Connect with us

Money

Landlords selling up lose out on £10,000 as house prices tumble

Published

on

Landlords selling up lose out on £10,000 as house prices tumble

Gains are vanishing amidst rapidly falling house prices. Property values fell at their fastest annual pace for 14 years last month, according to the latest house price index from Nationwide.

Realised gains will be even less than the headline selling prices as landlords offloading properties this year face not only a market downturn but also a smaller tax-free allowance.

The capital gains tax allowance was slashed from £12,300 to £6,000 in April and will fall in half again to £3,000 after April 2024.

A landlord paying 40pc income tax and selling their property this year for £94,800 more than they bought it for will now lose £24,864 of their profits to the tax office, compared to £23,100 in 2022.

Advertisement

Official figures show that 139,000 taxpayers reported 151,000 property sales in 2022-23, triggering charges worth £1.8bn.

Some 6pc of investors in Hamptons’ analysis sold their buy-to-lets for less than they bought them for.

Beveridge said: “With around 35,000 landlords coming off fixed-rate mortgages each month, the upward pressure on landlords’ costs marches on.

“In the run up to remortgaging, landlords are fighting to balance the books by paying down debt and hiking rents that have dropped below market rate.”

Advertisement

Source link

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

CryptoCurrency

Coinbase’s cbBTC surges to third-largest wrapped BTC token in just one week

Published

on

Coinbase’s cbBTC surges to third-largest wrapped BTC token in just one week


According to data from CryptoQuant, cbBTC circulation supply has outpaced long-established players seven days after launch. 



Source link

Advertisement
Continue Reading

CryptoCurrency

Bitcoin options markets reduce risk hedges — Are new range highs in sight?

Published

on

Bitcoin options markets reduce risk hedges — Are new range highs in sight?


Bitcoin options market positioning shifted as BTC price shot through the $60,000 to $63,000 level. 



Source link

Advertisement
Continue Reading

CryptoCurrency

Ethereum is a 'contrarian bet' into 2025, says Bitwise exec 

Published

on

Ethereum is a 'contrarian bet' into 2025, says Bitwise exec 


Ether price could be on track for another correction into a triple-bottom, marking the beginning of a big rally into 2025.



Source link

Advertisement
Continue Reading

CryptoCurrency

Blockdaemon mulls 2026 IPO: Report

Published

on

Blockdaemon mulls 2026 IPO: Report


Other Web3 infrastructure platforms, such as Circle, are also mulling IPOs.



Source link

Advertisement
Continue Reading

CryptoCurrency

SEC asks court for four months to produce documents for Coinbase

Published

on

SEC asks court for four months to produce documents for Coinbase


The financial regulator requested an extension until February 2025 to review “at least 133,582 unique documents” as part of discovery motions with Coinbase.



Source link

Advertisement
Continue Reading

CryptoCurrency

‘Silly’ to shade Ethereum, the ‘Microsoft of blockchains’ — Bitwise exec

Published

on

‘Silly’ to shade Ethereum, the ‘Microsoft of blockchains’ — Bitwise exec


Ethereum is still home to the most active crypto developers and is the most attractive chain to build applications on top of for big companies, argues Bitwise’s Matt Hougan.



Source link

Advertisement
Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.