how brexit is about to hit house prices
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That's great news, unless of course you own more than one property, if you own one UK property only you will moving within the same market!
I am 38 and despite a reasonable job I have not achieved a property in the UK yet. In fact the sky high prices were the reason I chose to buy in Bulgaria instead, only to be penalized by the new 3% stamp duty for second home owners if I want to buy in UK, as I own a property elsewhere in Europe.
I welcome any reduction in prices and hope they will soon scrap the stamp duty tax making it possible for me to buy in the UK rather than feeling I am here to work and will be forced to retire elsewhere!
I am 38 and despite a reasonable job I have not achieved a property in the UK yet. In fact the sky high prices were the reason I chose to buy in Bulgaria instead, only to be penalized by the new 3% stamp duty for second home owners if I want to buy in UK, as I own a property elsewhere in Europe.
I welcome any reduction in prices and hope they will soon scrap the stamp duty tax making it possible for me to buy in the UK rather than feeling I am here to work and will be forced to retire elsewhere!
I think this punitive tax will die as its now just a drag on the market which has enough stacked against it already, I am expecting it to change in the Autumn budget which I think is in December. I will be very unhappy if I am wrong but anyway I am already very disillusioned at my current situation and future prospects in this country and was therefore happy to see a change of tact. I hope it will lead to a economy that is not based on a low wage workforce and lowered expectations on living standards, working rights (such as zero hours contracts) & pensions.
I am not really sure to what extent additional stamp duty was brought in to be a barrier to people moving from EU in attempt to meet their emigration reduction targets, but it seems a feasible explanation. If that was the reasoning, or part of it, then it effected the wrong people as they were unlikely to pick up on EU nationals having property, especially in the likes of Bulgaria. I as a UK National have a mortgage on BG apartment and it appeared on my credit report so can not escape it although I know EU citizens who have bought UK property and own abroad who have!
I am beginning to feel like a foreigner in my own country, not because of immigration generally (which by the way will continue now we are out, hopefully under a fairer and more selective system) but because I seem (possibly mistakenly) to be less advantaged than somebody who has just arrived and never contributed, despite being a UK national paying taxes throughout my life!
I am not really sure to what extent additional stamp duty was brought in to be a barrier to people moving from EU in attempt to meet their emigration reduction targets, but it seems a feasible explanation. If that was the reasoning, or part of it, then it effected the wrong people as they were unlikely to pick up on EU nationals having property, especially in the likes of Bulgaria. I as a UK National have a mortgage on BG apartment and it appeared on my credit report so can not escape it although I know EU citizens who have bought UK property and own abroad who have!
I am beginning to feel like a foreigner in my own country, not because of immigration generally (which by the way will continue now we are out, hopefully under a fairer and more selective system) but because I seem (possibly mistakenly) to be less advantaged than somebody who has just arrived and never contributed, despite being a UK national paying taxes throughout my life!
The way this sounds is not all I would say real.why did you not use the money to buy a property in Bulgaria as a deposit on a house in the UK . Also you would have more chance of selling a UK property than that of Bulgaria one as far as stamp duty is a burden it will cancelled at some time this was to stop buy to let landlords.
A lie would be a bit harsh, some bad choices maybe.....but I could never have guessed the full implications, cant say I regret it as a lifestyle choice though so there is a silver lining and maybe the future will be brighter for Bulgaria if the west stops stealing all its population to pay its debts!
At the time I was single and on my wages there was little or no hope of getting a mortgage, at least where I am in South West Devon where wages are low compared to property prices. They simply were not going to lend me enough even with the small deposit I had available. I confess I wasn't that interested in looking elsewhere in the UK, where property might have been cheaper. I was just not that interested in living elsewhere in UK, although on reflection in my circumstances now it might have been a better investment as a rental if nothing else!
At the time I was single and on my wages there was little or no hope of getting a mortgage, at least where I am in South West Devon where wages are low compared to property prices. They simply were not going to lend me enough even with the small deposit I had available. I confess I wasn't that interested in looking elsewhere in the UK, where property might have been cheaper. I was just not that interested in living elsewhere in UK, although on reflection in my circumstances now it might have been a better investment as a rental if nothing else!
What will cause a drop in house prices would be lower immigration and a recession.
Wages are low up north and property prices are a lot lower there but people still cannot afford to buy it does not matter where you live in the UK the problems are relative. Buy to let boom has had a very damaging effect on the supply of affordable property for people who cannot get a house that is why the government raised stamp duty to try and slow it down. What we need of course some will say more and more houses built but all we are doing is going round in circles. One of other reasons is that a family break up needs 2 properties.
Wages are low up north and property prices are a lot lower there but people still cannot afford to buy it does not matter where you live in the UK the problems are relative. Buy to let boom has had a very damaging effect on the supply of affordable property for people who cannot get a house that is why the government raised stamp duty to try and slow it down. What we need of course some will say more and more houses built but all we are doing is going round in circles. One of other reasons is that a family break up needs 2 properties.
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millomgirl
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I spent the last two years looking for a house (UK north east). I wanted something cheap as that was all I could afford, coupled with the fact that at my age I no longer want, or need, to be hampered by a mortgage. Every single property within my price range seemed to be snapped up even before I managed to get a viewing, by buy-to-let investors. No wonder a person living on a UK 'living wage' can't get a look-in! I would have loved to go back down south, which is where I come from, but I couldn't even afford to buy a garage in most areas, let alone anything else. So if house prices fall, I would be happy. It seems very unfair that people with money can afford to buy up 40 or 50 cheap houses to rent out, when most of us can't even afford to buy one to live in!
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