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Old Dec 13th 2017, 10:18 am   #16
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Default Re: Will we look back in time, and say we bought at the bottom in 2014

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Originally Posted by Moses2013 View Post
The thing is that a lot of Brits are rushing out now, so they can secure EU rights before Britain leaves the EU. This means that prices are increasing in these areas but will probably peak in 2018. After that prices will probably fall again and we'll have another boom bust story. Might be good to sell next year and buy in 2020 again.
Personally I don't believe things will change a great deal post Brexit (if it happens) but much will depend on the negotiations & in David Davis the UK has a complete incompetent. Norway is not an EU member but there is a thriving Norwegian community in SP. I have Irish paternal grandparents & may need my Irish citizenship before very long.
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Old Dec 13th 2017, 11:50 am   #17
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Default Re: Will we look back in time, and say we bought at the bottom in 2014

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Personally I don't believe things will change a great deal post Brexit (if it happens) but much will depend on the negotiations & in David Davis the UK has a complete incompetent. Norway is not an EU member but there is a thriving Norwegian community in SP. I have Irish paternal grandparents & may need my Irish citizenship before very long.

It really depends on the outcome and what the UK are willing to pay. Norway pays money to the EU but it's only a small country (population). Overall the UK are still better off paying a bit more, so British pensioners still have access to healthcare in Spain. After all, it's probably still much cheaper to do a hip replacement in Spain than back in the UK. As you mentioned, the only downside might be that the pound will fall but that risk was always there.
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Old Dec 13th 2017, 11:59 am   #18
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Default Re: Will we look back in time, and say we bought at the bottom in 2014

To be honest the fall in the pound will help sellers returning to UK as they will get more pounds now than say 18 months ago. But then exchange rates change for a variety of reasons Brexit negotiations being one. I agree that people including myself are concerned that after Brexit being able to move full time to a property owned in the EU may be more difficult, so are taking action now to get residency. That surely mainly applies to those that already own property? Those rushing to actually buy now in my view should hold back and see how it works out rather than rushing in.
As for taking Irish citizenship then yes that is an option open to me also as I am of direct Irish descent. However reality in my view and in my circumstances is there is little point, it may allow you to get residency yes but Ireland is not going to pay your health care at state pension age. That for myself is key .
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Old Dec 14th 2017, 7:30 am   #19
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Default Re: Will we look back in time, and say we bought at the bottom in 2014

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Hi Missile, sorry none as not currently selling. You are going to have to take my word for it that my little house (£55k 2014) on the Hills of Cabo Roig (becoming quite an exclusive place to live) is now circa €150k as advised by my original estate agent desperate to sell it. The beauty is that there is still time to get on the ladder as prices have not yet reached 2007/8 pre crash prices. When my house hits €190k we will be back there. My prediction for when this will happen late 2019…

Yet another selfish boomer (probably) revelling in the joy of being able to pull the ladder up behind him and prevent younger generations from being able to afford to buy their own home, whilst at the same time feeling smug and superior as a "savy" investor, conveniently ignoring the fact that any gain in price is entirely due to HPI and nothing they have actually produced themselves.

This delusional, idiotic and misguided attitude that ever increasing house prices is a good thing.
When you have an entire country (UK) totally reliant on ever increasing HPI, a government having to prop up a rigged market with inventive new scams (FFL, HTB, HTB2, HTB3, ZIRP, shared-ownership, 40 year mortgages, BTL, etc.), a "free-press" constantly ramping up the HPI forever mantra, an economy based on nothing but selling houses to each other at ever inflated prices, what happens when the party ends, as it surely must?

Oh for the days when a house was bought to be a family home rather than an investment and cash machine.
If governments would introduce 99% capital gains tax on all un-earned income then perhaps those of us that actually work for a living and produce stuff can pay slightly less tax on our hard-earned income.

But my opinion is a minority one (and controversial) and bound to upset many on this forum, and I'm sure the OP has worked hard all their life and deserves everything they're entitled to.
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Old Dec 14th 2017, 9:08 am   #20
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Default Re: Will we look back in time, and say we bought at the bottom in 2014

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Yet another selfish boomer (probably).....
I can see where you are coming from and the smugness of the original poster at his 'shrewd' investment did make me smile.

As you rightly point out house purchasing should be primarily for homemakers and it's one of the reasons I do not like the 'buy to let ' industry particularly as rents (in the UK) are so unreasonably high. Sadly we live in a greedy world where some people value a shiny new car over things of real value. I am only interested in putting a safe roof over my family's head in an area I feel comfortable in and the only time I'm interested in value is when I'm buying, from an affordability perspective, and selling, to fund my next home.

As the £ suffers with Brexit more and more older people will become property wealthy but cash poor but don't worry folks, those 'kind' equity release firms are just waiting in the wings to help you out I'd sooner rent than give them a penny.
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Old Dec 14th 2017, 9:23 am   #21
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Default Re: Will we look back in time, and say we bought at the bottom in 2014

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I can see where you are coming from and the smugness of the original poster at his 'shrewd' investment did make me smile.

As you rightly point out house purchasing should be primarily for homemakers and it's one of the reasons I do not like the 'buy to let ' industry particularly as rents (in the UK) are so unreasonably high. Sadly we live in a greedy world where some people value a shiny new car over things of real value. I am only interested in putting a safe roof over my family's head in an area I feel comfortable in and the only time I'm interested in value is when I'm buying, from an affordability perspective, and selling, to fund my next home.

As the £ suffers with Brexit more and more older people will become property wealthy but cash poor but don't worry folks, those 'kind' equity release firms are just waiting in the wings to help you out I'd sooner rent than give them a penny.
Well if you look at it this way, rents in Spain are also unreasonably high for a Spanish person. And what has a new car got to do with greed, especially if you need a reliable car to get to work? The thing is that you can only put a safe roof over the families head in Spain at a lower cost, because others have less than you.
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Old Dec 14th 2017, 4:39 pm   #22
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Default Re: Will we look back in time, and say we bought at the bottom in 2014

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If governments would introduce 99% capital gains tax on all un-earned income then perhaps those of us that actually work for a living and produce stuff can pay slightly less tax on our hard-earned income.

But my opinion is a minority one (and controversial) and bound to upset many on this forum, and I'm sure the OP has worked hard all their life and deserves everything they're entitled to.
Very few people who "actually work for a living and produce stuff" can do so without working capital. Treating interest and dividend income as unearned and applying a draconian tax on capital gains would reduce that availability to zero and force most companies to close.
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Old Dec 15th 2017, 4:41 am   #23
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Default Re: Will we look back in time, and say we bought at the bottom in 2014

Do not spend time thinking about the capital value of your house. Enjoy life.

Obsession with resale value of the house you live in is an illness. (Dementia Thatcherensis)
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Old Dec 15th 2017, 7:10 am   #24
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Default Re: Will we look back in time, and say we bought at the bottom in 2014

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Do not spend time thinking about the capital value of your house. Enjoy life.

Obsession with resale value of the house you live in is an illness. (Dementia Thatcherensis)
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Old Dec 15th 2017, 9:55 am   #25
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Default Re: Will we look back in time, and say we bought at the bottom in 2014

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Have another one!

Well done to the poster on his perceived gain. You will put a packet in your back pocket when you sell up and get that tepee or one bed flat, other than that its pretty proportional unless you will accept a lower living standard. (And if you are under 65 pay some heavy CGT on any profit you don't put into your new home) Oh yes, and you can borrow more against you're new equity!
Happy days. Get on with your life and hope nothing happens to you or yours that will not discriminate as regards if you have ,or don't have, money in any form.

Last edited by lurchio; Dec 15th 2017 at 11:16 am.
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Old Dec 15th 2017, 3:15 pm   #26
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Default Re: Will we look back in time, and say we bought at the bottom in 2014

With young people unable to afford to buy, the average age of first time buyers rising into their 30s and 40s, many families are just waiting for their elderly relatives to pop off, knowing that their inheritance can finally allow them to become a member of the house-owners club.

What a world we live in, knowing that our children are just waiting for us to die and secretly wishing we'd just get a move on. And then to make matters even worse, after one parent has gone the remaining parent only goes and re-marries, thereby gifting an inheritance to someone else's kids. Talk about bad luck!
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Old Dec 15th 2017, 3:49 pm   #27
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Default Re: Will we look back in time, and say we bought at the bottom in 2014

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With young people unable to afford to buy, the average age of first time buyers rising into their 30s and 40s, many families are just waiting for their elderly relatives to pop off, knowing that their inheritance can finally allow them to become a member of the house-owners club.

What a world we live in, knowing that our children are just waiting for us to die and secretly wishing we'd just get a move on. And then to make matters even worse, after one parent has gone the remaining parent only goes and re-marries, thereby gifting an inheritance to someone else's kids. Talk about bad luck!
Was it ever thus? It was a struggle to buy my first home. I recall it was four times my salary and the mortgage rate was 14.5%
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Old Dec 15th 2017, 4:11 pm   #28
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Default Re: Will we look back in time, and say we bought at the bottom in 2014

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Was it ever thus? It was a struggle to buy my first home. I recall it was four times my salary and the mortgage rate was 14.5%
Ah Yes, been there. Never asked any relatives for assistance in my life. Not so today I'm afraid and they can be quite open about it.

Just buy them all a fridge magnet like we did. Its says, 'We are spending your inheritance'. Nice keepsake for them when we 'croak it'
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Old Dec 15th 2017, 7:19 pm   #29
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Default Re: Will we look back in time, and say we bought at the bottom in 2014

All indications suggest you did well to buy in 2014. I think those days of cheap property are gone for the foreseeable future.

Still, property (here at least), remains significantly lower than most major European metropolitan areas. But well above 2014 prices...
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Old Dec 16th 2017, 8:02 am   #30
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Default Re: Will we look back in time, and say we bought at the bottom in 2014

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........... This means that prices are increasing in these areas but will probably peak in 2018. After that prices will probably fall again and we'll have another boom bust story. Might be good to sell next year and buy in 2020 again.
Yes, I can see this. World stock markets are over-heated and due for a major correction, probably 2018. This should be enough to send the financial World into another spin when the powers that be decide they want it to happen.

Last edited by Johnboyuk; Dec 16th 2017 at 8:21 am.
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