House prices to rise 50% in next 10 years, London to double...

[dejavuatbtn]

Ban people/companies from overseas from buying housing property over here. More controls on landlords and rent charges. Got to get more people owning houses or on affordable rents.

 

[Citrus]

I may be wrong, but I think there are issues with getting mortgages in tower blocks over a certain height. Additionally, I believe the service charges are very high.

Interesting, not to mention the aforementioned issues with NIMBYs.

Well there are issues with the man on the street getting half-million-pound mortgages too - something has to give eventually.

 

[Wrong-Direction]

Ban people/companies from overseas from buying housing property over here. More controls on landlords and rent charges. Got to get more people owning houses or on affordable rents.

Never gonna happen, far too many *******s getting filthy rich from it for it to ever change

 

[Uncle Spielberg]

As being involved with this on a daily basis there has already been a massive hit to the buy to let market with a dual whammy of tax penalties and stamp duty next year. It is all good and well if people can take up this slack with residential buyers but unless something changes there you could have a situation with a new property to sell the buy to let person will not want to buy anymore and the residential person cannot buy. As usually the government ie the Tories have a complete disconnect with the regulators and the market and regulations

 

[AmexRuislip]

Originally Posted by edna krabappel
Two bedroom mews? In London? For a shade under half a million? A garage that can be converted into a parking space, more like



My 1 bed house, which we bought for £62,000 in 1998, is now valued at £300,000.
Absolutely ridiculous

This​

 

[saafend_seagull]

Company I joined in 2007 as graduate, same position has only increased by 5.5% for 2015!

People can't save until their 30s now.

 

[Lord Bracknell]

Sorry to be pedantic but there are no green belts in Sussex. Just a National Park.

... And an AONB.

 

[Lord Bracknell]

Er.... Corbyn & Osborne? Who else do you think will be PM?

Is there ANY evidence that Jeremy Corbyn allowed his name to go forward into the Labour leadership contest because he wanted to be prime minister?

It's far more likely that the Corbynistas will spend the next couple of years being a party of genuine opposition to the Tories and then turn their minds to a quite different question - Who should lead Labour into the next election? Corbyn will quietly step down and XXXXXXX will step up.

 

[abc]

The title of this thread back in 2015 proved pretty accurate.

Today from sky news: ”The average house price across Britain will be 23.4%, or £84,000, higher by 2029, according to research by property firm Savills”

So it continues.

I have always been utterly opposed to a wealth tax but maybe there is an argument for a small annual tax on house values (in addition to council tax) to finance the building of low cost rental houses like what we used to call council houses.

The status quo of homeowners (I am one) becoming richer without contributing to the wealth of the country and more and more people finding somewhere to live completely unaffordable cannot continue.

 

[dazzer6666]

The title of this thread back in 2015 proved pretty accurate.

Today from sky news: ”The average house price across Britain will be 23.4%, or £84,000, higher by 2029, according to research by property firm Savills”

So it continues.

I have always been utterly opposed to a wealth tax but maybe there is an argument for a small annual tax on house values (in addition to council tax) to finance the building of low cost rental houses like what we used to call council houses.

The status quo of homeowners (I am one) becoming richer without contributing to the wealth of the country and more and more people finding somewhere to live completely unaffordable cannot continue.

How do you collect that from all those that have a house but no spare cash ?

 

[The Optimist]

The status quo of homeowners (I am one) becoming richer without contributing to the wealth of the country and more and more people finding somewhere to live completely unaffordable cannot continue.

But unless a homeowner intends to sell and downsize (I’m just thinking about people who own one home) then they have only become richer on paper and have no additional income or cash savings.

Perhaps a capital gains tax based on the difference of what you sell and buy? Although I’m sure that would introduce lots of complications.

 

[Weststander]

It's not going to change is it? Market forces. Labour don't claim to be able to.

The only hope is supply, Labour have a plan unlike decades of selfish nimbyism to date.

The plans include social and below-market-rent housing.

 

[Hiheidi]

Perhaps a capital gains tax based on the difference of what you sell and buy? Although I’m sure that would introduce lots of complications.

Then no one would ever sell, which wouldn't help the housing market at all!

 

[dsr-burnley]

But unless a homeowner intends to sell and downsize (I’m just thinking about people who own one home) then they have only become richer on paper and have no additional income or cash savings.

Perhaps a capital gains tax based on the difference of what you sell and buy? Although I’m sure that would introduce lots of complications.

You can't encourage downsizing by telling people that you will take their profit in tax.

 

[Westdene Seagull]

I have always been utterly opposed to a wealth tax but maybe there is an argument for a small annual tax on house values (in addition to council tax) to finance the building of low cost rental houses like what we used to call council houses.

The problem with this is that it takes no account of the ability to pay - especially elderly people that might have had their property for 40 years but have very little cash / income. I know the usual suspects will say they should just sell up and downsize to release cash but why should they ? For starters they would end up paying stamp duty on the new property. I know when my elderly parents were alive a move would have probably killed them both physically and emotionally.

Far better to charge CGT on the gain when someone sells with the difference in buy price and sell price minus mortgage payments and the costs of house improvements deducted from the 'profit' figure.

 

[jordanseagull]

The title of this thread back in 2015 proved pretty accurate.

Today from sky news: ”The average house price across Britain will be 23.4%, or £84,000, higher by 2029, according to research by property firm Savills”

So it continues.

I have always been utterly opposed to a wealth tax but maybe there is an argument for a small annual tax on house values (in addition to council tax) to finance the building of low cost rental houses like what we used to call council houses.

The status quo of homeowners (I am one) becoming richer without contributing to the wealth of the country and more and more people finding somewhere to live completely unaffordable cannot continue.

Governments could actually build the houses they say they're going to first, perhaps. Homeowners (of which I am not one) don't have a choice in the fact that population is due to increase by more than 6 million between 2021-36 with nothing like that number of homes set to be built. Yet they're already taxed in a way that should finance housebuilding. Unfortunately, as per the NHS, throwing more and more money at a problem doesn't always solve it. The housing/planning system is broken.

 

[Uh_huh_him]

It's not going to change is it? Market forces. Labour don't claim to be able to.

The only hope is supply, Labour have a plan unlike decades of selfish nimbyism to date.

The plans include social and below-market-rent housing.

Increasing the supply of privately owned properties won't make any difference.
Those with available funds will continue to gobble up the available assets and keep the bubble going.

The answer is council -housing and removal of the right to buy.
Increased taxation on multi-home ownership might help too.

 

[dsr-burnley]

The primary reason for house price rises is that there are not enough houses in the right place. The answer is to build more. That will reduce the prices. Redistributing residents from one house to another, taxing people on moving house, rent controls, any sort of government intervention in the market, it's not going to work because there are still more people wanting nice homes than there are nice homes to put them in.

I have seen that where I live. (Which isn't Burnley, but nearby.) There has been a lot of housing development on the edge of town, and some in the town as well, mostly of largish semis - but the result has been that the price of existing houses in the centre of town has got cheaper. For example, across the road from me is a three bedroom terrace/semi, depending how you define it, nicely decorated and ready to move in, with two downstairs lounges and a dining kitchen, cellar room, small garden, off road parking if required, advertised for £120k. It was worth more than that 10 years ago.

Supply and demand, that's what drives prices.

 

[Weststander]

Increasing the supply of privately owned properties won't make any difference.
Those with available funds will continue to gobble up the available assets and keep the bubble going.

The answer is council -housing and removal of the right to buy.
Increased taxation on multi-home ownership might help too.

I largely agree, but we need millions more private homes too. Not least to give the huge overall contribution from S106, CIL and land at cost for the social housing. No UK government would ever have the vast sums required to build millions of council houses. I see in my work the true development costs ... even excluding land and developers profits, building homes in 2024 in the UK is incredibly expensive, we've a belt n braces approach with a raft of standards, concerns, rights, planning battle costs.

 

[A mex eyecan]

The problem with this is that it takes no account of the ability to pay - especially elderly people that might have had their property for 40 years but have very little cash / income. I know the usual suspects will say they should just sell up and downsize to release cash but why should they ? For starters they would end up paying stamp duty on the new property. I know when my elderly parents were alive a move would have probably killed them both physically and emotionally.

Far better to charge CGT on the gain when someone sells with the difference in buy price and sell price minus mortgage payments and the costs of house improvements deducted from the 'profit' figure.

you would need to be add in the general costs of general maintainance without which the house degrades and its value decreases,