You're right, I should do the math on trxn costs in my next update - the main ones are stamp duty on purchase and broker fees on sale. The minor ones are moving costs and legal fees on buying and selling. Capex I'll have to ignore because I have no data on this.
Still, if you assume the broker got paid say 1.5%-2.0%, the stamp duty was 3.5-4.0%, there's still a sizeable margin in between.
Still, if you assume the broker got paid say 1.5%-2.0%, the stamp duty was 3.5-4.0%, there's still a sizeable margin in between.