Should I delay the exchange of contract beyond 31 Oct

lisyloo

Crashy_Time wrote: »

Or soon to be bankrupts, yes I agree. Still don`t get how someone who supposedly bought in the early 90`s and is diversified across asset classes apparently could be so terrified of a house price correction though?

I have no idea what you are on about.
What on earth leads you to the false conclusion I’m terrified?
My property provides value because I can live in it and that value is there regardless of the housing market or the value of sterling.

I just said I would get on and buy a few posts back !
You make no sense.

Can you answer the question about your net worth?
I think people ought to know if you’re in an HMO or back bedroom.
If you did believe your own advice and it was correct then you should be minted by now. No one with money is scared of mentioning it on here.

Crashy_Time

lisyloo wrote: »

I have no idea what you are on about.
What on earth leads you to the false conclusion I’m terrified?
My property provides value because I can live in it and that value is there regardless of the housing market or the value of sterling.

I just said I would get on and buy a few posts back !
You make no sense.

Can you answer the question about your net worth?
I think people ought to know if you’re in an HMO or back bedroom.
If you did believe your own advice and it was correct then you should be minted by now. No one with money is scared of mentioning it on here.

You spend a LOT of time challenging posts that say property is obviously over-priced at the moment, and just because you can live in something that does not always mean it is a sound investment at any price?

lisyloo

Crashy_Time wrote: »

You spend a LOT of time challenging posts that say property is obviously over-priced at the moment, and just because you can live in something that does not always mean it is a sound investment at any price?

This particular property has £50k off which is significant.
I don’t know this particular property or area so clearly the buyer has to look at their particular locality.
Property is by definition not overpriced. It sells at what the market is prepared to pay which at the moment includes a discount because of brexit uncertainty (this is in general, particular examples may be overpriced or may be a bargain).

Yes I spend time challenging people who we know from their posting history have been bankrupts or live in HMOs and some of whom need professional help and are obsessed with the housing market (personally I’m more interested in pensions).
I always debate with logic and not just made up stuff (like claiming I’m terrified) or personal attacks.

Do you think people who don’t agree with you should be censored?
That would be an extremely bad policy for a discussion forum.

All ideas should be questioned and held up to scrutiny (without just making stuff up and posting random links which you have a tendency for).
The fact that you don’t like your posts being scrutinised speaks volumes.
I enjoy my logic being properly scrutinised, the more I can learn the better.

Now for the logic.
The maths is fairly simple. Providing you plan to live in a property for some time and it’s a home and you’re not going to move frequently, then there is a very strong case for buying.
You pay for 25 years (ish) and get something you can live in for 70-80 years AND you still retain the capital value.
The capital value and growth is untaxed if it’s your home.
Any growth you make (very likely over the long term) is geared, which means you get to keep ALL the gains even though you don’t actually own the house whilst it’s mortgaged.

Over the long term it’s a good strategy.
Trying to time the market (brexit upheaval will go on for at least 4 years) involves speculation and loss all the time you’re waiting.

Obviously people should not overpay on an individual property and should look to get good value, but this one has already obtained a significant discount.

I don’t agree I spend any more time than you.

I have proof that buying works (I own a share of a house outright), you have provided no proof that speculating works, despite claiming you got many predictions correct.
Why didn’t you capitalise on them and why aren’t you off living a life of luxury right now? The reason is because your speculation hasn’t worked and my simple buying a home has worked.

jimbog

relievedsheff wrote: »

for how long have you been predicting a crash?

crashy_time wrote: »

i predicted, or agreed with the prediction that a banking/credit crisis would morph into a sovereign debt crisis and eventually into a political crisis (guess which point we have reached?) and that nothing would really be fixed in the financial system and that central banks would have less tools to fight the next downturn/credit crunch when it comes (it is lumbering towards us now) someone spending or borrowing 500k or 750k on property is right to be very concerned imo.

......1996

fairy_lights

opteron wrote: »

At the moment I'm more inclined to tell the Real Estate Agent I'd like to wait for the BJ's (rumoured) September emergency budget for no-deal Brexit, which is likely to include the stamp duty change.

You do realise that as soon as you do that the vendors will put the property back on the market, right?

Crashy_Time

lisyloo wrote: »

This particular property has £50k off which is significant.
I don’t know this particular property or area so clearly the buyer has to look at their particular locality.
Property is by definition not overpriced. It sells at what the market is prepared to pay which at the moment includes a discount because of brexit uncertainty (this is in general, particular examples may be overpriced or may be a bargain).

Yes I spend time challenging people who we know from their posting history have been bankrupts or live in HMOs and some of whom need professional help and are obsessed with the housing market (personally I’m more interested in pensions).
I always debate with logic and not just made up stuff (like claiming I’m terrified) or personal attacks.

Do you think people who don’t agree with you should be censored?
That would be an extremely bad policy for a discussion forum.

All ideas should be questioned and held up to scrutiny (without just making stuff up and posting random links which you have a tendency for).
The fact that you don’t like your posts being scrutinised speaks volumes.
I enjoy my logic being properly scrutinised, the more I can learn the better.

Now for the logic.
The maths is fairly simple. Providing you plan to live in a property for some time and it’s a home and you’re not going to move frequently, then there is a very strong case for buying.
You pay for 25 years (ish) and get something you can live in for 70-80 years AND you still retain the capital value.
The capital value and growth is untaxed if it’s your home.
Any growth you make (very likely over the long term) is geared, which means you get to keep ALL the gains even though you don’t actually own the house whilst it’s mortgaged.

Over the long term it’s a good strategy.
Trying to time the market (brexit upheaval will go on for at least 4 years) involves speculation and loss all the time you’re waiting.

Obviously people should not overpay on an individual property and should look to get good value, but this one has already obtained a significant discount.

I don’t agree I spend any more time than you.

I have proof that buying works (I own a share of a house outright), you have provided no proof that speculating works, despite claiming you got many predictions correct.
Why didn’t you capitalise on them and why aren’t you off living a life of luxury right now? The reason is because your speculation hasn’t worked and my simple buying a home has worked.

A significant discount on a silly price isn`t really relevant, the massive credit bubble stoked by the bankers has led to all or most property being mis-priced IMO, but it will take a shock to the system to show this up clearly to some people.

Penny_Dawson

Looks like tomorrow The Times is running the front page headline 'Sellers to pay stamp duty under Javid tax shake-up'.

(Sorry can't link, not enough posts. Search twitter for 'stamp duty')

Smells like fake news to me (as Javid doesn't make that statement at all) but that's mainstream media for you...

Going to create a very interesting situation for existing chains looking to complete within next few days / weeks. I'm in a situation where I'm the bottom of a complete chain, I have no house to sell and I'm not a first time buyer - i.e. suddenly I'd save £10,000 in tax. Doubt top of chain (who are selling a vacant house) would be so happy!

Soot2006

Penny_Dawson wrote: »

Going to create a very interesting situation for existing chains looking to complete within next few days / weeks. I'm in a situation where I'm the bottom of a complete chain, I have no house to sell and I'm not a first time buyer - i.e. suddenly I'd save £10,000 in tax. Doubt top of chain (who are selling a vacant house) would be so happy!

Ditto, although we're not the very bottom. I'd save 12,000. Currently, my buyers don't owe anything.



We haven't exchanged yet, but hoping to do so imminently, with completion a week later.



In a way, I am almost glad that one of the higher ups in the chain is doing a long distance move and beholden to school term start, as it takes choice away. Choice can be stressful!

Crashy_Time

https://www.dailymail.co.uk/news/article-7365861/First-time-home-buyers-five-cent-deposit-losing-house-prices-plummet.html

RelievedSheff

Ah yes that excellent source of facts, the Daily Mail!