4 ms·

>I am not sure the comparison between England and Scotland is valid Granted it's not exactly apples for apples, it's just my comparison as I live in Scotland a

>I am not sure the comparison between England and Scotland is valid Granted it's not exactly apples for apples, it's just my comparison as I live in Scotland and the affordability problem seems to be more of an English one, hence the GDP comparison on a pure monetary basis. >Yes, but what do you do about it? Removing right to buy, and laws on landlords tax benefits that have changed IMO have already changed the idea that being a landlord provides good ROI, in the main. I had a second property (my previous home) and having to pay 42% income tax on the rent, maintenance, any rent issues and then any potential capital gains certainly doesn't sound appetising vs selling and having cash. >Its also not empty rooms as such: its having more rooms than the govt thinks you need, so things such as young kids having their own rooms rather than sharing. You are perhaps right. General gist being that there's housing stock that'd better suit other people, which I guess was the spirit of the law.

graemep 3y ago
> Removing right to buy, and laws on landlords tax benefits that have changed IMO have already changed the idea that being a landlord provides good ROI, in the main. I had a second property (my previous home) and having to pay 42% income tax on the rent, maintenance, any rent issues and then any potential capital gains certainly doesn't sound appetising vs selling and having cash. It should have an effect, but has not had that much yet. There is a lag so maybe we will see it some time soon. However, we have also had rent increases and falls in house prices in real terms so that might offset it.
qlm 3y ago
Have you tried buying somewhere in Scotland recently? Nowhere (in cities at least) sells for less than 20% over home report price. You can't get a mortgage for anything over home report price, so a £189,000 (median price) property requires almost 60k in cash up-front. As of 2022, the median salary in Scotland is £27,000. It's pretty unaffordable for the average person who doesn't have money from their parents.
- ricardo81 3y ago
  60K maybe if you want the best interest rates. In this example we're now talking about first time buyers (presumably and as a couple), wanting an 'average' priced home (could start lower) earning 4K above minimum wage.

graemep 3y ago

> Removing right to buy, and laws on landlords tax benefits that have changed IMO have already changed the idea that being a landlord provides good ROI, in the main. I had a second property (my previous home) and having to pay 42% income tax on the rent, maintenance, any rent issues and then any potential capital gains certainly doesn't sound appetising vs selling and having cash. It should have an effect, but has not had that much yet. There is a lag so maybe we will see it some time soon. However, we have also had rent increases and falls in house prices in real terms so that might offset it.

qlm 3y ago

Have you tried buying somewhere in Scotland recently? Nowhere (in cities at least) sells for less than 20% over home report price. You can't get a mortgage for anything over home report price, so a £189,000 (median price) property requires almost 60k in cash up-front. As of 2022, the median salary in Scotland is £27,000. It's pretty unaffordable for the average person who doesn't have money from their parents.

ricardo81 3y ago
60K maybe if you want the best interest rates. In this example we're now talking about first time buyers (presumably and as a couple), wanting an 'average' priced home (could start lower) earning 4K above minimum wage.