Owning your own home

Think about the additional stamp duty too as a second property.

I did. That's why I still have the flat. Plan was to sell it but cladding crisis has truly put an end to that idea. Try and keep your outgoings as low as poss is my only advice.

I seriously considered it when my buyer fell through but eventually decided the risk was too great.

I couldn't afford to leave it empty and pay the mortgage so would need tenants. That then probably knocks out the first year or so in terms of a sale and if you can't line up the sale with the tenancy you're going to have expensive vacant spells. Renting was also a very low yield as the tax position isn't as favourable as it used to be.

Also, if you can't get it sold in the three years you're getting extra stamp duty. However, with the expected turmoil in the next few years there's a reasonable chance that property values will fall and you'll have to decide whether to hold on to it for the price to increase again or sell in order to reclaim the stamp duty.

You're obviously doubly exposed to property price fluctuations as well. Also things like the proposals to do away with capital gains tax and merge it with income tax could impact (although if it does it will mean the property value has increased).

We did. The plan was to sell, but offers dried up, so we got tenants in and now we're slumlandlords

We had to pay a boatload of extra stamp duty, but on the plus side, we have remortgaged the old place, interest only, to finance the new place more cheaply, and we get the rental income too, of course.