House Prices

mypie

gibbyni wrote: »

Am i missing something here?

nope it seems like I am the one missing something.

I guess that I am assuming it would have just been a straight sale from one one to another.

Paddy2eyes

gibbyni wrote: »

From what I picked up pgilc1 has already bought the second house so yes if the price of the rented one goes up by 20K before they sell it then yes it will be an extra 20k to pay off the current mortgage.

Am i missing something here?

Capital gains tax on a second home?

motorguy

raymond wrote: »

Are you hoping that your house will rise by £20k but the "new" one won't ???

As i said previously, the new one is a new build that we will have completed this month - at a price contractually agreed last April.

Any equity we have from the eventual sale of our current house we will then pay off the mortgage we have on the new house.

motorguy

Paddy2eyes wrote: »

Capital gains tax on a second home?

Only if we sell it more than three years after we move out.

As i've said previously, we will review the situation yearly and decide nearer that timeframe whether we want to continue renting or not.

warmhands.coldheart

pgilc1 wrote: »

Only if we sell it more than three years after we move out.

As i've said previously, we will review the situation yearly and decide nearer that timeframe whether we want to continue renting or not.

One way round Capital gains tax would be.....

After 2 1/2 years get a "divorce of convenience". have a house in each persons name..... after a year your "ex" could sell "her" house.... No Capital Gains Tax..... then you could "fall in love all over agiain" get re-married and get more pressies from the friends and family again!! :rotfl:

nozzadamozza

Rather than start a new thread, thought I would resurrect this one.

Me and Hubby have been on the look out for a house for what seems like ages, and to be honest i think we are starting to get weary waiting. We do want to buy but find that prices are waaay over inflated...

A few things I have noticed:

House prices are not being marked down as i think vendors and EAs are expecting offers with minus 10- 20%

To counteract this, I have noticed some estate agents / vendors have INCREASED the price-this house increased from '£ 135,000' to '£ 147,500' yesterday- clicky here

It seems that there are lots of houses going back onto the market...I think for someone like ourselves, who need houses to become affordable, this may help drive the price down......if they banks wont give the money, something has to give,if the seller needs to sell, they will have to reduce.

We recently put an offer on a house that was advertised at £170k- we put a starting offer of £140 (max budget was £145)- we were told the vendor wanted £170k- there was to be no negotiation..suffice to say,we have walked away. However, given the house needed work done to it and it had a RV of 115k, we thought our offer was reasonable....

I think for many people their house was their pot of gold. THats why someone like the person above cant seem to grasp that the goldrush is over. I guess if you have the local newspapers telling you house prices are up, up, up- then you would prob think someone like me was trying to get your quarter of a million house for nothing!

I think there is still madness there- I mean I see houses in places like the Ballybeen estate for over £120k (apols if i have offended someone who lives there / loves it- its just it one of those areas that frightens me!)- seriously!!

Well thats my rant over...

warmhands.coldheart

Nozza..

nozzadamozza wrote: »

...Me and Hubby have been on the look out for a house for what seems like ages, and to be honest i think we are starting to get weary waiting. We do want to buy but find that prices are waaay over inflated.....

Don't give up..... it'll be worth it in the long run. Took me and my wife nearly 2 years to get our first house and over a year for our second... It's worth the effort to get the right one...

nozzadamozza wrote: »

.....A few things I have noticed:

House prices are not being marked down as i think vendors and EAs are expecting offers with minus 10- 20%

To counteract this, I have noticed some estate agents / vendors have INCREASED the price-this house increased from '£ 135,000' to '£ 147,500' yesterday- clicky here

It seems that there are lots of houses going back onto the market...I think for someone like ourselves, who need houses to become affordable, this may help drive the price down......if they banks wont give the money, something has to give,if the seller needs to sell, they will have to reduce.

We recently put an offer on a house that was advertised at £170k- we put a starting offer of £140 (max budget was £145)- we were told the vendor wanted £170k- there was to be no negotiation..suffice to say,we have walked away. However, given the house needed work done to it and it had a RV of 115k, we thought our offer was reasonable.......

People are living with their heads in the sky..... you're not the only one to think this. If someone needs to sell they will have to take the "market" rate. If they don't need to sell (Like Paul on here) they will hold out.... you just have to keep searching. Have you tried any of the Auctions?

nozzadamozza wrote: »

....I think there is still madness there- I mean I see houses in places like the Ballybeen estate for over £120k (apols if i have offended someone who lives there / loves it- its just it one of those areas that frightens me!)- seriously!!......

Not familiar with this area but where I live there are still houses in (lets say) less desirable areas, which are massively overpriced..... probably because they were bought when massivly overpriced...

Whatever you do don't panic or pay over the odds.... It's not worth it unless you see the house of your dreams and it'll be you forever and ever house .. even then don't stretch too much

motorguy

nozzadamozza wrote: »

I think for many people their house was their pot of gold. THats why someone like the person above cant seem to grasp that the goldrush is over. I guess if you have the local newspapers telling you house prices are up, up, up- then you would prob think someone like me was trying to get your quarter of a million house for nothing!

I'm fully aware of what house prices are now, and if you'd read my posts you would know i never said my house was 'worth' £280K, merely that at the peak of the market it would have sold for that. Given the value of semis and adding a pro rata estimate on for the fact ours is detached, four bedroom, extended garage, brick driveway, etc, my thinking is it should make £170K or thereabouts. Estate agents are telling me that if i'm lucky i *might* get someone to take it off my hands for £145K.

Why should i panic sell at that price when i dont have to?

We've easily got it rented out to a lovely retired couple who are looking a long term let close to their daughter and her family, so we'll bide our time and see what happens over the next few years.

motorguy

warmhands.coldheart wrote: »

If they don't need to sell (Like Paul on here) they will hold out....

Cheers, yes. We dont need to sell at the minute.

nozzadamozza

pgilc1 - it seems you have misread my post- I am not speaking about you, your house, your life or your posts!!!!!

My post was NOT about you- it was about me and things I have noticed in MY attempts at finding a house- I resurrected the thread rather than start a new one-unless of course you are the lady in question that turned down the offer???!

pgilc1 wrote: »

I'm fully aware of what house prices are now, and if you'd read my posts you would know i never said my house was 'worth' £280K, merely that at the peak of the market it would have sold for that. Given the value of semis and adding a pro rata estimate on for the fact ours is detached, four bedroom, extended garage, brick driveway, etc, my thinking is it should make £170K or thereabouts. Estate agents are telling me that if i'm lucky i *might* get someone to take it off my hands for £145K.

Why should i panic sell at that price when i dont have to?

We've easily got it rented out to a lovely retired couple who are looking a long term let close to their daughter and her family, so we'll bide our time and see what happens over the next few years.