news & politics:discussion

[Neil]

Which reminds me of the time my old mum fell out of the loft shed have been fine if she hadn't tried to escape.

[stuie]

4 hours ago, Neil said:

Not everyone of a specific generation got rich from housing only those who made the right choices there's still opportunities available for younger people if they take up the opportunities.

 

4 hours ago, fraybentos1 said:

way fewer

We’re never gonna see the same level of rises again. My parents bought their house in 1999 for £135k and everyone thought they were crazy taking on such a mortgage. They are about to sell for in region of £1M. It’s had extensions and renovation but still, that’s just mental. 

2004 i bought an end of terrace for the same amount as their house and it’s gone up about 50%….

It’s not sustainable.

[steviewevie]

19 minutes ago, stuie said:

 

We’re never gonna see the same level of rises again. My parents bought their house in 1999 for £135k and everyone thought they were crazy taking on such a mortgage. They are about to sell for in region of £1M. It’s had extensions and renovation but still, that’s just mental. 

2004 i bought an end of terrace for the same amount as their house and it’s gone up about 50%….

It’s not sustainable.

and those sort of profits should be taxed.

[Neil]

1 hour ago, steviewevie said:

and those sort of profits should be taxed.

those sorts of profits is all that's holding the uk economy up.

[fraybentos1]

19 minutes ago, Neil said:

those sorts of profits is all that's holding the uk economy up.

Yeah you’re doing us all such a favour making so much money on your house. Thanks Neil!

 

[gizmoman]

3 hours ago, stuie said:

 

We’re never gonna see the same level of rises again. My parents bought their house in 1999 for £135k and everyone thought they were crazy taking on such a mortgage. They are about to sell for in region of £1M. It’s had extensions and renovation but still, that’s just mental. 

2004 i bought an end of terrace for the same amount as their house and it’s gone up about 50%….

It’s not sustainable.

2004 was 19 years ago, how much do you think your house should be worth? If it has gone from £135k to £202k that's an increase of just over 2% per year, hardly a massive increase. Your parents house was bought with a mortgage and they have spend money in addition to improve it, they have had a bigger increase due to buying well but the price now has to reflect the true price they paid including the interest on the mortgage and any loans they had to fund the improvements. Stevie wants to tax this "profit" but the truth is it's very hard to calculate how much additional money has been made, fact is, if they are buying another house there is no "profit" as the house they are buying will have risen by the same margin.

[Neil]

9 hours ago, fraybentos1 said:

I didn't say private pension, I was referring to the more generous work place pensions older people enjoyed and don't exist now.

Also, you do realise that you are not representative of an entire generation?

You do realise that when you claim a whole generation benefited you're not correct.

[steviewevie]

6 hours ago, gizmoman said:

2004 was 19 years ago, how much do you think your house should be worth? If it has gone from £135k to £202k that's an increase of just over 2% per year, hardly a massive increase. Your parents house was bought with a mortgage and they have spend money in addition to improve it, they have had a bigger increase due to buying well but the price now has to reflect the true price they paid including the interest on the mortgage and any loans they had to fund the improvements. Stevie wants to tax this "profit" but the truth is it's very hard to calculate how much additional money has been made, fact is, if they are buying another house there is no "profit" as the house they are buying will have risen by the same margin.

capital gains tax. They can calculate that ok already, do it for main residencies.

[Neil]

58 minutes ago, steviewevie said:

capital gains tax. They can calculate that ok already, do it for main residencies.

that would just kill the housing market and the excess profit gets spread around - bank of mum and dad, and inheritance on death.

Edited September 8, 2023 by Neil

[steviewevie]

3 minutes ago, Neil said:

that would just kill the housing market and the excess profit gets spread around - bank of mum and dad, and inheritance on death.

You can claim back if purchase another house of similar or greater value within a year. People should not inherit wealth, they should earn it. Cut taxes on labour. Increase tax on capital/assets.

Obviously still some things I need to work through before discussing with Reeves 

[Rufus Gwertigan]

So Rishi has managed not to sell any licences for offshore windfarms. Nice one 🙂

[steviewevie]

9 minutes ago, Rufus Gwertigan said:

So Rishi has managed not to sell any licences for offshore windfarms. Nice one 🙂

Yeah, good job. Have to stick them all onshore now 

[fraybentos1]

6 hours ago, Neil said:

You do realise that when you claim a whole generation benefited you're not correct.

I made the point a couple times that I don’t mean every single person obviously. I need to use generalisations to make a point. I clarified this twice yesterday. 
 

My point is simple, boomers had it good in the housing market and young people don’t. Boomers think they’re very shrewd for seeing their house 5x over 30 years but it’s mainly just luck. 

[Crazyfool01]

We are truely f**ked with the climate stuff … I’m off to live on the moon … I find it utterly bizzare people denying this sh*t is occurring. What an absolute mess 

[Nobody Interesting]

If your house is your home and you do not plan to move then it's value and any 'profit' you have made is irrelevant and even if the value is higher that does not mean that is what you would sell it for so any tax on that 'profit' would be based on a guess and therefore not enforceable.

Even if you see the equity as 'profit' I suggest you look at how much you have paid for your mortgage before you celebrate. Most of that extra went to the mortgage company in interest.

[Neil]

30 minutes ago, fraybentos1 said:

I made the point a couple times that I don’t mean every single person obviously. I need to use generalisations to make a point. I clarified this twice yesterday. 
 

My point is simple, boomers had it good in the housing market and young people don’t. Boomers think they’re very shrewd for seeing their house 5x over 30 years but it’s mainly just luck. 

i've never met anyone who reckon's they're shrewd cos their house has gone up in value - plenty of people are happy that it has (and why not: everyone likes free money).and despite having made that money, most would rather the housing market to have gone differently so it wasn't the f**k-up that it is now.

[Nobody Interesting]

1 hour ago, Rufus Gwertigan said:

So Rishi has managed not to sell any licences for offshore windfarms. Nice one 🙂

Looking at the criteria for bidding I reckon they wanted this to happen and will use it to push through the new oil and gas licenses to give us 'energy security'.

1 minute ago, Crazyfool01 said:

We are truely f**ked with the climate stuff … I’m off to live on the moon … I find it utterly bizzare people denying this sh*t is occurring. What an absolute mess 

Sorry, the moon is only for the wealthy and well connected. Us normal folks have to stay down here and make the best of it.

[squirrelarmy]

49 minutes ago, steviewevie said:

Yeah, good job. Have to stick them all onshore now 

NIMBYs going to love that. I wonder how they’re going to decide where these onshore turbines are going to go. 

[Nobody Interesting]

7 minutes ago, squirrelarmy said:

NIMBYs going to love that. I wonder how they’re going to decide where these onshore turbines are going to go. 

The governments announcement on them being allowed passed the decision making to councils - so most will not happen anyway but the government can them blame someone else. Same with the tidal etc the sale had.

 

[steviewevie]

[steviewevie]

even without Corbyn (who I think will stand as an MP) pretty close for Khan, closer than I thought. I think FPTP could be helping the Tories here...

Edited September 8, 2023 by steviewevie

[lost]

I thought where wind was concerned when it is actually windy don't we generate an excess and actually sell aload of it to the French? The issue seems to be when it isn't windy we probably need to diversify into other things.

[fraybentos1]

23 minutes ago, Neil said:

most would rather the housing market to have gone differently so it wasn't the f**k-up that it is now.

A lot of people might say this but I think few truly believe it. 
 

People are selfish, especially boomers for the large part (when it comes to things like housing and money compared to what young people get) 
 

 

[Nobody Interesting]

4 minutes ago, lost said:

I thought where wind was concerned when it is actually windy don't we generate an excess and actually sell aload of it to the French? The issue seems to be when it isn't windy we probably need to diversify into other things.

Yep, we need solar (on every roof), todal and hydro too. Those between them will have more than enough and add battery storage and we could manage with consumate ease.

[Neil]

33 minutes ago, fraybentos1 said:

A lot of people might say this but I think few truly believe it. 
 

People are selfish, especially boomers for the large part (when it comes to things like housing and money compared to what young people get) 
 

 

Well if the base point of the house purchase was to fully own a home that a landlord couldn't kick them out of, then they've succeeded.

its hardly surprising that they're selfish and protective about their lifetime's achievement.