House prices....

saverbuyer

It is inevitable that HB will be cut. IT COSTS 250 MILLION per year in NI. That's roughly £1000 per year from every private sector worker.

Housing Benefit makes up 75% of the private rental sector here.

IT IS THE MARKET. When it is cut landlord will take the hit. I pity anyone who has bought or even kept a house they couldn't sell in the last 10 years. This "it’s my pension" and "it's better than no interest in the bank" arguments just don't work. Prices are dropping, rents are and will continue to drop and interest rates will rise.

We won’t suddenly develop a homeless problem because we have plenty of stock.

60K vacant units, 14K on mortgage interest support, 5K ghost estates and 8K built every year. Not to mention the massive amount of one person households and old people livinf on their own.

No more HB for single under 35s and no more rates exemption for vacant houses.

There's going to be no lack of supply anytime soon. And what happens when you have too much supply and little demand????

It’s worth pointing out the HB bill for the UK is some £16 BILLION

wanchai_2

You're both right. LLs will simply have to take the hit - what's the alternative???

qwert_yuiop

Quite an interesting discussion on RTE radio the other morning when I was driving to Dublin.

The Dublin government have introduced a tax of 100 euro on every house, to be paid by the owner.

There was a representative from the Irish Tenants' Association and the spokeswoman from the Irish Landlords' Club or something. (Who sets these organizations up?)

The landlords want the tenants to pay the tax. The law is quite clear - they don't have to pay it.

The landlords' whinge is that because they're paying for the mortgages, have suffered huge depreciation and have to pay for maintenance, the tenants should pay the tax. In short, they don't want to pay the tax 'cause it's just not fair.

The tenant said the landlords' failed investment botch-up was not their fault. Accurately enough.
"Not every business idea succeeds" was her parting shot.

Not a whole lot different here.

Mistral001

This seems like the recently introduced Greek tax, which I think is about €500 but I think is paid for by the person living in the house as it is collected through the electricity bill as electricity is still nationalised in Greece. I do not know how they collect it from the people without an electricity supply.

qwert_yuiop

Mistral001 wrote: »

I do not know how they collect it from the people without an electricity supply.

About as effectively as they collect every other tax if the papers are to be believed.

Jack Lynch got rid of domestic rates about 30 years ago, and there hasn't been a property tax since. The IMF & co. told Dublin to bring it back, so the long term plan is to tax on the basis of house value. Thereby giving the market in 3000+ plus sq ft monstrosities another kicking.

warmhands.coldheart

And so the slide continues

When will it end??

saverbuyer

I'm confused. This one said they were down a lot more. £98,000 now the average price.

http://www.bbc.co.uk/news/uk-northern-ireland-18175464

leftieM

warmhands.coldheart wrote: »

And so the slide continues

When will it end??

My crystal ball says April 17th 2014.

x12yhp

I don't really know how much to trust the numbers. Yes, we know that the market continues down but the majority remain in denial about this. As a result, many of the 'average' properties you would look at will not even consider the supposed average price... yet because these properties remain unsold, I guess they thus do not contribute to the stats.

I'd be surprised to see a recovery sooner than 2 years.

wanchai_2

Well well... average price back under £100k... glad to see it. And that's based on actual stamp duty receipts, not the banks' surveys.