Resentment of this generation

InkZ

It's all these bloody buy to lets that cocked everything up.

ukcarper

grizzly1911 wrote: »

Ah but don't forget NI went up to compensate for the reductions in tax in the interim and allowances never really kept up. Oh and married persons allowance went too.:rotfl: Do you remember the highly paid band allowance of £8500 for BIK -does that still exist, I know you still get taxed on the actual benefit?

Not sure that personal allowances haven’t kept were £595 in 1973-74 now £7475. National Insurance has gone up a lot. But as you say no married mans allowance, not to mention MIRAS. Also I’m not sure how VAT would compare to purchase tax etc. I was just trying to point out things are never as simply as some people think.

Pee

Apparently in 1972 the miners were striking and they had an average salary of £25 a week (x 52 = £1300) They were asking for £9 a week extra - £1768. In 1970 one of my friend qualified as a solicitor. He was earning £1000 a year and his boss told him you will never earn less than £1000 a year, you will always be well off. Along comes 1971 and decimalisation and then the gradual inflation that meant his boss retired with a pension of £1000 that wasn't index linked and as a result was almost worthless at the time he received it - the mid 80's.

RenovationMan

How are we defining these generations, I just want to know to check whether my generation has ruined it for another one yet.

In my family, my generation is anyone above age 15 (my eldest daughter) and below age 69 (my youngest parent).

grizzly1911

ukcarper wrote: »

The average salary in 1972 was a lot less than £2.567.74.

Also average house 1972 £7.5k now £165k so your particular house has gone from being 33% of average house price to 20% more than average house price.

Good points (as was your other one I wasn't criticising).

My parents purchased there first house for £2400 and weekly wages (not salary) £500 p.a. 1958. (nearly 5x)

They had both started work at 14 and dad was 35.

They were married for 11 years before they purchased and put down a large deposit that they had saved from nothing.

Vincent_Buenisedes

I think the government should introduce a property sales tax to be paid by the seller when sold:

On the first £87,500 - 0%
Between £87,501 - £160,000 20%
Over £160,000 40%,

and the top tax rate would be applied to all second homes, etc to target the buy-to-letters who caused all the grief in the first place. The monies raised could then be used to build more social/cheap accomodation for the poorest and least well off in society.

ukcarper

grizzly1911 wrote: »

Good points (as was your other one I wasn't criticising).

My parents purchased there first house for £2400 and weekly wages (not salary) £500 p.a. 1958. (nearly 5x)

They had both started work at 14 and dad was 35.

They were married for 11 years before they purchased and put down a large deposit that they had saved from nothing.

Thanks I didn’t think you were.

I bought my first house in 72 and it was 5.3x my wages at the time which were about average the same house would be about 7.5x equivalent wages now. I moved in, in July and by the end of the year similar houses had increased by 30%, if I had not bought when I did it would have been a long time before I would have been able to.

Personally I think a period of stagnation leading to real terms house price falls would be a good thing I think this would be better than nominal falls because it wouldn’t penalise people who have bought in the last 5 years or so.

ukcarper

Vincent_Buenisedes wrote: »

I think the government should introduce a property sales tax to be paid by the seller when sold:

On the first £87,500 - 0%
Between £87,501 - £160,000 20%
Over £160,000 40%,

and the top tax rate would be applied to all second homes, etc to target the buy-to-letters who caused all the grief in the first place. The monies raised could then be used to build more social/cheap accomodation for the poorest and least well off in society.

I think that is a pretty silly idea but I can see a case for transferring stamp duty from the buyer to seller.

zagfles

Vincent_Buenisedes wrote: »

I think the government should introduce a property sales tax to be paid by the seller when sold:

On the first £87,500 - 0%
Between £87,501 - £160,000 20%
Over £160,000 40%,

and the top tax rate would be applied to all second homes, etc to target the buy-to-letters who caused all the grief in the first place. The monies raised could then be used to build more social/cheap accomodation for the poorest and least well off in society.

Good idea but you'd have to allow roll-forwards to a new house otherwise you penalise people just for moving. And just have a flat rate eg 40% on profit above inflation.

Then you only pay if you downsize/move abroad. It might stop people regarding their house as their pension or an investment, but rather simply a place to live, and so should reduce prices and stop the likes of the OP whinging

grizzly1911

Vincent_Buenisedes wrote: »

I think the government should introduce a property sales tax to be paid by the seller when sold:

On the first £87,500 - 0%
Between £87,501 - £160,000 20%
Over £160,000 40%,

and the top tax rate would be applied to all second homes, etc to target the buy-to-letters who caused all the grief in the first place. The monies raised could then be used to build more social/cheap accomodation for the poorest and least well off in society.

What about the cash buyer?

So I put down a deposit (out of taxed income). I pay "purchase tax" on the price paid.

I pay interest (out of taxed income) on which someone makes a turn/profit (on which they should pay tax).

I choose to pay for the property, capital repayments, (out of taxed of income).

I may choose to add value to the property through upkeep, modernisation and an extension (out of fixed income)

I pay council tax, partly based on value (out of taxed income).

Oh and then we have inflation over which I have no control which probably equates to 75% every 10 years (probably closer to the cost of food, HL&P that I can't afford to do without rather than flat screen tellies that I can do without).

Most people don't buy house to make obscene amount s of money(some do I accept but they also take risks along the way) they buy them to provide a roof over their head.

Price reflects demand and supply so we either exterminate/sterilise people or we provide new affordable housing.

Rant off.:mad:

Edit:- And we could employ another bunch of muppets , at our cost, to police it all.