UK house prices post biggest fall since October 2008 - Halifax data today Weds 7th Dec

[jimmyjammy001]

Just a quick note for anyone looking to buy, in particular first time buyers who run the extreme risk of running into negative equity if buying with a low deposit

UK house prices post biggest fall since October 2008

Also its important to note that "Property prices are up more than £12,000 compared to this time last year, and well above pre-pandemic levels (+£46,403 vs March 2020). "

I suspect there will be bigger falls yet still to come as well

You won`t have a choice though, a potential buyer does have a choice and millions of people will be putting off buying decisions until interest rates stop going up and prices come down.

You might be underestimating the wealth some boomers have. I have three friends whose parents bought them homes in London in cash. Those are the ones who decided to tell me. There are probably many more. I come from a country which has 0% inheritance tax and my parents own commercial properties as well as a family home (and an increasing number of londoners have overseas parents-60% in my borough).

Care home fees are expensive but a £1.4 million house would not be eaten up completely by that. Even if its worth less, there would still be some money left.

I'm not saying I have a choice but I have 9 years on a v low rate to throw money at it at least.

I have three friends whose parents bought them homes in London in cash
you must move in some very elite circles😯@socialmedia23

Care home fees are expensive but a £1.4 million house would not be eaten up completely by that. Even if its worth less, there would still be some money left.

in 10 years time quite possibly plus who knows what will happen with IHT.

Also equity release is increasing in popularity & likely will continue to grow.

is it though? Surely it's a very inefficient use of money, better to downsize in order to free up capitol?

How charming… or maybe the cow likes the thought of giving her children her “milk” & passing on a valuable asset after death

much more sensible to downsize if that is you want to leave anything but for those that don't it's a good option

www.financialreporter.co.uk/more-people-turning-to-equity-release-as-cost-of-living-bites-brokers-react.html

hmm, but in this metaphor the cow is the gvt and the bull is the ermmm... something to do with the IMF?? Please illuminate DHB🙏

Very few people go into care homes relatively speaking. People will do it themselves for as long as possible to avoid losing their money and due to the quality of care

I think care in the home will end up having to be means tested or it will happen by default. Same with NHS, if you want treatment you will have to pay for it.

There are legal ways of avoiding IHT which middle class families are well aware of. For example, you can put your property in the names of your children so they are the legal owners, but you continue to live there as normal.
Then the children just have to pay Capital Gains Tax when they sell the property (much more advantageous than IHT). Have to trust your children for that one.

as in means tested incl house value.

a good option??
surely you have to be innumerate, to not understand that interest 'rolls up' that you'll be paying interest on the interest on the interest 😕

@Twiglets1 I know about the loopholes hence why I said who knows what will happen with IhT...

CGT will increase

Taxes will increase & not just income. it's inevitable we have an ageing population & don't have the infrastructure to cope with it.

@Soothsayer1 what point are you trying to make?

when you've seen your friends destroyed by the demands of caring for elderly relatives? Rock & a hard place

about what?

www.moneysavingexpert.com/mortgages/equity-release/

For some as I said it's a good option.

surely you have to be innumerate, to not understand that interest 'rolls up' that you'll be paying interest on the interest on the interest

here, the above doesn't mean it isn't the best option for some.

Euthanasia will be legalised shortly too no doubt

when you've seen your friends destroyed by the demands of caring for elderly relatives?

Also more difficult practically when more woman work & retirement age keeps moving out.

Or maybe the silly cow thinks that all young people are obliged to work on the farm and borrow so her milk can sell at a premium?

All I’m saying is that richer people in society have ways of protecting their wealth. For those on this thread hoping that IHT, CGT or Care home fees will destroy the asset that is the family home, it is something that can be protected.
They don’t have to be financial wizards. All they do is consult a solicitor who specialises in that kind of thing.