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Thread: Corona property prices

  1. #151
    Quote Originally Posted by LukeBird View Post
    Spoke to mortgage advisor and had her run the numbers. I'm a first time buyer and knew that a lot of lenders had removed 90% mortgages, so I was interested to see what the figures were. What I could borrow had dropped roughly 20%, with all the other figures being broadly similar (I've lost overtime, earnings up and have more deposit) to when I had a valid decision in principle (it expired in April).
    Thanks for the response. Hopefully lenders relax a bit as lockdown is eased.

  2. #152
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    Quote Originally Posted by thestore View Post
    Thanks for the response. Hopefully lenders relax a bit as lockdown is eased.
    They’ll have to, for the market to not crash massively; I knew the figures would’ve changed, but that’s a massive difference for me. I’m just going to sit tight and see what’s what, I don’t want to buy just for the sake of it, prices are not going to increase, so there’s no sense in diving in for now.

    Mortgage advisor said when she went back to work, you could really only occasionally get 85% mortgages, she said 90% deals are coming back, but they’re limited and not always so good.
    Being a first time buyer, that’s obviously more important to me, as I have no equity to play with. Like I said, I’ll be sitting tight and waiting I suspect. I did view somewhere on the Thursday, but realised when trying to come up with an offer, I just didn’t know what was best - that’s what pushed me not to bother.

  3. #153
    Grand Master wileeeeeey's Avatar
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    Well I've just seen my first repossession in years -- since probably 2011 or 2012. We viewed a vacant house in quite a posh area bordering London on Saturday and it became clear it was a repossession. Stickers all the taps, cooker, sink, toilet etc saying do not use.

    Asked the agent what the story was as they normally sell much more expensive houses and this was quite 'low end' for them. The agent said it was a company selling and after a while admitted it was repossessed just before repossessions were paused but by the time they got the keys lockdown had happened and they couldn't show it so didn't advertise it.

    Four bed detached house with a garage, neighbours all have brand new Range Rovers and Porsches, one even had an Aston Martin. Not the kind of area you'd expect to see a repossession in.

    Also yesterday Hermes came to collect a parcel and the guy who turned up was in a current shape C Class. Quite a good spec too with the AMG pack. Not the sort of car you'd expect someone in that job to use for work.

    I think the house of cards is beginning to fall.

  4. #154
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    Quote Originally Posted by wileeeeeey View Post
    Well I've just seen my first repossession in years -- since probably 2011 or 2012. We viewed a vacant house in quite a posh area bordering London on Saturday and it became clear it was a repossession. Stickers all the taps, cooker, sink, toilet etc saying do not use.

    Asked the agent what the story was as they normally sell much more expensive houses and this was quite 'low end' for them. The agent said it was a company selling and after a while admitted it was repossessed just before repossessions were paused but by the time they got the keys lockdown had happened and they couldn't show it so didn't advertise it.

    Four bed detached house with a garage, neighbours all have brand new Range Rovers and Porsches, one even had an Aston Martin. Not the kind of area you'd expect to see a repossession in.

    Also yesterday Hermes came to collect a parcel and the guy who turned up was in a current shape C Class. Quite a good spec too with the AMG pack. Not the sort of car you'd expect someone in that job to use for work.

    I think the house of cards is beginning to fall.
    You going for the house?

  5. #155
    Grand Master wileeeeeey's Avatar
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    Quote Originally Posted by Estoril-5 View Post
    You going for the house?
    No, it ruled it out for us. We don't have the money needed for a 'proper house' in that area so would rather a semi where we currently are rather than a detached there (low ceilings, narrow rooms). Shame as it's a lovely area and even one road away from one of the good guys here. Our dream/lottery win house is for sale on their road a few doors down.

  6. #156
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    Nationwide tightening their mortgages to a maximum 85% loan again. That'll exterminate the market positivity that's been about.

    https://www.bbc.co.uk/news/business-53084853

  7. #157
    Grand Master wileeeeeey's Avatar
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    Quote Originally Posted by LukeBird View Post
    Nationwide tightening their mortgages to a maximum 85% loan again. That'll exterminate the market positivity that's been about.

    https://www.bbc.co.uk/news/business-53084853
    Shocked 5% was still available. The next news will be that salary multipliers are reigned in and down valuations are rampant.

  8. #158
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    Quote Originally Posted by wileeeeeey View Post
    Shocked 5% was still available. The next news will be that salary multipliers are reigned in and down valuations are rampant.
    See above, I’ve had my budget dented already.

  9. #159
    As I said would keep the thread updated with nationwide figures each month

    https://www.nationwide.co.uk/-/media...un_Q2_2020.pdf

    -1.4% monthly

  10. #160
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    The market is only going to go one way. It’s going to be very tough for some but offer opportunities for others!

  11. #161
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    The property market only ever goes one way.

  12. #162
    Quote Originally Posted by Seamaster73 View Post
    The property market only ever goes one way.
    https://www.thisismoney.co.uk/money/...t-cheaper.html

    For 100 hundred years flat who is to say the same cannot happen?

  13. #163
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    Supply and demand will also be an impact. Boris is harking on about a building boom - and he’s not just talking infrastructure projects.

    However, there was a piece in the local paper recently about house demand local to me, and it was going on about more Londoners desiring a move out of London thanks to Covid lockdown and a desire for space. It also outlined divorces etc upping demand in general.

    I have no skin in the game (aside from my family home I live in) but my suspicion is that the lower and upper ends of the market will remain buoyant in most currently desirable areas, even given the abundance of bad job news at the moment, but I’m no expert.

  14. #164
    Potential stamp duty holiday announced tomorrow:

    https://www.bbc.co.uk/news/business-53319433

    If it comes into affect straight away, and if it affects property prices over £500k (I.e 0% up to then the old rate applies over £500k) then it will help me with my current purchase plan, not holding my breath though!

  15. #165
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    "UK house prices fell for fourth month in a row, says Halifax | House prices | The Guardian" https://amp.theguardian.com/money/20...ax-coronavirus

  16. #166
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    Quote Originally Posted by thestore View Post
    Potential stamp duty holiday announced tomorrow:

    https://www.bbc.co.uk/news/business-53319433

    If it comes into affect straight away, and if it affects property prices over £500k (I.e 0% up to then the old rate applies over £500k) then it will help me with my current purchase plan, not holding my breath though!
    Would help us too but I can't see it being up to 500k of the property value, I can only see it being for properties up to 500k.

  17. #167
    Quote Originally Posted by wileeeeeey View Post
    Would help us too but I can't see it being up to 500k of the property value, I can only see it being for properties up to 500k.
    I think you are probably right, although it will distort the market around the £500k mark like before when at the £250k mark in the old system. Keeping my fingers crossed just in case.

  18. #168
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    Quote Originally Posted by thestore View Post
    I think you are probably right, although it will distort the market around the £500k mark like before when at the £250k mark in the old system. Keeping my fingers crossed just in case.
    Likewise surely those looking to go up the ladder and who are selling below £500K and buying above will be put off and thus two sales are potentially lost. Presumably Estate Agents will be lobbying hard to allow all buyers the first £500K to be free of SDLT.
    Last edited by mactrack; 8th July 2020 at 14:47.

  19. #169
    Quote Originally Posted by mactrack View Post
    Likewise surely those looking to go up the ladder and who are selling below £500K and buying above will be put off and thus two sales are potentially lost. Presumably Estate Agents will be lobbying hard to allow all buyer's the first £500K to be free of SDLT.
    Yes I think for it really to have an affect they will need to encourage movement in all rungs of the market. We will have to see..

  20. #170
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    Quote Originally Posted by thestore View Post
    I think you are probably right, although it will distort the market around the £500k mark like before when at the £250k mark in the old system. Keeping my fingers crossed just in case.
    Will make for some interesting fixtures and fittings deals.

  21. #171
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    So you have a market in which new buyers are struggling to enter and you artificially prop up prices by reducing SDLT at a cost to be made up elsewhere from the magic "money tree".

    Prices are already at unsustainable levels absent rampant wage inflation which is certainly not happening for the foreseeable future. Let market forces sort this out, prices will fall, property prices become more sustainable and use the money that was due to be spent on SDLT savings propping up other parts of the economy, or better still, avoid increasing national debt even more.

  22. #172
    Quote Originally Posted by thegreatdogwood View Post
    So you have a market in which new buyers are struggling to enter and you artificially prop up prices by reducing SDLT at a cost to be made up elsewhere from the magic "money tree".

    Prices are already at unsustainable levels absent rampant wage inflation which is certainly not happening for the foreseeable future. Let market forces sort this out, prices will fall, property prices become more sustainable and use the money that was due to be spent on SDLT savings propping up other parts of the economy, or better still, avoid increasing national debt even more.
    Agreed 100%

  23. #173
    Quote Originally Posted by thegreatdogwood View Post
    So you have a market in which new buyers are struggling to enter and you artificially prop up prices by reducing SDLT at a cost to be made up elsewhere from the magic "money tree".

    Prices are already at unsustainable levels absent rampant wage inflation which is certainly not happening for the foreseeable future. Let market forces sort this out, prices will fall, property prices become more sustainable and use the money that was due to be spent on SDLT savings propping up other parts of the economy, or better still, avoid increasing national debt even more.
    Quote Originally Posted by miguelh34 View Post
    Agreed 100%
    I agree with a lot of what you have said, although one could argue that removing a tax that distorts the market is ‘letting market forces sort it out’.

  24. #174
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    Quote Originally Posted by thestore View Post
    I agree with a lot of what you have said, although one could argue that removing a tax that distorts the market is ‘letting market forces sort it out’.
    Indeed, but you have to raise tax from somewhere and let me draw the parallel of the commercial property market. The Government has done precisely zero by way of support to Landlords and has actually made things more difficult with legislation that has seen many well capitalised companies simply refuse to pay rent, whilst Landlords still have debt to service. Values are generally falling which will in turn reduce pension pots with typically 20% allocated to property. Now imagine the government reducing SDLT to try to prop up that market too.

    You've got to draw the line somewhere and SDLT is an embedded part of our tax system. To "inflate" our way out of the huge debt requires mass consumption in other areas which comes at a cost. There is a reason housebuilders are re-paying furlough costs and that is because they make large profits. The government can let that market cool, new houses will still be built cost effectively but land prices will fall, profits reduce and hopefully some equilibrium returns so homeowners can truly afford to be in their property, not simply because lending rates are artificially low today.

  25. #175
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    Quote Originally Posted by wileeeeeey View Post
    "UK house prices fell for fourth month in a row, says Halifax | House prices | The Guardian" https://amp.theguardian.com/money/20...ax-coronavirus
    Interesting.

    Interesting Nationwide say 0.1% drop year-on-year, Halifax say 2.5% up year-on-year.
    I appreciate the views about each as lenders, but that's quite surprising.

  26. #176
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    Well, house purchases are now free of stamp duty up to a value of £500k until the end of the financial year. Interesting.

  27. #177
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    Quote Originally Posted by Peck View Post
    Well, house purchases are now free of stamp duty up to a value of £500k until the end of the financial year. Interesting.
    Is there any clarity for homes over 500k? Is there no reduction or will you pay nothing on the first 500k?

  28. #178
    Grand Master wileeeeeey's Avatar
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    Will allow many first time buyers who can't get a mortgage with a deposit below 15% to add their stamp duty monies to their deposit and see if they can get enough together for 15%. I can't see it doing all that much in the southeast. Potentially some downsizers will benefit with their onward purchase but I'm not expecting any change in activity where I'm looking.

  29. #179
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    Quote Originally Posted by IanBear View Post
    Is there any clarity for homes over 500k? Is there no reduction or will you pay nothing on the first 500k?
    Well I assumed no one would pay on the first £500k but now I’m not so sure

  30. #180
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    Does anyone know if stamp duty still applies if you purchase a house up to £500k but already own other properties?

  31. #181
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    https://www.bbc.co.uk/news/business-53319433

    “The chancellor has announced a temporary holiday on stamp duty on the first £500,000 of all property sales in England and Northern Ireland.”

  32. #182
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    Quote Originally Posted by beechcustom View Post
    Does anyone know if stamp duty still applies if you purchase a house up to £500k but already own other properties?
    BBC says 3% on second homes, BTLs etc. Needs to be fact checked with guidance being issued to lawyers, but yet to arrive.

  33. #183
    https://www.gov.uk/guidance/stamp-du...-reduced-rates

    Looks like it will affect all properties, even those over £500k. I’m quite surprised at this policy, but it is good timing for me.

  34. #184
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    Quote Originally Posted by Skyman View Post
    BBC says 3% on second homes, BTLs etc. Needs to be fact checked with guidance being issued to lawyers, but yet to arrive.
    Thanks. MSE saying the same.

  35. #185
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    Quote Originally Posted by thestore View Post
    https://www.gov.uk/guidance/stamp-du...-reduced-rates

    Looks like it will affect all properties, even those over £500k. I’m quite surprised at this policy, but it is good timing for me.
    I'm really surprised, too. If we can find a house and have the stomach we should save £15k. Not a reason to go out and buy a house but does add to your deposit or pay for a thing or two when you get the keys.
    Last edited by wileeeeeey; 8th July 2020 at 16:43.

  36. #186
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    ^ same here. We’ve been on the fence about moving for a while given Brexit and then COVID but this would save us £15k+ which is certainly not to be sniffed at.

    If I’d just completed a purchased I’d feel mightily pissed off. But thems the breaks I guess

  37. #187
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    Quote Originally Posted by beechcustom View Post
    Does anyone know if stamp duty still applies if you purchase a house up to £500k but already own other properties?
    Quote Originally Posted by thestore View Post
    https://www.gov.uk/guidance/stamp-du...-reduced-rates

    Looks like it will affect all properties, even those over £500k. I’m quite surprised at this policy, but it is good timing for me.
    Makes sense. A property crash would hardly get everyone out spending in the wider economy and creating a recovery, and it would reduce stamp duty revenue too. Really it has to affect all price brackets or it would distort the market, making it impossible to list things at just over the threshold.

    It’s about time they changed this tax in any case, maybe they can rethink it once this is over. Having forked out an absolutely insane amount when moving a while ago, it seems perverse in the extreme to be penalised for moving house. The price of London properties means the tax is absurdly high, and just when you need every penny to move. My worry is a new tax on the value of properties (some kind of wealth / mansion tax), when you’ve already been cleaned out on stamp duty to get the thing in the first place, ie double taxation due to shifting policies.

  38. #188
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    Quote Originally Posted by Itsguy View Post
    My worry is a new tax on the value of properties (some kind of wealth / mansion tax), when you’ve already been cleaned out on stamp duty to get the thing in the first place, ie double taxation due to shifting policies.

    Stamp Duty would be fairer if the threshold was based on local property prices, or perhaps based on size like Community Charge. But as for all things tax related, whatever system you come up with will be hugely complicated and full of loopholes.


    How about a tax on the number of windows? ;-)

  39. #189
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    Quote Originally Posted by hogthrob View Post
    How about a tax on the number of windows? ;-)
    I hope not. That would be us well stuffed.


  40. #190
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    Quote Originally Posted by Itsguy View Post
    Makes sense. A property crash would hardly get everyone out spending in the wider economy and creating a recovery, and it would reduce stamp duty revenue too. Really it has to affect all price brackets or it would distort the market, making it impossible to list things at just over the threshold.

    It’s about time they changed this tax in any case, maybe they can rethink it once this is over. Having forked out an absolutely insane amount when moving a while ago, it seems perverse in the extreme to be penalised for moving house. The price of London properties means the tax is absurdly high, and just when you need every penny to move. My worry is a new tax on the value of properties (some kind of wealth / mansion tax), when you’ve already been cleaned out on stamp duty to get the thing in the first place, ie double taxation due to shifting policies.
    Stamp Duty:

    In reality: “You are making money - we want a slice of that”

    What they say: “Those who can afford to pay more - should pay more”

  41. #191
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    Quote Originally Posted by wileeeeeey View Post
    Will allow many first time buyers who can't get a mortgage with a deposit below 15% to add their stamp duty monies to their deposit and see if they can get enough together for 15%. I can't see it doing all that much in the southeast. Potentially some downsizers will benefit with their onward purchase but I'm not expecting any change in activity where I'm looking.
    First time buyers already had 100% relief on the first £300,000.
    One of my daughters has recently bought her (and her husband’s) first house and paid £250 SDLT on a £305,000 purchase.
    Another is buying with her boyfriend at £315,000 and will save an additional £750 SDLT after today’s announcement.

  42. #192
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    Quote Originally Posted by Dave+63 View Post
    First time buyers already had 100% relief on the first £300,000.
    One of my daughters has recently bought her (and her husband’s) first house and paid £250 SDLT on a £305,000 purchase.
    Another is buying with her boyfriend at £315,000 and will save an additional £750 SDLT after today’s announcement.
    Indeed. Now they are slugging it out with those that can pay more because they did not previously have that relief. And buy to let investors now pay 3% SDLT so with the talk of negative interest rates, might decide that timing is right to stick a few quid into a BTL. The £4bn could really have been spent in a more effective way than encouraging taking on more debt at a time that job security is at a low point.

  43. #193
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    Quote Originally Posted by Dave+63 View Post
    First time buyers already had 100% relief on the first £300,000.
    One of my daughters has recently bought her (and her husband’s) first house and paid £250 SDLT on a £305,000 purchase.
    Another is buying with her boyfriend at £315,000 and will save an additional £750 SDLT after today’s announcement.
    Is that enough to buy a house though? We'll save £15k perhaps a touch more. It would certainly help but doesn't mean we'll go buy a house tomorrow.

  44. #194
    Depends where you are in the country, but it would be a huge saving and contribution for most.

    I would have been delighted if I’d saved paying the tax on the first £500k of my place.
    It's just a matter of time...

  45. #195
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    Employment and economy news just keeps on getting better. Property prices can only go up.

    [/sarcasm]

  46. #196
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    Quote Originally Posted by wileeeeeey View Post
    Is that enough to buy a house though? We'll save £15k perhaps a touch more. It would certainly help but doesn't mean we'll go buy a house tomorrow.
    15k is the most you can save

  47. #197
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    If people become increasingly unable to buy a house, then stamp duty is irrelevant. And mass unemployment together with tremendous job insecurity will kick the stuffing out of the market over the next tfew years.

  48. #198
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    Quote Originally Posted by thegreatdogwood View Post
    And buy to let investors now pay 3% SDLT so with the talk of negative interest rates, might decide that timing is right to stick a few quid into a BTL.
    What was the BTL SDLT rate previous to this new exemption?

  49. #199
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    Quote Originally Posted by hogthrob View Post
    .


    How about a tax on the number of windows? ;-)
    Daylight robbery !

  50. #200
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    Quote Originally Posted by Estoril-5 View Post
    What was the BTL SDLT rate previous to this new exemption?
    BTL (or to be more precise, a second property) SDLT is an additional 3% on top of the regular SDLT for the property sale price.

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