Budget 2015

ronk said:
What about us poor old pensioners??? :rofl:
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i bet is was very different back in your day :P

jimmybell said:
Sadly in London it's a very different story, usually a house is sold within the first 2-3 viewings, and it's reasonably common to be sold the same day with the first viewer :/ Hence why there's so much animosity to professional developers who walk in and offer cash, often as a FTB you wont even hear about properties before they're already sold. Plus the estate agents add an extra layer of complexity with their varying commission schemes not always (as you'd expect) tied to the sale price etc - so you never know who's out to get what from you.
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yeah i can imagine that would be very frustrating for people wanting to buy there. london is the capital, it gets anyone and everyone from all over the world wanting to stay there and it is so in demand that people will do anything to have their own place there. prices are very stable even at the worst of times because of this so its not surprising at all. estate agents are always playing people off against each other to get the best price and further drive up prices and like you say, im pretty sure that there are backhanders going around too which is why they are sold on the same day.

its a bit more civilised in the midlands and prices do fluctuate depending on the economy but even so, young people are still struggling to buy because a 10k deposit is hard for them to save up for
 
Z4M-2006 said:
Or...If that did happen then BTL landlords could free up cheap housing stock,correcting house prices for FTB's to have a chance of getting a home?

Mortgages have been at there lowest for years and years,its unprecedented..... So if your not planning for the BOE base rate to increase and its going to cripple you then i would get out now...
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Any sensible BTL Landlord will have allowed for a considerable hike in interest rate. However the game rules have changed completely with these changes. Previously as the interest rate increase a BTL landlord would pay more interest and therefor pay less tax. So there was a cancelling affect. I'm not arguing whether this was fair or unfair it was simply the playing field before the budget, to an extent this allowed for a different level of risk. This meant lenders would lend more and landlords could quite sensibly borrow at a higher loan to value ratio. Post budget the risk is now far more with the landlord, as the changes are phased in. Buying property is a long term investment four years is not a long term. We have never planned to sell any of our properties they're there to provide income for our pensions. Then one day the kids can share them with the tax man, if Beedub doesn't get the money first. :wink:

I agree the old rules were encouraging more and more people to take up BTL and this was taking stock out of the FTB market. but the main problem there is simply not enough stock. My very first word winge is simply that they changed the rules by a very large degree without any prior warning. Like most other landlord we have done the sums had a grumpy few days and will adjust to the new rules. But there will be those, more exposed who were taking reasonable risks previously, who could now lose their shirts when interest rates increase and that wasn't necessary.
 
In any budget there will be winners and loosers!

I bought a car some years ago the the Labour lot doubled the VEL.
 
buzyg said:
Any sensible BTL Landlord will have allowed for a considerable hike in interest rate.
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There's the first flaw in your argument! To assume house buyers (be they BTL or owner-occupier) behave sensibly is to ignore why property bubbles/busts continually occur. I think there will be blood on the carpet if interest rates rise and the government is trying to act now to stem the tide of new lending in this sector.
 
Agreed....

Although I do think that interest rates do need to get back to around the historical average of 5%.... BOE base rate being so low for so long is encouraging people to overextend.. It doesn't seem sustainable to me..
It seems that people are on a knife edge and a couple of % will sink them..

Not to mention the opposite end of the scale where savers has seen no returns on there investment for years now.
 
Z4M-2006 said:
Agreed....

Although I do think that interest rates do need to get back to around the historical average of 5%.... BOE base rate being so low for so long is encouraging people to overextend.. It doesn't seem sustainable to me..
It seems that people are on a knife edge and a couple of % will sink them..

Not to mention the opposite end of the scale where savers has seen no returns on there investment for years now.
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Unlikely rates will rise this year & even if next 1/1.5% max ? & doubt you will see them at 5% within this government term , they are after all the countries biggest borrower so suits them for rates to stay low :wink:
 
No its not......

Better to put it into an appreciating asset...

Nice classic on the drive maybe ? :thumbsup:
 
ronk said:
I got to 67 and now at the spending stage - if I see it and I want it - I buy it !
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30 years behind you but that has been my outlook for a little while now lol
 
Last year a pal of mine for over 50 years died, the fella was like a brother - it was the kick start I needed.
Over many a pint over the years I had talked of the benefits of spending instead of more and more saving, repairing and generally making do!

I'm now practising what I preached :thumbsup:
 
ronk said:
I got to 67 and now at the spending stage - if I see it and I want it - I buy it !
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i do that now, thats why i'm bloomin skint and have no pension lol, my motto is "Like it - But it" :cry:
 
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