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Stamp Duty threshold raised

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The threshold upon which the tax is charged has been raised from £125k to £175k effective from tomorrow. This is a temporary measure for 12 months only but thought some of you may be interested. Read More
fireheaven Avatar
8y, 10m agoPosted 8 years, 10 months ago
The threshold upon which the tax is charged has been raised from £125k to £175k effective from tomorrow. This is a temporary measure for 12 months only but thought some of you may be interested.
fireheaven Avatar
8y, 10m agoPosted 8 years, 10 months ago
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#2
About bl**dy time
#3
Good forFirst time buyers but not good for anyone trying to sell a house priced just above the new threshold.
#4
Excellent news!! :) ....anyone wanna buy my house?!
#5
choc1969
About bl**dy time


It is about time but very devious how they just sprung it on us. The about of purchases I completed last week and yesterday and had the buyer's known this was going to come in, they could have delayed by a few days and saved upto £1700 :x
#6
yellowsticker
Excellent news!! :) ....anyone wanna buy my house?!


Swap ya, for my shed :-D
#7
fireheaven
It is about time but very devious how they just sprung it on us. The about of purchases I completed last week and yesterday and had the buyer's known this was going to come in, they could have delayed by a few days and saved upto £1700 :x


I remember the rush in the 80's when they announced the end of joint MIRAS allowance for couples, the market went mad for a few months.
#8
There aren't many houses below that though are there? Certainly not down here, so it will make absolutely no difference!
#9
is it only for that threshold.... nothing for the 250k/500k mark...wanna move next couple years into a 'house for life' dont wanna go above 500k for stamp duty reasons....!
#10
Benjimoron
There aren't many houses below that though are there? Certainly not down here, so it will make absolutely no difference!



It will cetainly make a huge difference up here in the north and will help first time buyers too

magicbeans
is it only for that threshold.... nothing for the 250k/500k mark...wanna move next couple years into a 'house for life' dont wanna go above 500k for stamp duty reasons....!


No change above £175k as yet but don't discount it yet depending on how the housing market reacts to this
#11
Thanks for posting :)

Very underhand to just do it like this.

Methinks we are going to see a lot more of this Crisis Management tactics from a failing Government. Just a pity there is no worthwhile opposition party !!

Vote Green Party !!
#12
yellowsticker;2876524
Excellent news!! :) ....anyone wanna buy my house?!


MrGrumpyman;2876542
Swap ya, for my shed :-D


power tools included ? ;-)... and its a deal! :p + +
#13
LJM
Good forFirst time buyers


Not really, that's still well below the average price in many places. Anything short of waving Stamp duty totally for all first time buyers is a token gesture designed to buy votes for a failing government.

And don't even get me started on their plans to bail out the morons that didn't have the intelligence to think interest rates might actually go up at some point during their mortgage term, mortgaged themselves to the hilt and now expect the rest of us to bail them out.
#14
Can't see the other thresholds changes as the majority of first time buyers will be buying houses under £175k........and they're the ones the govt need to get the market more buoyant again
#15
Even if it does save you £1.5K because you don't have to pay stamp duty on your purchase, you still won't be able to get the mortgage for it anyway!
banned#16
Benjimoron;2876625
Even if it does save you £1.5K because you don't have to pay stamp duty on your purchase, you still won't be able to get the mortgage for it anyway!

yeah you will as the government will also be giving a 5 year free loan of 30% of the house value on new builds so effectively a deposit.

I bet the banks love it!
#17
csiman
yeah you will as the government will also be giving a 5 year free loan of 30% of the house value on new builds so effectively a deposit.

I bet the banks love it!


Nice!

But you're paying over the price for a new build aren't you?

Don't tell me you would want one of the new builds on the beach!!
banned#18
Benjimoron;2876699
Nice!

But you're paying over the price for a new build aren't you?

Don't tell me you would want one of the new builds on the beach!!

builders have been offering massive reductions on new builds lately.

NO WAY to one of the new builds here! Already starting to see somerfield trolleys all over the place ;-)
#19
I stand to be corrected but from what someone was saying on the news it sounded like a holiday, ie you have to pay the duty just not straight away, it seems like it is defered for 1 year. I hope this is wrong and its not going to catch ppl out when they have to find the cash in a years time.

If anyone has info then feel free to correct it, as I only just caught what the guy said.
#20
happy donkey;2876765
I stand to be corrected but from what someone was saying on the news it sounded like a holiday, ie you have to pay the duty just not straight away, it seems like it is defered for 1 year. I hope this is wrong and its not going to catch ppl out when they have to find the cash in a years time.

If anyone has info then feel free to correct it, as I only just caught what the guy said.


http://news.bbc.co.uk/1/hi/uk_politics/7592852.stm

nowt about deferring :?
#21
csiman
builders have been offering massive reductions on new builds lately.

NO WAY to one of the new builds here! Already starting to see somerfield trolleys all over the place ;-)


Haven't seen any trolleys, but I have seen the size of the houses. Can touch all 4 walls at the same time!!!
#22


Yeah I cant find anything to say but I swear on the lunchtime news the first guy said something sugesting that I do hope not but you know how the gov like to word stuff so you dont realise. look at the fuel thing for pensioners thats only for 1 year then its tuff after that, will have to ask GFs dad he's tops on finance, then I'll get back if any news. :?
#23
Benjimoron
Haven't seen any trolleys, but I have seen the size of the houses. Can touch all 4 walls at the same time!!!


looks like that round here too, walk in front door, trip, oops I'm out the back :?
#24
happy donkey
looks like that round here too, walk in front door, trip, oops I'm out the back :?


Trip again and you'll be through the back fence as the gardens are so small too!

No driveway either.
#25
Benjimoron
Trip again and you'll be through the back fence as the gardens are so small too!

No driveway either.


Thats to discourage us from having cars :whistling:

I think they are just building the next decades problems unfortunatley, nothing learned from the 60s oh well !! :x
#26
happy donkey
Thats to discourage us from having cars :whistling:


Good point.

I often think what the world will be like in 100 years, we'll probably have double the population and probably double the number of cars on the road.

How are all those cars going to fit, you can't double the width of all the roads.
banned#27
The problems in the housing market are not caused by price and/or having to pay stamp duty.

The problem is the banks and mortgage rates. The banks sit down daily and agree at what rate they will lend each other money. they work together to keep this high therefore pushing up your mortgage rates. This coupled with the fact you now need at least 10-15% deposit is whats causing the bother.
#28
dimebars
The problems in the housing market are not caused by price and/or having to pay stamp duty.

The problem is the banks and mortgage rates. The banks sit down daily and agree at what rate they will lend each other money. they work together to keep this high therefore pushing up your mortgage rates. This coupled with the fact you now need at least 10-15% deposit is whats causing the bother.


You always did need a reasonable deposit in the past though, it's only the last few years when the banks have been doing silly things like 110% mortgages on nine times salary. Tbh I think it's just a return to more sensible lending practices and not a problem per se.

The real issue is that because banks have been loaning out silly amounts house prices have been able to rise far above what is affordable to someone without such an oversize mortgage, hence the current corrections in the market lowering prices.
#29
I don't see it doing anything for first time buyers, why buy now and save 1% when house prices could fall up to 30% within the next year. I suspect however we will see a fair amount of these schemes to try in a vein attempt to prop up the market, none of which will actually help the average first timer.
#30
http://www.guardian.co.uk/politics/2008/aug/05/economy.housing

Ok this was from 8 Aug its a deferment. That is what he was thinking then so I dont expect its changed
banned#31
its definitely NOT a deferment. Its a 12 month rise from 125k to 175k upon which stampy duty of 1% becomes payable.
#32
Been lookin for ages and cant find anythin to confirm my fears feeeewwww ! so looks like I heard wrong :thumbsup:

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