ou can now buy a house in Britain using Bitcoin

[alyssa85]

http://metro.co.uk/2018/02/23/can-now-buy-house-britain-using-cryptocurrency-bitcoin-7336728/

You can now use Bitcoin to purchase a home in the UK after one of Northern Ireland’s largest housebuilders said it will now accept cryptocurrency.

Ballyclare-based Hagan Homes is believed to be the first firm of its kind in Northern Ireland or the Republic of Ireland to take the step.

Managing director Jamesy Hagan said: ‘Bitcoin is an innovative new payment method and essentially a new kind of money. It is very similar to a cash transaction.

‘There has been a significant growth in the use of Bitcoin worldwide and our acceptance of this new channel reflects our willingness to respond to the market.’

Hagan Homes recorded a turnover of more than £18 million in 2016/17 and marked its second biggest year of home completions since it was established almost 30 years ago.

[dinoloverpete]

It could be the start of just many. Large transactions such as buying a house are ideal to be transacted in cryptocurrencies. The fees involved will be much better with bitcoin than with fiat.

If a major UK estate agent such as foxtons were to start accepting bitcoin that would be a big breakthrough.

[alyssa85]

It could be the start of just many. Large transactions such as buying a house are ideal to be transacted in cryptocurrencies. The fees involved will be much better with bitcoin than with fiat.

If a major UK estate agent such as foxtons were to start accepting bitcoin that would be a big breakthrough.

Estate agents like foxtons are just the middle men. The actual transaction to purchase a house is handled by lawyers, between the vendor and the buyer. Obviously new house builders like Hagan Homes are vendors, so they can enable bitcoin. But I doubt foxtons will be able to persuade the ordinary sellers on their books to accept bitcoin.

[Caesar-Giulius]

This is a good start. If it proven successfully to buy and sell house in bitcoin, it will most likely boost bitcoin volume and price.

[Maryverycool]

http://metro.co.uk/2018/02/23/can-now-buy-house-britain-using-cryptocurrency-bitcoin-7336728/

You can now use Bitcoin to purchase a home in the UK after one of Northern Ireland’s largest housebuilders said it will now accept cryptocurrency.

Ballyclare-based Hagan Homes is believed to be the first firm of its kind in Northern Ireland or the Republic of Ireland to take the step.

Managing director Jamesy Hagan said: ‘Bitcoin is an innovative new payment method and essentially a new kind of money. It is very similar to a cash transaction.

‘There has been a significant growth in the use of Bitcoin worldwide and our acceptance of this new channel reflects our willingness to respond to the market.’

Hagan Homes recorded a turnover of more than £18 million in 2016/17 and marked its second biggest year of home completions since it was established almost 30 years ago.

This is a good start for bitcoin. In the future, more and more companies and stores in Northern Ireland will accept bitcoin. It will let more northern Irish people know about bitcoin, which is a good publicity for bitcoin.

[alyssa85]

This is really interesting. How does it work from a tax perspective though...? You can't pay stamp duty in Bitcoin and what happens when you sell (for example with Capital Gains tax)

Well the purchase of the house is separate from tax. So say you are buying a house for £200,000 from Hagan homes. You send the £200,000 to Hagan in bitcoin. You pay teh £1500 stamp duty in sterling to the govt. Hagan homes is a corporation making new builds - so they won't be paying capital gains tax. They will pay corporation tax to the govt on profits in sterling.

[squatz1]

Saying that one house was bought is a lot different from saying that YOU CAN NOW BUY A HOUSE IN BRITAIN using bitcoin because that simply isn't true. If you to to a thousand homes that are for sale in Britian right now I'd doubt that you'll find one that you can buy with anything other then a mortgage and cash, let alone using this crazy bitcoin thing.

While I do like bitcoin, I don't support fake news.

[tmfp]

In theory maybe, but in practice there will be many AML hoops to jump through, and fear on behalf of conveyancing solicitors that they will incur the wrath of the regulators if they get involved with something that the FCA's Head doesn't even acknowledge as "real" money.
It got the builder in the news anyway, which was probably the main reason.

https://www.ft.com/content/40c64992-f606-11e7-88f7-5465a6ce1a00

So say you are buying a house for £200,000 from Hagan homes. You send the £200,000 to Hagan in bitcoin.

Would that it were so simple. Maybe in X years...
 

[dinoloverpete]

It could be the start of just many. Large transactions such as buying a house are ideal to be transacted in cryptocurrencies. The fees involved will be much better with bitcoin than with fiat.

If a major UK estate agent such as foxtons were to start accepting bitcoin that would be a big breakthrough.

Estate agents like foxtons are just the middle men. The actual transaction to purchase a house is handled by lawyers, between the vendor and the buyer. Obviously new house builders like Hagan Homes are vendors, so they can enable bitcoin. But I doubt foxtons will be able to persuade the ordinary sellers on their books to accept bitcoin.

Ahh I see. That would only be considered then on new builds, how could the adoption be increases for sales of homes which are already built and being sold from one individual to another. I guess the lawyers would be the ones to make the decision, if they somehow facilitated it so that the BTC/GBP were converted and then buyer/seller receive/pay in GBP/BTC depending on which side of it they are.

[kil5478]

I heard that in Dubai, too, they sell flats for bitcoins.
But there is still a reason why it is inconvenient to use bitcoin in such large purchases and this is the lack of stability of the exchange course.

[jayco25]

If the bitcoin is to be paid for the purchase of house and lot it is a very good news. Hopefully the bitcoin will be accepted around the world, especially for the large amounts needed to buy.


#Datarius

[NA boom]

Undoubtedly it is very interesting. Bitcoin purchases at house will increase its value. Also popularity will increase.

[Nilda]

Another great news! I don’t know what the skeptics would say about this. That house should have a big sign on it that says...The House That Bitcoin Built

[CASTIEL05]

I think it is better to buy large quantity like cars, real estate and house&lot using bitcoin. Why? Because you can send anywhere your payment and you will not anymore fear that your money will be snatched specially if you bring large amount of fiat.
So far, it is good news to the crypto enthusiast because bitcoin is somehow used by large companies to buy, sell and integrate to their company.