Pound Sterling thinking of self-identifying as Euro

The £ jumped up this morning on the 45% tax rate u-turn announcement - but seems to have settled back down just below the level before the mini-budget.

Its not expecting to share in their windfall (stamp duty saving £6,140) its along side that the cut in their offer of £10k.
I used to be a mortgage broker and have run the numbers 1% rise in mortgage rates =£75pm the whole lot could amount to 9 years of subsidised mortage payments.

I posted on here to gain others points of view as in a falling market I do follow a similar train of thought but also have to buy a new place ourselves so cant afford to be too generous.
I have agreed a lower price just not quite as low.

But surely you do want to share in their windfall as you aee linking it to thier reduced offer so saying that because of thier ‘windfall’ they should offer less of a reduction.

You certainly have a wide CV! Not sure that 1% will cut it aa far as rise in mortgage rates going forward.

I am offering my honest point of view. So many fall into the trap of ‘I need’ rather than what you can get. It is indeed a falling market and you will have sold before you buy so any shortfall will be mitigated by the increasing fall in value of what you want.
The very nature of inheritance is that it is a windfall.
You have a buyer so surely ‘a bird in the hand’ and ‘don’t look a gift horse’ are well worth serious consideration.
When you find your ‘new place’ I am sure you will give as good as you are currently getting when you become the buyer.
The housing market is certainly in focus right now and buying and selling is going to get tougher, My advise is bank the offer and move on.

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Did you put a “must exchange by” date on your counter-offer Corona?

If it’s 5% or less of what you expected/needed to sell it for then I’d have said seriously consider taking it for the reasons JohnBoy mentions. I’ve been there. Putting a date for exchange as a condition also sends a signal “that’s it, and don’t wait till eve of contract-signing and then ambush us for more”.

Engineering dying a death in the UK so as needs must. Learnt a lot, appeared on “Working Lunch” as a voice of concern with the then overheating property market and borrowing 5x income with tightening regulations.

Not affraid to listen to comments from posters even if its not what I would like to hear. Some of us living through those 16% interest rates no how hard it was and the youngsters getting on to the ladder is just as much of a challenge. Its not so much the offer as the original sale to this person was going through at the £10k higher price. Still see what his lender says tomorrow and then what happens next.

£ now back up to where it was before the BofE interest rate decision and the mini-budget - just over 1.15€. The commentariat are sayng it’s because the government will have to abandon other parts of the mini-budget too (I think they’ve already changed the OBR delay).

As said before, cycles :grin: always good times to invest, then hold with patience :wink:

Looks like it. Shame about the Bank of England having lost that £65bn though. I suppose they can’t recover that? (You can tell that I know ***-all about national finance…)

£400k!! In 2008 to boot!

What in heaven’s name was the original asking price? We bought a 3 bed central London flat for that in 2008!

Over £1m
It was bought by a developer who was looking to turn it round quickly and make a substantial profit, but the housing market collapsed and he was stuck with it for quite a few years… When we first returned to the UK after emigrating to France almost 2 years later, it was still unsold and unlived in despite them clearly having spent a good deal of money on it.
Basically, we thought we had a lucky escape… we came out of it with sufficient free funds to purchase the land and build a new home without any borrowing requirement - indeed, a complete reset for our retirement.
No regrets. We have moved on.

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Isn’t nice when sometimes you make the right decision at the right time!

Similar here, although not quite that magnitude. We accepted an offer about 25% less than what the house was worth, but it was enough for what we wanted and we wanted out and away to France without delay. And the market was stagnant at the time. Never regretted it one bit.

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Have you looked beyond the headline of the 65 billion Mat? Do you know where it came from and what’s actually been spent?

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If only we’d made the decision a year earlier…
Ah well. c’est la vie
Still, managed to retire comfortably mid 50’s so not all bad :wink:

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Feel free to elaborate.

This link may tell you all u need to know.

So the Bank of England had to offer to support the government up to £65bn to ensure that the pound didn’t fully collapse, so far it has not had to spend that much.

Not a great look is it?

The BoE has acted as a guarantor to the government.

Their action so far has prevented the “fiscal event” being absolute cataclysmic failure to just be a very bad failure - wahoo raise the flags. Either way pretty poor.

If that’s your assessment, fine, you’re not alone in taking that view, both on here and at the BBC, but your comment was “which cost £65B to fix.” Past tense.
It hasn’t, and its not likely to.

Its just worth questioning the headlines is all I’m saying.

can you believe a word that the Govt will say on that?
I wouldn’t stake my life on it…

I’m not staking my life on it graham, but…When did the govt say it wouldn’t? This is the Bo E describing what they would do, and how long they were prepared to do it for. That multiplier arrives at the £65B that’s been focussed on, but so far its less than 10% of that, and today - and I confess I’m not absolutely sure on this at close - they have again spent nothing.

Have you read the link?