the next several years. If you don't have to go into the city to work, then for many, it makes a lot less sense to live in the city.
32
05/03/2021 12:40:10 1 1
bbc
its taken me five months so far to procure a property where if i was in Scotland it would have taken me eight weeks. Its the availability of property thats causing the rise not the first time buyers so we need to build more so that the demand weakens.
52
05/03/2021 12:58:05 3 2
bbc
This has never worked...the housing cartel will make sure that housing units don't flood the market (in return for Tory Party donations) and house prices are very 'inelastic' in economic terms. It's the money supply (cheap mortgages) not demand fueling the market. It's a Tory PONZI scheme by any other name.
113
05/03/2021 14:02:07 0 1
bbc
There is no cartel.
53
05/03/2021 12:59:14 24 5
bbc
Being able to get a mortgage on a 5% deposit doesn’t mean jack when the remaining 95% is a number several times higher than your salary and is always rising!

Even if I save up to 20% for a deposit, the remaining 80% I can get from a mortgage will be 4.5x my salary. I can expect an uphill struggle to afford even a cheap place (North, not London!) if prices continue to shoot up.
87
05/03/2021 13:38:47 5 19
bbc
You're supposed to pay off the mortgage over several decades, not 4.5 years though. That's the standard. Spread out like that, even with interest rates, it's not that bad even if you don't factor in that you should hopefully see your salary rise over that time.
88
05/03/2021 13:39:45 2 11
bbc
You dont need 20% thats the whole point...and there are thousands of relatively cheap homes in the North including the outskirts of the biggest city..LEEDS which in fact has scores of two bed properties available in the 120k to 140 k bracket right now.PLUS finance has NEVER BEEN CHEAPER. Facts not myths please.
10
05/03/2021 12:00:41 5 12
bbc
At least that way it will get fed back into the economy, instead of the government using the tax to pay billions to their mates for dodgy contracts.
54
05/03/2021 12:59:30 5 1
bbc
Oh, they're rewarding their mates, all right - most of the big housebuilders are major donors to the Conservative party.
51
05/03/2021 12:56:22 26 4
bbc
Just for the record house prices during the worst financial hit since WW2 having during the pandemic risen 8%, even if there had not been a pandemic house prices are rising well ahead of inflation.

Why is the UK totally obsessed with keeping house prices high and will use any means in order to do so,
55
05/03/2021 13:00:37 24 4
bbc
Because it gives homeowners the illusion of wealth and masks the fact the economy is tanking.
19
05/03/2021 12:24:32 15 10
bbc
There are always those who say how difficult it is to get on the housing ladder by comparing the deposit required to the 'average' house price. Well first time buyers don't buy houses at that level they normally buy at the lower end (1 bed flats, terraces, etc.) at around £150k, that means a £7.5k deposit or £3 per day for 3 years each for 2 people, that's 1 Costa or a beer or 20 mins extra work
56
05/03/2021 13:01:05 7 2
bbc
Ah yes, the "takeaway coffee and avo toast" argument.
You've forgotten the 50% of wages that gets spent on rent (esp in London)?
Why should FTBs be forced into 95% LTV mortgages, when the government could just let the market correct itself like every other financial market this year?
119
05/03/2021 14:08:52 2 4
bbc
They should underhouse themselves further so the percent of wages spent on rent is lower and they can save more.

That and cut down on the lattes and smashed avo on toast. Yes, really.
27
05/03/2021 12:31:21 4 7
bbc
I intend selling one of my BTL properties in the spring and no doubt the budget has given me the opportunity to obtain a better price/quicker sale then before. Reducing stamp duty and help for buyers ony increases prices. Much better policy would be to build build build in places where people want to live and bring to a grinding halt those coming to live here. Its called supply and demand, simple.
57
05/03/2021 13:01:58 2 2
bbc
If BTL didn't make up such a high proportion of buyers then the prices wouldn't be quite so inflated as it is.

https://www.ons.gov.uk/economy/inflationandpriceindices/articles/ukprivaterentedsector/2018
118
05/03/2021 14:07:07 1 1
bbc
BTL is a symptom, not the cause. The cause was a surge in demand for rented accommodation by a pop growth rate since yr2000 that was five times that of the 70's and 80's.

The immediate demand for private rentals by adult migrants has created a supply response by landlords providing this much needed accommodation.
22
05/03/2021 12:26:55 8 4
bbc
So, I used to work for the RCN years ago and the rough figure floating about for the number of nurses was around 500,000.

Taking the average salary of a nurse as 25k - and say giving them a decent (10%) pay rise of £5k gives a cost of £2.5 billion.

Looking at the revenue receipts for stamp duty for 2019-2020, the figure is £11.6 billion for the year. 11.6/4 (3 months) gives £2.9 billion lost.
58
05/03/2021 13:02:23 11 2
bbc
Today's figures after 12 5% rise over 3 years is nurse starting salary at your average well just under 25k and ave more like 33k the median UK salary level after big rises elsewhere in bands.

1% inflation busting rise an alternative take on news

Many NHS trusts were billions in debt, cleared last year, big costs for many wages and Labour PFI scheme debt repayments from 2000's projects.
35
05/03/2021 12:42:38 9 1
bbc
Mmmmnnn, buyers beware, especially when its the Halifax giving you news.
Just got my house insurance renewal from guess who, AND, they have put it up by a massive 65%. Needless to say they wont get my money. Bye bye.
59
05/03/2021 13:03:15 5 1
bbc
If an insurer gives you a stupid quote they're telling you they don't want your business.
60
05/03/2021 13:03:26 18 3
bbc
So lets just boost property prices yet again, make them even less affordable
Probably lead to increased rents as well

We need to move on from this idea everyone should own their own house & that property in just bought as an investment
61
05/03/2021 13:08:15 16 2
bbc
Hasn't moving the stamp duty holiday merely shifted the cliff edge though? When we get to or near the new deadline the banks etc will be bleating that it needs to be extended again. Constantly propping up a deeply flawed housing market is the wrong decision as at some point there will be a correction - the longer we go on with this the worse it will ultimately be, and I say that as a home owner.
62
05/03/2021 13:08:42 5 2
bbc
Want to help house buyers & take the heat out of the market
Maybe look at what New Zealand did & implement the same here
"New Zealand bans sales of homes to foreigners"
https://www.bbc.co.uk/news/world-asia-45199034
Sad thing is, if they did that it really would help but there'd be those opposed who'd call it a racist or xenophobic or unequal policy
146
05/03/2021 15:02:07 3 3
bbc
They'd call you a xenophobic brexiter for wanting "British homes for British people", but they love the NZ PM as she's a female and leftie so they'll ignore it for her.
63
05/03/2021 13:08:47 16 4
bbc
The housing market in the UK is now completely dysfunctional and divorced from the 'main street' economy. Tory economics and producer interests are to blame. It is 'too big to fail'...but fail spectacularly it will, quite soon. The 2008 financial crisis was a warning shot...a correction of sorts, but what we are facing now in terms of the scale of household debt, mortgages...cannot be salvaged.
79
05/03/2021 13:27:43 6 4
bbc
I agree and hope it falls massively off its artificial high-perch
50
05/03/2021 12:55:48 6 4
bbc
So why not tax the profits on residential homes at 100% if sold within in 5 years. it would take the heat out of the market and stop the spivs, speculators and BTL parasites fleecing the poor and working class. If you want a home and are happy to live there for 5 years, what the issue.
If you want to buy, flip for profit and add 10%, then you are the problem and pay the tax.
64
05/03/2021 13:10:45 4 5
bbc
Your local shop,pub,restaurants tradies etc etc are all working on far far higher margins than b to let. Typical GROSS ( N.B GROSS ) yield on a suburban semi is 3 to 4%..and the owners pay especially high taxes..higher stamp..by far..tax on rents..tax EVEN on their finance COST..and 28% capital gains tax when they sell. Oridnary home owners pay zilch. SO...hardly "parasitic". Prejudice misplaced.
80
05/03/2021 13:29:34 0 2
bbc
Local shops provide good & services and are often Ltd companies paying taxes and supporting the economy. They're not taking homes from young families/FTB in rural communities trying to establish themselves.
BTL do not pay higher taxes. 18% or 28% CGT on sale profits after personal allowance £12,300 and income after £12,500. Split the prop between 4 of you and no one pays a penny in income or CGT
226
05/03/2021 22:54:23 1 1
bbc
Brilliant response sir
314
06/03/2021 19:37:27 0 0
bbc
Buy to let is obscene.
50
05/03/2021 12:55:48 6 4
bbc
So why not tax the profits on residential homes at 100% if sold within in 5 years. it would take the heat out of the market and stop the spivs, speculators and BTL parasites fleecing the poor and working class. If you want a home and are happy to live there for 5 years, what the issue.
If you want to buy, flip for profit and add 10%, then you are the problem and pay the tax.
65
05/03/2021 13:11:15 2 1
bbc
What about people who legitimately need to relocate due to work, whether changing jobs or seeking another elsewhere if you get made redundant? Why would you want to trap such people?
73
05/03/2021 13:21:57 2 1
bbc
Yes, absolutely fair point, exemption for those, verified by employers. Same with sale of an inherited home or indeed, upon death.
50
05/03/2021 12:55:48 6 4
bbc
So why not tax the profits on residential homes at 100% if sold within in 5 years. it would take the heat out of the market and stop the spivs, speculators and BTL parasites fleecing the poor and working class. If you want a home and are happy to live there for 5 years, what the issue.
If you want to buy, flip for profit and add 10%, then you are the problem and pay the tax.
66
05/03/2021 13:15:15 2 1
bbc
Btl and second properties (those not registered in spouse or other names etc unless loopholes been closed) are subject to CGT.

And as a private renter, unable to afford to buy and unable to rent from local authority, would be homeless otherwise.

But govt schemes do nothing to help - under Labour or Tories
- fuelling house price boom and failing to provide build for rent to LA or housing assocs.
72
05/03/2021 13:21:27 3 1
bbc
First homes are increasingly subject to a form of CGT too - its called taking your house capital away from you when you need care.
67
05/03/2021 13:15:43 5 9
bbc
As per usual people banging on about hyper inflated or "soaring " house prices. Absolute nonsense READ THE ABOVE CHART CORRECTLY..average growth per ANNUM is just 3 %..over the fourteen year period that it shows. Actually historically LOW..and mortgage pay rates at their LOWEST EVER.These are facts not matters of opinion. Understand and read the facts dont compound the myths.
78
05/03/2021 13:26:14 5 4
bbc
Will you stop spouting this drivel day after day on HYS
92
05/03/2021 13:49:22 1 1
bbc
And what were private sector average wage increases over the same period
68
05/03/2021 13:17:25 7 3
bbc
I wonder if the Brexit unicorn will burst this bubble whilst cavorting around in ever decreasing Sunny Uplands, as the developers build the next generation of affordable chicken coops.
94
05/03/2021 13:52:04 2 3
bbc
Certainly the reduced mass migration now we're no longer in FOM will eventually start to reduce the supply:demand imbalance for accommodation (across all tenures) which will moderate prices and rents.
69
05/03/2021 13:18:47 10 2
bbc
You are a complete naive fool if you think that the government has in anyway used tax payers money in order to "help first time buyers".
This has been continually happening since the financial crisis in 2008 in order to keep house prices high and the banks safe because of the vast sums of money involved and the rocketing mortgage debt people are now in.
51
05/03/2021 12:56:22 26 4
bbc
Just for the record house prices during the worst financial hit since WW2 having during the pandemic risen 8%, even if there had not been a pandemic house prices are rising well ahead of inflation.

Why is the UK totally obsessed with keeping house prices high and will use any means in order to do so,
70
05/03/2021 13:21:03 3 1
bbc
Many hope to be lucky enough to escape the Ponzi scheme before it collapses, unlikely to be the vast majority though.
41
05/03/2021 12:48:48 10 4
bbc
My children can't afford a deposit because they're paying off their student loans, along with their punitive interest rates.

So here's an idea:-
Scrap the student loans and encourage them to build their own deposit.

Two monstrously bureaucratic schemes avoided, a fairer system for all, and let those who want a house save for one.
71
05/03/2021 13:21:04 4 6
bbc
Student loans, inevitable consequence of Blair's 50% target.

And the new loans charge as you say high interest on those paying - in part in reality to subsidise the ones who never will.

Govts own figures - av debt c£40k and only 25% will earn enough to repay student loans fully.

Feel sorry for the young who are influenced down the route in light of likely outcome for many.
66
05/03/2021 13:15:15 2 1
bbc
Btl and second properties (those not registered in spouse or other names etc unless loopholes been closed) are subject to CGT.

And as a private renter, unable to afford to buy and unable to rent from local authority, would be homeless otherwise.

But govt schemes do nothing to help - under Labour or Tories
- fuelling house price boom and failing to provide build for rent to LA or housing assocs.
72
05/03/2021 13:21:27 3 1
bbc
First homes are increasingly subject to a form of CGT too - its called taking your house capital away from you when you need care.
83
05/03/2021 13:31:17 2 2
bbc
yes agreed...and that's every shade of wrong !
65
05/03/2021 13:11:15 2 1
bbc
What about people who legitimately need to relocate due to work, whether changing jobs or seeking another elsewhere if you get made redundant? Why would you want to trap such people?
73
05/03/2021 13:21:57 2 1
bbc
Yes, absolutely fair point, exemption for those, verified by employers. Same with sale of an inherited home or indeed, upon death.
74
05/03/2021 13:24:25 5 3
bbc
People wrong think that the Tories have no plan for social care and failed to deal with the looming issue in the budget - on the contrary, they have worked out their plan. Its called support the housing market & enable more people to get onto it & then when the times comes the equity in your property pays for your care. Bank gets any remainder to cover any outstanding mortgage. Inheritance is over
75
05/03/2021 13:24:34 8 3
bbc
"Budget removed uncertainty for house buyers, says the Halifax"
This is NOT the leading story.
Leading story should be "Reckless Govt intervention directly causes greed, leading to house-prices moving up again for careful youngsters putting away money each month to save a decent deposit for a house.
Govt. solution? Loan them 95%
I admire Scotland for ending its Land Tax (Stamp Duty) support Mar 31
45
05/03/2021 12:49:49 5 5
bbc
Yup - I hit the comment length limit. It doesn't take into account the duty on purchases over £500,000 and yes, it only pays for one year.

Even taking those factors into account (and this is only the 3 month stamp duty holiday we're using the fund this) I think they could afford to pay more than a 1% pay rise or even give a 5-10% one off bonus.

To say 'money is tight' is an insult.
76
05/03/2021 13:25:35 3 4
bbc
And there is still 3% being paid by people with some existing form of property ownership.

But I agree that something like 3% rise could be achievable, or 5-10% as a one off bonus. I honestly can't explain what this govt's thinking is on splashing the cash on the one hand and being mean on the other. It isn't consistent, nor dealing with long term needs like social care and climate change.
77
05/03/2021 13:26:07 13 3
bbc
The graph in the write up says it all. Market stoked inflation pending on a pyramid scheme, supported by government manipulation. Most people have no idea about how bad inflation can go.
114
05/03/2021 14:03:41 2 5
bbc
The graph actually shows an ave per annum growth of just 3% per ave year across the full 14yrs..averaged..and the biggest single short term deviation is DOWN not up.
Read it correctly.
67
05/03/2021 13:15:43 5 9
bbc
As per usual people banging on about hyper inflated or "soaring " house prices. Absolute nonsense READ THE ABOVE CHART CORRECTLY..average growth per ANNUM is just 3 %..over the fourteen year period that it shows. Actually historically LOW..and mortgage pay rates at their LOWEST EVER.These are facts not matters of opinion. Understand and read the facts dont compound the myths.
78
05/03/2021 13:26:14 5 4
bbc
Will you stop spouting this drivel day after day on HYS
95
05/03/2021 13:53:22 1 3
bbc
Is the average not 3%? Are mortgage rates not low?
116
05/03/2021 14:05:38 1 3
bbc
Its not my chart.. and if you cant read it correctly perhaps you need someone to help you.
63
05/03/2021 13:08:47 16 4
bbc
The housing market in the UK is now completely dysfunctional and divorced from the 'main street' economy. Tory economics and producer interests are to blame. It is 'too big to fail'...but fail spectacularly it will, quite soon. The 2008 financial crisis was a warning shot...a correction of sorts, but what we are facing now in terms of the scale of household debt, mortgages...cannot be salvaged.
79
05/03/2021 13:27:43 6 4
bbc
I agree and hope it falls massively off its artificial high-perch
132
05/03/2021 14:31:39 2 2
bbc
So you want millions of people, some who have had a decade of negative equity, particularly the North to be plunged back into it?
64
05/03/2021 13:10:45 4 5
bbc
Your local shop,pub,restaurants tradies etc etc are all working on far far higher margins than b to let. Typical GROSS ( N.B GROSS ) yield on a suburban semi is 3 to 4%..and the owners pay especially high taxes..higher stamp..by far..tax on rents..tax EVEN on their finance COST..and 28% capital gains tax when they sell. Oridnary home owners pay zilch. SO...hardly "parasitic". Prejudice misplaced.
80
05/03/2021 13:29:34 0 2
bbc
Local shops provide good & services and are often Ltd companies paying taxes and supporting the economy. They're not taking homes from young families/FTB in rural communities trying to establish themselves.
BTL do not pay higher taxes. 18% or 28% CGT on sale profits after personal allowance £12,300 and income after £12,500. Split the prop between 4 of you and no one pays a penny in income or CGT
105
05/03/2021 13:58:34 2 1
bbc
Why not split the property between 8 of you, even better!

Of course your example is idiotic, most BTL landlords have one property and it is in one or two names. The rental is a side business and the landlord works to earn their main income.

Upon sale of the house there is indeed an 18 or 28% CGT that is not on a private residence.
81
05/03/2021 13:29:58 10 7
bbc
Why should the taxpayer help people to buy homes - I was never helped, I scrimped and saved and did without to buy my house
93
05/03/2021 13:51:56 5 2
bbc
Exactly ! And house prices would be lower if tax payers money didn't inflate prices with help to buy or mortgage guarantees.
112
05/03/2021 14:01:55 1 3
bbc
Apprx. two thirds of all income tax collected is from higher rate tax payers always has been. Lower paid/salaried are supported in our public service provisions by the middle class and the wealthy...source HMRC..O.N.S and others. Stands to reason when someone on say 20k salary pays no tax on 12.5 k and only 20% on remainder (1.5k ) wouldnt cover even a decent fraction of one public service wage .
22
05/03/2021 12:26:55 8 4
bbc
So, I used to work for the RCN years ago and the rough figure floating about for the number of nurses was around 500,000.

Taking the average salary of a nurse as 25k - and say giving them a decent (10%) pay rise of £5k gives a cost of £2.5 billion.

Looking at the revenue receipts for stamp duty for 2019-2020, the figure is £11.6 billion for the year. 11.6/4 (3 months) gives £2.9 billion lost.
82
05/03/2021 13:30:44 8 2
bbc
'Taking the average salary of a nurse as 25k -'.... But it isn't - according to the Royal College of Nursing 2020 it's £33,384 p.a. - I too support NHS nurses and am glad they get decent pay (newly qualified starting at £24,907 with annual increases before any general %).
163
05/03/2021 15:50:02 2 6
bbc
Alright - make it 33k - it's still only 3.3 billion for a 10% raise.

Given that the NHS has now apparently got £350 million a week more I'm sure they could find the extra.

I do wonder if the people downvoting my comments above are the same people who clapped and banged pots and pans last year every week.
72
05/03/2021 13:21:27 3 1
bbc
First homes are increasingly subject to a form of CGT too - its called taking your house capital away from you when you need care.
83
05/03/2021 13:31:17 2 2
bbc
yes agreed...and that's every shade of wrong !
109
05/03/2021 13:59:56 1 3
bbc
Every shade of right - why should others pay for your care home whilst you give your kids hundreds of thousands? And no, you didn't pay in enough over your lifetime to cover that cost.
19
05/03/2021 12:24:32 15 10
bbc
There are always those who say how difficult it is to get on the housing ladder by comparing the deposit required to the 'average' house price. Well first time buyers don't buy houses at that level they normally buy at the lower end (1 bed flats, terraces, etc.) at around £150k, that means a £7.5k deposit or £3 per day for 3 years each for 2 people, that's 1 Costa or a beer or 20 mins extra work
84
05/03/2021 13:32:24 1 4
bbc
Only £3 a day? Why, that's in the order of what nurses will pay to park to go to work given the government announced it would end free parking for nurses after Covid is over - https://rcni.com/nursing-standard/newsroom/news/government-announces-end-to-free-hospital-parking-all-nurses-england-163146
120
05/03/2021 14:09:32 2 1
bbc
Cycle.
85
Ian
05/03/2021 13:33:28 25 4
bbc
? Stamp duty is done away with

?? Sellers know buyers have more money due to not paying stamp duty

?? Sellers increase the price of homes on the market

?? Many still can't buy thanks to the increasing prices

?????? The only winners are the Estate Agents

?? Sunak admitted the measures were to keep people in jobs not to help buyers
99
05/03/2021 13:56:38 7 7
bbc
The only winners are the Estate Agents

No Ian, there will also be a charge for the necessary legal conveyancing.
And I'm a bit out of touch, but aren't Land Registration fees still payable?
Then there will also be the usual insurance charge for the property that the lender will usually insist on.
Also, the property valuation fee carried out by, hopefully, a chartered surveyor.
150
05/03/2021 15:09:19 4 1
bbc
Its a sellers market as there are more buyers out there, (particularly if you are out in the Countryside with a good internet connection). Demand is outstripping supply, hence climbing prices. Against such a backdrop no one should need an estate agent - if your house is competitively priced and in good order it'll sell. In the sort of market we have at the moment Estate Agents are a waste of money
44
05/03/2021 12:49:42 8 6
bbc
Labour did the same indirectly.

Working tax credits for people on £50k pa hardly the poor in society.
86
05/03/2021 13:34:22 4 4
bbc
Scot, that happened in two places, one is in your head, the second is in the Daily Mail.
108
05/03/2021 13:59:38 3 2
bbc
IFS report from 2003

Incomes above £50,000 p.a. reduce entitlement to the family element at the rate of 6.7p in the pound, .... with incomes over £58,134 (or £66,269 if they have a child under 1) will be entitled to child benefit only
53
05/03/2021 12:59:14 24 5
bbc
Being able to get a mortgage on a 5% deposit doesn’t mean jack when the remaining 95% is a number several times higher than your salary and is always rising!

Even if I save up to 20% for a deposit, the remaining 80% I can get from a mortgage will be 4.5x my salary. I can expect an uphill struggle to afford even a cheap place (North, not London!) if prices continue to shoot up.
87
05/03/2021 13:38:47 5 19
bbc
You're supposed to pay off the mortgage over several decades, not 4.5 years though. That's the standard. Spread out like that, even with interest rates, it's not that bad even if you don't factor in that you should hopefully see your salary rise over that time.
96
05/03/2021 13:53:26 4 1
bbc
I didn’t say anything about only paying it off in 4.5 years. What I meant was that the 80% of the house price I would have to get a mortgage for, is 4.5 times my yearly salary.
111
05/03/2021 14:01:47 12 2
bbc
Wrong. The point is the average house price is 8.5x average earnings in the U.K., whereas it was 3.5x average earnings a few decades ago. This debt bonanza courtesy of the taxpayer only fuels the housing bubble even higher before its inevitable implosion
297
VoR
06/03/2021 15:28:49 1 1
bbc
Odds are that 4.5 times his salary will buy very little in London, even if he has 20% as a deposit. The fact you spread it out over a long timeframe is why he can borrow as much as 4.5 times his salary.
53
05/03/2021 12:59:14 24 5
bbc
Being able to get a mortgage on a 5% deposit doesn’t mean jack when the remaining 95% is a number several times higher than your salary and is always rising!

Even if I save up to 20% for a deposit, the remaining 80% I can get from a mortgage will be 4.5x my salary. I can expect an uphill struggle to afford even a cheap place (North, not London!) if prices continue to shoot up.
88
05/03/2021 13:39:45 2 11
bbc
You dont need 20% thats the whole point...and there are thousands of relatively cheap homes in the North including the outskirts of the biggest city..LEEDS which in fact has scores of two bed properties available in the 120k to 140 k bracket right now.PLUS finance has NEVER BEEN CHEAPER. Facts not myths please.
110
05/03/2021 14:00:40 9 1
bbc
My salary is £22,000. That multiplied by 4.5 is £99,000.

To purchase a property that’s £120-£140k I will need to save £21-41k. Which makes my deposit (if my calculations are correct) around 17.5% to 29.3%

Of course I would hope that I can increase my salary soon...
51
05/03/2021 12:56:22 26 4
bbc
Just for the record house prices during the worst financial hit since WW2 having during the pandemic risen 8%, even if there had not been a pandemic house prices are rising well ahead of inflation.

Why is the UK totally obsessed with keeping house prices high and will use any means in order to do so,
89
05/03/2021 13:42:23 2 6
bbc
FACT read the chart with this article correctly..it show the average per ANNUM growth of house prices is just 3% across the extended period (14 yrs)..thats actually historically pretty low....but you seem to prefer the hype...around very short term spikes..but ...oh.. look again the biggest spike in there was DOWN!!
90
05/03/2021 13:47:48 2 2
bbc
Rishi Sunak's policies are good for house prices

Which will be good news for some, bad for others. Simples
41
05/03/2021 12:48:48 10 4
bbc
My children can't afford a deposit because they're paying off their student loans, along with their punitive interest rates.

So here's an idea:-
Scrap the student loans and encourage them to build their own deposit.

Two monstrously bureaucratic schemes avoided, a fairer system for all, and let those who want a house save for one.
91
05/03/2021 13:48:27 1 3
bbc
Except you have to earn over £26,575 p.a. to even reach the threshold to begin paying money back, and it's only 9% on earnings above that threshold. So If you're earning £30k per year you still only pay £26 per month. Which is basically nothing.
And the whole thing gets written off after 30 years. So just pay the minimum required, because you'll end up paying less than if you pay it all off.
67
05/03/2021 13:15:43 5 9
bbc
As per usual people banging on about hyper inflated or "soaring " house prices. Absolute nonsense READ THE ABOVE CHART CORRECTLY..average growth per ANNUM is just 3 %..over the fourteen year period that it shows. Actually historically LOW..and mortgage pay rates at their LOWEST EVER.These are facts not matters of opinion. Understand and read the facts dont compound the myths.
92
05/03/2021 13:49:22 1 1
bbc
And what were private sector average wage increases over the same period
145
05/03/2021 15:00:18 1 2
bbc
More pertinent is what were the mortgage repayment interest rates over the same period - this is what dictates monthly affordability as much as pay rises.
81
05/03/2021 13:29:58 10 7
bbc
Why should the taxpayer help people to buy homes - I was never helped, I scrimped and saved and did without to buy my house
93
05/03/2021 13:51:56 5 2
bbc
Exactly ! And house prices would be lower if tax payers money didn't inflate prices with help to buy or mortgage guarantees.
68
05/03/2021 13:17:25 7 3
bbc
I wonder if the Brexit unicorn will burst this bubble whilst cavorting around in ever decreasing Sunny Uplands, as the developers build the next generation of affordable chicken coops.
94
05/03/2021 13:52:04 2 3
bbc
Certainly the reduced mass migration now we're no longer in FOM will eventually start to reduce the supply:demand imbalance for accommodation (across all tenures) which will moderate prices and rents.
312
06/03/2021 19:26:43 0 0
bbc
Immigration even without FOM is higher than ever. Which makes your post rather asinine.
78
05/03/2021 13:26:14 5 4
bbc
Will you stop spouting this drivel day after day on HYS
95
05/03/2021 13:53:22 1 3
bbc
Is the average not 3%? Are mortgage rates not low?
87
05/03/2021 13:38:47 5 19
bbc
You're supposed to pay off the mortgage over several decades, not 4.5 years though. That's the standard. Spread out like that, even with interest rates, it's not that bad even if you don't factor in that you should hopefully see your salary rise over that time.
96
05/03/2021 13:53:26 4 1
bbc
I didn’t say anything about only paying it off in 4.5 years. What I meant was that the 80% of the house price I would have to get a mortgage for, is 4.5 times my yearly salary.
97
05/03/2021 13:56:05 4 1
bbc
Boom To Bust
44
05/03/2021 12:49:42 8 6
bbc
Labour did the same indirectly.

Working tax credits for people on £50k pa hardly the poor in society.
98
05/03/2021 13:56:07 2 3
bbc
That isnt true
85
Ian
05/03/2021 13:33:28 25 4
bbc
? Stamp duty is done away with

?? Sellers know buyers have more money due to not paying stamp duty

?? Sellers increase the price of homes on the market

?? Many still can't buy thanks to the increasing prices

?????? The only winners are the Estate Agents

?? Sunak admitted the measures were to keep people in jobs not to help buyers
99
05/03/2021 13:56:38 7 7
bbc
The only winners are the Estate Agents

No Ian, there will also be a charge for the necessary legal conveyancing.
And I'm a bit out of touch, but aren't Land Registration fees still payable?
Then there will also be the usual insurance charge for the property that the lender will usually insist on.
Also, the property valuation fee carried out by, hopefully, a chartered surveyor.
144
05/03/2021 14:57:44 2 3
bbc
Plus the stamp duty still being paid by any landlord buyers.
41
05/03/2021 12:48:48 10 4
bbc
My children can't afford a deposit because they're paying off their student loans, along with their punitive interest rates.

So here's an idea:-
Scrap the student loans and encourage them to build their own deposit.

Two monstrously bureaucratic schemes avoided, a fairer system for all, and let those who want a house save for one.
100
05/03/2021 13:56:47 0 1
bbc
When my children's annual statement comes through the post I open them. I don't want them looking at the extortionate interest being added every month.
I looked once and wish I hadn't. Now I file them without looking