Property Snakes and Ladders; 2009

Mr_Matey

pickles110564 wrote: »

Hello Mushroom, No one has lost unless they were stupid enough to sell.

Also, all their money is now tied up in an asset that's not making them money. There is an opportunity cost of keeping their investment property.

harryhound

Mind you if we get much more of this "quantitive easing" the whole country could go down the drain and finf itself a third world bargain basement.

It is bad enough the Arabs buying up some of the best bits, I wonder what the Chinese will find of any real wealth amongst us 60 something plus million residents?

"Loverly conversion mate; got any RMB's"

silvercar

I don't suppose we count keeping up the payments on the humumgus mortgage then...or CGT, estate agents, solicitors, planning, removals etc etc

Have you noticed how loads of them decide to move into the property rather than selling striaght away? It helps avoid CGT. Once you have lived in the property as your main home you are exempt from CGT for the last 3 years of ownership.

FungusFighter

Going back to little ferrety-faced !!!!!! with his £40k profit , even if we believe him (£31k rounded up?) once you take out a year of mortgage payments, a year of paying interest on the money he borrowed to do it up, fees, stamp duty, capital gains, agent's fees, architect, planning, solicitors - have I forgotten anything? - oh yeah, !!!!-ups - I bet if anyone can be ar5ed to work it out youll find he could have earned more washing up at the local Mc D's. It just don't work without HPI, just ask Pickles;)

mewbie_2

FungusFighter wrote: »

It just don't work without HPI, just ask Pickles;)

I'm guessing Pickles is sitting tight, fingers crossed that HPI really is returning. If you write 500k on an envelope and add 20% a year HPI then the figures probably look pretty good. Wonder if the bank manager will swallow it?

silvercar

FungusFighter wrote: »

Going back to little ferrety-faced !!!!!! with his £40k profit , even if we believe him (£31k rounded up?) once you take out a year of mortgage payments, a year of paying interest on the money he borrowed to do it up, fees, stamp duty, capital gains, agent's fees, architect, planning, solicitors - have I forgotten anything? - oh yeah, !!!!-ups - I bet if anyone can be ar5ed to work it out youll find he could have earned more washing up at the local Mc D's. It just don't work without HPI, just ask Pickles;)

There was no mortgage, thats why he went back to work for a few months to pay for stage 2.

Even if he wanted to borrow, who would lend on a property up a steep hill with no vehicle access?

harryhound

So the opportunity cost was the loss of interest on his savings?
Errr yes 0.5% ?!?

GracieP

Is it wrong that I am eagerly awaiting the outcome of Coronation St's property development story? As Corrie was pretty early with it's recessionary stories, having Joe unable to sell his flats at their original price and Joe's kitchen company go down the toilet because no-one wants new kitchens.

I can only assume that the Property Ladder style story will end in tears. They've already gone through the figures for their development and seen that they won't make a profit the normal way, so are taking money and free work from their parents.

FungusFighter

silvercar wrote: »

There was no mortgage, thats why he went back to work for a few months to pay for stage 2.

Even if he wanted to borrow, who would lend on a property up a steep hill with no vehicle access?

Yr making the mistake of believing what he sez mate:rolleyes:

The dude can't even keep the same job for one property !!!!!!:rotfl:

PasturesNew

kriss_boy wrote: »

virgin on demand.

I bet that's a popular service.