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

The cow is the property market (since when did you MEW from the government unless you were a banker?) the bull is the bond market, the BOJ is the tourist who just left the gate open.

We’re changing the subject of the thread here but I wish it would be legalised. No desire to live into my 90s.

Nope. One is the child of an immigrant who arrived in the UK speaking no English. Worked as a builder for a while and then for a telecom company. Helped all three children to buy their homes but my friend is single so got the most help- parents bought his home as buy to let and then gave him the house( though they still have an interest in it). One is the daughter of someone who did well in his career - bought one daughter a flat (in cash) and another daughter a house. My friend is the daughter with the flat, she has sold it and taken a small mortgage £160k to buy a house. Last friend's parents sold their million pound house and gave friend £280k to buy a house (5 years ago, that got him a 1 bed doer upper in zone 4; he has never paid mortgage stamp duty or rent in his life at the age of 33 or so).

None of my friends would describe themselves as rich...this is why they are probably more honest as they don't earn a great deal and therefore it's a bit hard to explain why they own their homes in London. Imagine the people on good incomes who would not need to explain how the extra £200k came about from genuinely rich families who may have far more to give (but don't need to).

No, equity will become less and less as borrowing costs start to crash the market, the golden days of MEW are long gone, just like the Property shows on telly that people used to wank over.

thank you oh wise one

fascinating!

Eugh, did you

None of this has any relevance to the wider property market, that was running on the cheap debt to the masses social experiment, people with the lights on dont throw cash into a bursting property bubble. All that will happen to your friends is that they lose their parents cash in the house instead of becoming part of the banks Debtors Forever scheme, I suppose that puts them ahead of the riff raff by quite a bit, at least they will be solvent, not sure about the parents though, it will depend on how much they threw into the Property Ponzi.

Said the farmer to the cow.

All I’m saying is that richer people in society have ways of protecting their wealth

Who is denying that? My point is many people are asset rich & cash poor.

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.

My in-laws & parents are property millionaires, I don't see why they shouldn't pay for care so I can inherit more? And CGT should be in line with income tax.

Obviously any thing I do get is a bonus but Im not banking on inheritance to fund my future. My parents already helped me on the ladder in the first place.

For a house to sell, there needs to be a willing buyer and a willing seller. Both parties need to be satisfied that they are getting a good deal.
For most of the households in the country, it makes absolutely no practical difference at all what those parties felt was a good deal for them when house X last sold.
I cannot fathom the HPC mob, all screaming 'house X sold for less, now you will have to sell your house for even less'. I don't have to sell my house at all, thank you very much. If someone wants to buy it from me, they will have to offer me an attractive price. That price may be higher or lower than house X sold for, but it depends on me, not the sellers of house X.
I also cannot fathom the HPC mob screaming 'mortgage rates have gone up, therefore my affordability is lower, so you will have to sell your house for whatever I can now afford'. Er ... no. You will have to look at a cheaper area and bid for houses more appropriate to your straitened position. I can sell to anyone I choose. Usually that will be the person who makes the most attractive offer to me, not the person who spends longest on the internet explaining what I do or don't have to do because they understand economics so well.

a willing buyer and a willing seller
but surely you've left out an important category....the unwilling sellers!

I still do tbh

I’m not arguing with you I’m talking hypothetically

To @sinkyt

Exactly @sinkyt
Obviously the very wealthy have been paying professionals to avoid paying tax forever.
I don't know why @Twiglets1 gets the impression that anyone wants taxes to destroy inheritance. It's more a case that it would be foolish to take it for granted that an inheritance will pay off your mortgage and foolish to take on debt that you cannot afford to pay on this basis.
I also think it likely that IHT and CGT will increase at some point as it won't be possible to just continue to increase taxes on working people. A fair amount of paper wealth is also likely to be destroyed before too long imo. Once care fees are deducted and whatever is left is split between siblings and tax paid, it is unlikely to be a massive amount for the great majority.

@socialmedia23 -I think your social circle is quite unusual. While it's pretty common for parents to give their adult children something, it's usually something to help with the deposit rather than an entire property.

"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"

this was a hypothetical point? 🤔

There's no such thing. There's people who think they are unwilling, but really they are willing but moaning about it. Then there's people who think they are the decision-makers (sellers) but really its someone else (Family Court, Insolvency Court etc.). And in the event of foreclosure, the bank is usually a very willing seller.

I was responding to @sinkyt comment about “who knows what will happen with IHT”. My point being that there are ways to avoid IHT if you are that way inclined.

Not saying it's super normal to buy a £1 million house for children but if both parents contributed £200k from both sides, would add to £400k which is a flat and then after years of saving, possible to buy a home for what would seem to be a large sum of money but actually not be a great risk for parties involved.

My point being that there are ways to avoid IHT if you are that way inclined.

hence why I said who knows, maybe the 7 yr rule will be abolished. Will the trust you put the house in pass stricter deprivation of assets etc

but if both parents contributed £200k from both sides, would add to £400k

The vast majority of people don't have 200k cash to give to their dc.

It is a fact it can be done but hypothetical in that I haven’t done it & Im not suggesting you do it so you don’t need to get on your moral high horse.
I was merely pointing out that there are ways to avoid IHT which the government are well aware of. Probably a reason they have kept it relatively low. They could increase it but then more people would take measures to avoid it.

And you claimed you aren't arguing?! 🤣🤣