House prices ....again.......

talksalot81

bingobangobongo wrote: »

I bought my house 6 months ago as a first time buyer, for just under 160,000 (20,000 over the asking price!) which was stretching mine and my partners budgets. We pay £660 a month between us on a interest only fixed rate mortgage (£150,000). I see our house is prob worth 180 - 190 now (from sales in our street), although ours has a garage which may bump it up slightly.

We had to buy well outside of Belfast and commute to work. Should we just sell the house and rent in the city centre? We could have a place for about £500 a month, with no life insurance, rates, less petrol etc etc.

Is it worth holding on to a property? What are the advantages>?
Just want to weigh up all options as my partner misses the Belfast life and finds it hard to away, even though we are only 30 mins away.

You may well be over-estimating the ease of selling your property - very few estate agents seem to be able to shift their inventory, even when they drop prices.

Colin_Kee

All I can say after a bit of research into this is I'd assume all of these "Investors" Professional or Amature, have advised the Inland Revenue of their Investments. and have paid the appropriate taxes on their gains/incomes!! 40% of the Capitol gain I believe whne you sell?? It's something that people don't (or choose not to) think about when buying BTL or investment properties. I hadn't!! Some people may get away with it but Mr Tax man I believe has been doing a bit of a clamp-down in N. Ireland lately on this sort of thing because of the big property boom. By law if the tax man asks an estate agent for a list of all landlords on their books they have to give them to him!! Be warned!!

motorguy

Colin_Kee wrote: »

All I can say after a bit of research into this is I'd assume all of these "Investors" Professional or Amature, have advised the Inland Revenue of their Investments. and have paid the appropriate taxes on their gains/incomes!! 40% of the Capitol gain I believe whne you sell?? It's something that people don't (or choose not to) think about when buying BTL or investment properties. I hadn't!! Some people may get away with it but Mr Tax man I believe has been doing a bit of a clamp-down in N. Ireland lately on this sort of thing because of the big property boom. By law if the tax man asks an estate agent for a list of all landlords on their books they have to give them to him!! Be warned!!

Drawing an income from property and not declaring it would and should attract the attention of the tax man.

Lots of individuals will fall foul to the capitals gains tax, however most professional investors wont as they will have bought the properties through a limited company which will attract different, more favourable tax rules.

Where individuals can gain is if they previously lived in the house, you have a further three years to sell it and not be liable for capital gains tax.

Colin_Kee

Wohoooooooooooooooo

House Prices Are Falling!!!

Keep an eye out for a good deal now as people panic in case they go into negative equity!!

Parisien

Colin_Kee wrote: »

Wohoooooooooooooooo

House Prices Are Falling!!!

Keep an eye out for a good deal now as people panic in case they go into negative equity!!

Oh...taking delight at the 90 plus percent who aren't speculators or?

Sad really that you would cheer at other peoples misfortune.

CCCele

This BBC page claims 8.59% annual increase, not 51%.

http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/html/houses.stm?

Greentea

thats for the UK as a whole, not just NI. NI has increase by 51% since last year.

leftieM

Parisien wrote: »

Oh...taking delight at the 90 plus percent who aren't speculators or?

Sad really that you would cheer at other peoples misfortune.

I must admit that I, too, am relieved to see prices falling for selfish reasons, even if it means there are a few who bought at the top who end up in negative equity for the short to medium term. I'd like to be able to move house some day. At the moment I'd have to get into serious debt to do so and I'm not alone.
I feel (based on nothing more than instinct) that prices in April 2006 were expensive but affordable and perhaps a fair reflection of post-Troubles NI but any time after that was madness. My house was worth 235k at the top of the market. I think that when it falls to 120 - 140k then the market will have reached equilibrium.

talksalot81

Parisien wrote: »

Oh...taking delight at the 90 plus percent who aren't speculators or?

Sad really that you would cheer at other peoples misfortune.

Have you forgotten about the young couples and young families who have been forced out of their traditional level of housing because of these people!?

Parisien

Way of the world.......speculators have always been around...fact of life....again.....95% of the population loose because of the decline.