house prices DOWN 6.2% in a month!!! (in South East)

drc

brit1234 wrote: »

Gold Britannias perhaps



Also no 40% CGT (28% before April if you can sell :rotfl:) on them either unlike your falling value buy to lets.

Is CGT going up to 40% in 2012? Not heard that anywhere.

FTBFun

drc wrote: »

Is CGT going up to 40% in 2012? Not heard that anywhere.

It isn't as far as I'm aware.

Brit is clutching, again.

DervProf

RenovationMan wrote: »

Erm, the whole thread is about what Rightmove said. Do try and keep up old boy.

Eh ?

I simply said that there was nothing astounding about what Rightmove said, not that the price of tinned Tuna was up 3p in Asda last week.

If you are going to pick me up on something I type, then please make sure your point is valid old chap.

Jimmy_31

nollag2006 wrote: »

So how much are you frittering away in rent while you wait for this gamble to pay off?

What happens if house prices rise? What happens when your LL puts the rent up?

I work away from home and my boss pays the digs and when i dont work away from home i live with my mam.

House prices in the area i want to buy in will not be rising for a long long time.

What gamble, when i got to the stage where i could afford to pay a mortgage house prices had become laughable so i didnt buy one.

Jimmy_31

RenovationMan wrote: »

But house prices are rising in the north Jimmy, the report said so:

"The average national asking price was up 1.5% on the same period last year, but only the North and the South West registered an increase on the average house price since last month, with the price in Greater London down 2.2% and the price in the South East down by 6.2%. "

I want to live in a certain part of the north, the part i want to live in has crashed and is showing zero signs of recovery.

A 2 bed new build penthouse apartment in the next town to me is currently up for sale for 55k, no takers for the last 3 months according to propertybee. These were selling for over 150k during the boom.

Ex council 3 bed semis are now coming on at around 50 to 80k and 2 bed terraces are around 60k.

All we need now is jobs:)

FTBFun

nollag2006 wrote: »

2) There has been no announcement about GCT rising. Even if it was, moving around PPRs can easily mitigate much or all of any such increase.

You can't do this with a BTL you've never lived in though. Not legally, anyway.

nollag2006

FTBFun wrote: »

You can't do this with a BTL you've never lived in though. Not legally, anyway.

Yes you can - perfectly legal to flip a PPR, so long as you reside in it for a period of time (which can be just a day).

I refer you to this text in the link above:

Owning more than one home

If you live in more than one property you can tell HMRC which one you want to be treated as your main home, or 'principal residence', for Capital Gains Tax purposes. You do have to reside in, not just own, the property to nominate it as your main home.
You have to make the nomination within two years of changing the number of properties you live in, whether the change is an increase in the number of homes or a decrease.

chucknorris

nollag2006 wrote: »

Yes you can - perfectly legal to flip a PPR, so long as you reside in it for a period of time (which can be just a day).

I refer you to this text in the link above:

Owning more than one home

If you live in more than one property you can tell HMRC which one you want to be treated as your main home, or 'principal residence', for Capital Gains Tax purposes. You do have to reside in, not just own, the property to nominate it as your main home.
You have to make the nomination within two years of changing the number of properties you live in, whether the change is an increase in the number of homes or a decrease.

I wouldn't like to argue the case with the inland revenue if it wasn't a significant period. I did read something a while ago that did explain that it had to be much more than a token gesture (sorry but it was a while ago so can't provide a link).

I have lived in 3 of my properties that are currently let out, for reasonable amounts of time i.e. 1 year 4 months, 4 and 5 years. So I'm not anticipating any problems claiming letting reiief at some point in the future. Unless the tax rules are changed of course.

nollag2006

chucknorris wrote: »

I wouldn't like to argue the case with the inland revenue if it wasn't a significant period. I did read something a while ago that did explain that it had to be much more than a token gesture (sorry but it was a while ago so can't provide a link).

That makes sense - I've always tried to live in each property for some period of time to avail of this.

The Lettings Relief is a life saver overall on BTL - and really improves the tax efficiency. TBH, I am surprise that Osborne hasn't yet eliminated it. As a citizen first, and a property investor second, if I was in his position, I'd strongly reconsider the fairness of it.

Jimmy_31

nollag2006 wrote: »

Mine isn't either - I much prefer property or equities than cash.

How much pocket money does your mum give you these days?

Come on beryl, up your game a bit will you.