chrisp65 Posted August 23, 2020 Share Posted August 23, 2020 2 minutes ago, Demitri_C said: You pay stamp duty regardless if you have a property or not when purchasing a new home. Capital gains is determined by the value of the property and how much profit (if any you made on it) C’mon, stamp duty on a house worth over half a million is currently set at 0.1% Link to comment Share on other sites More sharing options...
bickster Posted August 23, 2020 Moderator Share Posted August 23, 2020 1 minute ago, chrisp65 said: We can’t rely on historically low mortgage rates, every time we presume they are normal, turns out they aren’t. It’s spectacularly dangerous to base buying a home on historically low interest rates. Yes, there are plenty that can afford £709 a month, and well done them. But that’s not who needs a home, unfortunately needing a home applies to absolutely everyone. House of Commons Library has ONS stats on last year, which for some reason I can’t grab. The average weekly income for the under 30’s is under £500 and without wishing to state the obvious, that means half of all people in their 20’s earn less than that. Certainly doable for a lot of people. Utterly beyond plenty more. I wasn’t looking at redressing the system for those that could already afford it. Why on earth should ‘not impossible’ be the benchmark for a 26 year old to have somewhere to call home? If more likes were possible... you'd have them Link to comment Share on other sites More sharing options...
Genie Posted August 23, 2020 Author Share Posted August 23, 2020 8 minutes ago, chrisp65 said: We can’t rely on historically low mortgage rates, every time we presume they are normal, turns out they aren’t. It’s spectacularly dangerous to base buying a home on historically low interest rates. Yes, there are plenty that can afford £709 a month, and well done them. But that’s not who needs a home, unfortunately needing a home applies to absolutely everyone. House of Commons Library has ONS stats on last year, which for some reason I can’t grab. The average weekly income for the under 30’s is under £500 and without wishing to state the obvious, that means half of all people in their 20’s earn less than that. Certainly doable for a lot of people. Utterly beyond plenty more. I wasn’t looking at redressing the system for those that could already afford it. I’m a little bit lost with this. Interests rates go up and down as they always have done and always will. If you’re looking to get on the ladder then low rates are a good time to do it, especially with the safety net of a 5 year fixed deal. If you don’t bother because they might go up then its going to need a lottery win or inheritance. I have a good salary but would still feel the sting if there was a hike in rates, I’d have to cut my cloth accordingly. It’s just life. £500 a week = £24,000 a year = £1663 a month take home. Someone wanting their own place in that scenario still has about a grand after paying the mortgage if they wanted to get on the ladder, and that’s someone on their own (Majority of buyers I expect will be couples). If someone would rather have a nice new car on PCP finance, and go out 3 weekends out of 4 getting pissed and have designer clothes then thats their choice. I just don’t subscribe to the theory that everyone should own a nice house, not carry any risk at all and not have to balance the cost of it with anything else. Quote Why on earth should ‘not impossible’ be the benchmark for a 26 year old to have somewhere to call home? Why not? Not impossible = possible. If you have an ok job then it’s possible and realistic to buy a house, even more so if you’re setting up with a friend or partner. If you think you can have it all at 26 and only earn £480 a week then it’s not going to happen. Stay at home, speak to the council, look at renting, collaborate with friends/family. Link to comment Share on other sites More sharing options...
chrisp65 Posted August 23, 2020 Share Posted August 23, 2020 24 minutes ago, bickster said: If more likes were possible... you'd have them Cash always makes a great present. 1 Link to comment Share on other sites More sharing options...
chrisp65 Posted August 23, 2020 Share Posted August 23, 2020 7 minutes ago, Genie said: I’m a little bit lost with this. We’re clearly coming at this from different starting points. I believe every adult should have access to an affordable home. By every, I don’t mean just the ones on £24,000 a year. By home, I don’t mean ‘address’ at the mercy of a private landlord that might want to move you on to increase their profit or cash in their asset. I’d completely forgotten that people wanting a home could simply speak to the council. I don’t think wanting somewhere to call home is wanting it all. I’d consider that to be wanting the absolute basics. Like I say, I think we’re looking at this from two very different places. Link to comment Share on other sites More sharing options...
Genie Posted August 23, 2020 Author Share Posted August 23, 2020 12 minutes ago, chrisp65 said: I believe every adult should have access to an affordable home. So what is the solution for a young person who is earning about £1400 a month (minimum wage ish)? If they don’t want to spend 50% of their pay on a mortgage, don’t want to live with a partner, don’t want to rent, don’t want to do shared ownership and don’t want to go on a list for council or housing association accommodation? Link to comment Share on other sites More sharing options...
Demitri_C Posted August 23, 2020 Share Posted August 23, 2020 1 hour ago, chrisp65 said: C’mon, stamp duty on a house worth over half a million is currently set at 0.1% Yeah and most decent properties in london are worth more than half a million! Link to comment Share on other sites More sharing options...
bickster Posted August 23, 2020 Moderator Share Posted August 23, 2020 8 minutes ago, Genie said: If they don’t want to spend 50% of their pay on a mortgage, Have a think about that very statement. Thats just for the walls and roof. Add in basics like you know... food, heating, lighting, travel to work and what have you got? The answer is a whole heap of f*** all Link to comment Share on other sites More sharing options...
bickster Posted August 23, 2020 Moderator Share Posted August 23, 2020 Just now, Demitri_C said: Yeah and most decent properties in london are worth more than half a million! You do realise 0.1% of a million is £1000 Link to comment Share on other sites More sharing options...
Demitri_C Posted August 23, 2020 Share Posted August 23, 2020 (edited) 2 minutes ago, bickster said: You do realise 0.1% of a million is £1000 You guys are wrong here. My stamp duty on a 620k house was originally 23k before the new stamp duty reduction came in That was me being a first time buyer with no other properties Edited August 23, 2020 by Demitri_C Link to comment Share on other sites More sharing options...
Genie Posted August 23, 2020 Author Share Posted August 23, 2020 8 minutes ago, bickster said: Have a think about that very statement. Thats just for the walls and roof. Add in basics like you know... food, heating, lighting, travel to work and what have you got? The answer is a whole heap of f*** all It was a bit of an extreme example tbh because nobody earning minimum wage would realistically look to buy a house on their own, it’s unrealistic. A couple earning relatively low incomes could get on the ladder if they cut their cloth accordingly. The option is available in most places. The problem is if 1) said couple don’t want to reduce the amount they spend on socialising / clothes / holidays etc 2) said couple don’t want to live in the areas they could afford to buy Link to comment Share on other sites More sharing options...
bickster Posted August 23, 2020 Moderator Share Posted August 23, 2020 12 minutes ago, Demitri_C said: before the new stamp duty reduction came in Currently £6,000. The first half a million is free Link to comment Share on other sites More sharing options...
bickster Posted August 23, 2020 Moderator Share Posted August 23, 2020 4 minutes ago, Genie said: It was a bit of an extreme example tbh because nobody earning minimum wage would realistically look to buy a house on their own, it’s unrealistic. A couple earning relatively low incomes could get on the ladder if they cut their cloth accordingly. The option is available in most places. The problem is if 1) said couple don’t want to reduce the amount they spend on socialising / clothes / holidays etc 2) said couple don’t want to live in the areas they could afford to buy Christ I'm risking quoting the sign above a concentration camp here You can have a house if you don't want a life for 25 years 1 Link to comment Share on other sites More sharing options...
Genie Posted August 23, 2020 Author Share Posted August 23, 2020 3 minutes ago, bickster said: Christ I'm risking quoting the sign above a concentration camp here You can have a house if you don't want a life for 25 years Life is about balance. People choose what they value which is absolutely fine. Renting might free up more monthly cash for “living” but leaves you vulnerable to changes out of your control. Buying might be more financially restrictive (not always) but gives more control if your home. Each to their own, but I personally don’t agree with the line that buying is impossible or extremely difficult. It’s a life choice, like having a brand new car or a 15 year old car. Or going to America or going go Blackpool. Link to comment Share on other sites More sharing options...
Stevo985 Posted August 23, 2020 VT Supporter Share Posted August 23, 2020 32 minutes ago, bickster said: Currently £6,000. The first half a million is free It is now. But Dem was talking about before the Stamp Duty holiday. He’s still wrong but he’s close. It would be 21k Link to comment Share on other sites More sharing options...
Demitri_C Posted August 23, 2020 Share Posted August 23, 2020 44 minutes ago, bickster said: Currently £6,000. The first half a million is free Spot on. Was refering to before the stamp duty break Link to comment Share on other sites More sharing options...
chrisp65 Posted August 23, 2020 Share Posted August 23, 2020 We should just scrap taxes, it’s not fair these people buying £700,000 houses having to pay tax so other people benefit. Some of them not even people with decent jobs. Whilst I’m at it, I’ve never been ill, so why the hell do I have to contribute to the NHS? Absolute drain on my ability to have a bigger mortgage. If we could just scrap the NHS and benefits, we could all spend more on our mortgages. Those that can’t afford them, well they just need to suck it up and join the 22 year waiting list for a council flat. I’m not talking about them, they hold no interest for me, they should just be glad of whatever they’ve got, whatever that is, I try not to think about it. Jeezus **** Christ I thought we’d aspire to more than just **** you economics. But then, I’m proved wrong at every single election. Link to comment Share on other sites More sharing options...
Xann Posted August 23, 2020 Share Posted August 23, 2020 1 hour ago, chrisp65 said: Jeezus **** Christ I thought we’d aspire to more than just **** you economics. But then, I’m proved wrong at every single election. You worry too much. Get on board with Tory Brexit, and dumb down! Hip Hip! Ug! Link to comment Share on other sites More sharing options...
Genie Posted August 23, 2020 Author Share Posted August 23, 2020 1 hour ago, chrisp65 said: Jeezus **** Christ I thought we’d aspire to more than just **** you economics. But then, I’m proved wrong at every single election. Where is the **** you economics? A couple of low/minimum wage earners want to buy their first home. They save £8k for the deposit from whatever means (savings, family, gifts, onlyfans etc) now they can afford a 5% deposit on a £160,000 starter home which has a fixed price of £703 a month for the next 5 years. I really can’t see the problem. Link to comment Share on other sites More sharing options...
chrisp65 Posted August 23, 2020 Share Posted August 23, 2020 36 minutes ago, Genie said: Where is the **** you economics? A couple of low/minimum wage earners want to buy their first home. They save £8k for the deposit from whatever means (savings, family, gifts, onlyfans etc) now they can afford a 5% deposit on a £160,000 starter home which has a fixed price of £703 a month for the next 5 years. I really can’t see the problem. I agree. You can’t see the problem. Low earners just need to speak to the council about a council house, or acquire an £8,000 deposit from gifts and then pay £700 a month. Turns out there is no problem, there is no housing crisis, no waiting list, no slum landlords, no profiteering. Let them eat cake. 2 Link to comment Share on other sites More sharing options...
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