The Government's proposal to raise the level of Capital Gains Tax to 'somewhere closer to income tax rates' has angered many people, particularly buy-to-let investors who have invested in property for retirement, but because of the proposed changes, may now not realise much of a return.
This has led to a flurry of investors looking to sell their properties prior to the tax hike coming into effect,w ith Savills reporting a 40% increase in valuation inquiries over the past 10 days.
Of course if the market is flooded with former buy to let properties, prices are going to go down and the time to achieve a sale is likely to lengthen.
So how can you achieve a quick sale and beat the tax rise? Speak with Quick Move Now - we're the UK's leading professional house buying company, with years' of experience in buying houses quickly. We have the funds available to buy your house quickly and guarantee that if we make a formal offer to buy your property, we will have the funds available within 24 hours.
Beat the Chancellor's Capital Gains Tax rise - contact Quick Move Now on 0800 068 3366.
Mortgage lending has fallen to its lowest level in a decade with lending in April falling to £10.3 billionm a 12% fall from March and the lowest April total since 2000. This trend was show in the figures for the first quarter of 2010 where just 112,000 loans were advanced compared with 171,000 in the last quarter of 2009.
High deposit requirements for first-time buyers are being blamed for the low level of advances with an average 24% deposit being put down by first-time buyers. Commentators have warned of a chronic under-supply of credit for many years yet.
Interesting article in The Daily Telegraph suggesting that if you are looking to sell you house this year, do it within the next few weeks as there will not be a better time this year.
The article notes a number of areas that could help suppress house prices including the scrapping of HIPs last week, which could increase the supply of houses on the market as more people test the market and tax rises for many people in next month's budget and general economic uncertainty, that may deter buyers. The article also says that the Football World Cup and the onset of summer means that the next few weeks could be the best time to sell your house.
Savills sees turnover remaining low, and the increasing supply on the market, sees prices falling in some areas.
So the message is, if you're thinking of selling, don't wait around and certainly don't wait for the autumn.
If you miss this opportunity, or if you need to sell quickly and don't want to rely on an estate agent, then call Quick Move Now, the UK's leading professional house buying company on 0800 068 3366.
Within the new Government's emergency budget, to be held in June, are likely to be Capital Gains Tax (CGT) changes that are going to hit 2nd Home owners and buy-to-let investors. All expectations are that CGT rates will rise from the current 18% to 40% or 50%.
If you are a buy-to-let investor and want to sell prior to the emergency budget, you need to move quickly. Call Quick Move Now on 0800 068 3366 and see how we can help sell your house quickly.
The new government has suspended the use of Home Information Packs (HIPs) from today. From now, just the energy performance certificate will be requireed and will need to be produced by a seller within 28 days of them putting their house on the market.
In our opinion, HIPs never tackled the real issues in the housing market that they were supposed to address and instead, they were just another expense and major block for people wanting to sell their house. They also helped to restrict the supply of property, thereby even forcing up prices.
Everyone likes to snoop at other people’s houses, especially those of the rich and famous. The 5 houses below are the 5 most expensive in the world, and all are on a scale that most people can only dream of. Bowling alleys, squash courts, huge underground car parks; these houses have it all, and are the preserve of the world’s super rich, a strata of tycoons and oil barons that set the trends in luxury property. So let's take a look at the world’s most expensive homes 2010 counting down from 5 to 1:
5. Updown Court, Surrey, UK - £70 million
Located 25 miles outside London in the leafy countryside of Surrey, Updown Court has been described as the most lavish and important residence to be built in the UK in 200 years. Neighbours include Elton John, the Duchess of York, and just down the road in Windsor, the Queen.
Here is what you get for your money:
103 rooms
5 swimming pools
50 seat screening room
24 carat gold leafing flooring
squash court
bowling alley
floodlit tennis courts
58 acre estate
22 bedrooms with bath room suites
estate manager's office
stables
heated marble driveway
30 self contained luxury apartments
Updown Court costs an estimated £250,00 a month to run, and is currently owned by the multi-billionaire crown prince of Dubai, Sheikh Mohammad bin Rashid Al Maktoum. The racehorse owner, who already owns a property in Chertsey in Surrey, is expected to entertain official guests at the mansion.
4. Kensington Place, London, UK - £75 million
There's not as much info about this property, which is owned by Lakshmi Mittal, the Indian steel tycoon. Its estimated to be worth a cool £75 million, and for your money you get:
12 bedrooms
garage space for 20 cars
turkish baths
a ballroom
controlled by 65 CCTV cameras
more than 9,000 sq ft of the same marble used in the Taj Mahal is incorporated in the design
The Victorian style villa close to Kensington High Street, has recently been rebuilt and renovated for about 10 million. Constructors in the last 18 months have installed an underground swimming pool, gym, sauna and cinema.
3. Fairfield Pond, The Hamptons, New York, U.S - £90 million
This 63 acre home is considered the largest residential compound in America. The 29 bedroom beachfront home of publicity shy billionaire Ira Rennert has 5 sports courts, a bowling alley and a $150,000 hot tub.
2. Villa Leopold, French Riviera - £250 million
This fantastic villa was purchased by Russian billionaire Roman Abramovich in 2008 for $500 million. The tycoon, who lives in Britain, already owns several impressive properties, including the nearby Chateaux de la Croe estate, as well as others in the exclusive London neighborhood of Knightsbridge, Sussex and in Russia. Former owners of the La Leopolda include Microsoft guru Bill Gates and Fiat mogul Gianni Agnelli.
1. "Antilla", Mumbai, India - £500 million
In 2010 Antilla Mumbai overtook Villa Leopolda to the title 'the worlds most expensive house'. It is in fact the world's first billion dollar house. A custom-build 27 story towering mansion, Antilla in Mumbai is the home of the world’s 5th richest man called Mukesh Ambani, head of Indian petro-chemical giant Reliance Industries, which is India’s most valuable firm by market capitalisation.
Some Antilla facts:
will have 3 helipads on top
will have a swimming pool
parking for 168 cars
A whole floor will be a home theatre, with seating for 50
staff of 600
85% of the materials used will come from India
27 storeys high
Antilla will be such a unique and amazing home when it is finished that it will truly be a wonder of the world.
As part of the agreement drawn up by the new coalition Government, Home Imformation Packs (HIPS) as to be abolished. The energy perofrmance certificates, that formed a part of a HIP, will be retained, as they are required under European Law.
HIPs never really worked in that buyers rarely looked at them, and solicitors ofen refused to rely on the information they contained. We've long argued that they didn't work and just added to the cost of selling a home, so we're glad to see them gone.
Their removal should also have a positive effect on the supply of houses on the market. HIPS were a deterrent to the speculative seller.
Mortage lending fell in the first quarter of 2010, down by 30,000 on the previous quarter. The figures indicate that the recovery in the housing market has certainly slowed down, if not stopped entirely.
Net lending in March was just £318 million, down from £1.85 billion in February, the lowest figure since July 2009. The figures were partially distorted by the end of the stamp duty holiday. The uncertainty of the outcome of the General Election campaign are also unlikely to have helped with buyers waiting to see what happens to interest rates and the economy.
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