Stamp Duty SCRAPPED on homes up to 300k for first time buyers starting 22/11/17 (5% between 300-500K)
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Stamp Duty SCRAPPED on homes up to 300k for first time buyers starting 22/11/17 (5% between 300-500K)

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Edited by:"mrbennett09"Found 22nd Nov
A colleague of mine is currently in the process of buying his first property so this has saved him thousands of pounds!

I know a lot of people have said this will only raise house prices, however, this will benefit any first time buyers, at least in the short term!

Full overview: gov.uk/sta…tax
Information on first time buyers rates: gov.uk/sta…tes

Rates if you’re buying your first home
You can claim a discount (relief) so you don’t pay any tax up to £300,000 and 5% on the portion from £300,001 to £500,000.

You’re eligible if:
  • you’re buying your first home
  • you complete your purchase on or after 22 November 2017
If the price is over £500,000, you follow the rules for people who’ve bought a home before.

Not a deal posted in the hope was gonna go super hot
Top comments

Maybe its because i'm a northern monkey but who's spending £300k on their first house?

This is not a deal. OBR noted that it benefits the owner of the property more than the buyer.

Likely to increase selling prices as the cash for stamp duty is absorbed.

And the OBR agrees with me:
  • The OBR says the stamp duty cut will push house prices up. It says it expects this policy to increase prices by 0.3%. Most of this effect will occur in 2018, it says.
We expect this to increase house prices by 0.3 per cent, an estimate consistent with our published price elasticities for stamp duty changes. Most of this effect is expected to occur in 2018.

  • It says that the main gainers will be people who already own property, not first-time buyers.
We assume that a temporary relief would feed one-for-one into house prices, but a permanent one will have twice that effect. On this basis, post-SDLT [stamp duty land tax prices] prices paid by FTBs [first-time buyers] would actually be higher with the relief than without it. Thus the main gainers from the policy are people who already o
Edited by: "IamMT" 22nd Nov

SRM_8715 m ago

Where do I stand as a 1st time buyer who purchased 3 months ago? I'm £6k …Where do I stand as a 1st time buyer who purchased 3 months ago? I'm £6k down now!!!



Poor you being able to buy a £320k house!
64 Comments

Maybe its because i'm a northern monkey but who's spending £300k on their first house?

This is not a deal. OBR noted that it benefits the owner of the property more than the buyer.

jimhuf1 m ago

Maybe its because i'm a northern monkey but who's spending £300k on their …Maybe its because i'm a northern monkey but who's spending £300k on their first house?


its up to is'nt it?

and your be suprised down south for a 2 bedroom house which are not closets calling them a room, so a home you can actual have a family in will cost you 300k

Likely to increase selling prices as the cash for stamp duty is absorbed.

And the OBR agrees with me:
  • The OBR says the stamp duty cut will push house prices up. It says it expects this policy to increase prices by 0.3%. Most of this effect will occur in 2018, it says.
We expect this to increase house prices by 0.3 per cent, an estimate consistent with our published price elasticities for stamp duty changes. Most of this effect is expected to occur in 2018.

  • It says that the main gainers will be people who already own property, not first-time buyers.
We assume that a temporary relief would feed one-for-one into house prices, but a permanent one will have twice that effect. On this basis, post-SDLT [stamp duty land tax prices] prices paid by FTBs [first-time buyers] would actually be higher with the relief than without it. Thus the main gainers from the policy are people who already o
Edited by: "IamMT" 22nd Nov

frozensun1 m ago

This is not a deal. OBR noted that it benefits the owner of the property …This is not a deal. OBR noted that it benefits the owner of the property more than the buyer.


Was exactly what I was thinking when I read this. Surely it means there's more people that could afford to buy my place and therefore likely to push my value up?

sparx19818 m ago

Was exactly what I was thinking when I read this. Surely it means there's …Was exactly what I was thinking when I read this. Surely it means there's more people that could afford to buy my place and therefore likely to push my value up?



That's precisely what will happen. The only way to lower prices is to build more.

Just bought ours and missed out on this. Fuming! £5k down the drain!

IamMT8 m ago

And the OBR agrees with me:The OBR says the stamp duty cut will push house …And the OBR agrees with me:The OBR says the stamp duty cut will push house prices up. It says it expects this policy to increase prices by 0.3%. Most of this effect will occur in 2018, it says. We expect this to increase house prices by 0.3 per cent, an estimate consistent with our published price elasticities for stamp duty changes. Most of this effect is expected to occur in 2018. It says that the main gainers will be people who already own property, not first-time buyers. We assume that a temporary relief would feed one-for-one into house prices, but a permanent one will have twice that effect. On this basis, post-SDLT [stamp duty land tax prices] prices paid by FTBs [first-time buyers] would actually be higher with the relief than without it. Thus the main gainers from the policy are people who already o



Well it will drive properties priced just above 300K down to below 300K, so i guess that's some good news. I don't understand about the price increase, surely it doesn't matter whether the buyer pays the governement or the owner?

House prices up by a couple of percent then....

Creatish20 m ago

its up to is'nt it?and your be suprised down south for a 2 bedroom house …its up to is'nt it?and your be suprised down south for a 2 bedroom house which are not closets calling them a room, so a home you can actual have a family in will cost you 300k


At least!

jimhuf22 m ago

Maybe its because i'm a northern monkey but who's spending £300k on their …Maybe its because i'm a northern monkey but who's spending £300k on their first house?

I'm still yet to meet anyone

This government is fecking useless. Instead of enabling more homes to be built, to meet demand. They chose to continue the inflation of house prices. Leaving more and more people with 0 hope of ever owning their own home.

vick19835 m ago

Just bought ours and missed out on this. Fuming! £5k down the drain!

Should be entitled to it back if you ask me, we've fallen foul of this rubbish in the past

What a useless policy!

Only people this benefits after a few months will be older sellers and Barrett Homes!

Yes it will help anyone in the process of purchasing - and will push up prices thereafter. However if you look at the rest of the budget it's a miserable picture of the poor getting poorer. This is an incompetent government who have failed in getting more homes built

"A flagship government programme to deliver 200,000 discounted new homes to first-time buyers is yet to see a single one built.

The 2014 Starter Home initiative was touted as part of “a major push” to help people on the housing ladder, but officials admit delivering any properties under the scheme remains an “ambition”. "

SRM_8715 m ago

Where do I stand as a 1st time buyer who purchased 3 months ago? I'm £6k …Where do I stand as a 1st time buyer who purchased 3 months ago? I'm £6k down now!!!



Poor you being able to buy a £320k house!

Lovely. I'm going to complete after 22 November. Builder offered to pay stamp duty as a goodwill gesture for me to reserve there and then as no one else had. Asking the question of my solicitors if I can still get that amount they have agreed to pay and use it for something else such as legal fees.

Don't ask you don't get.

Another dud budget from just another dud government with no good ideas or policies.

Oh and by the way Hinkley point will now cost us €3o Billion pounds at least and so we will all be paying aa fortun3 for our electricity until death...........

honeymonster868 m ago

Poor you being able to buy a £320k house!

Thanks for the sympathy but nothing in my life has come for free...

Can't wait for the inevitable house price crash.

SRM_8727 m ago

Where do I stand as a 1st time buyer who purchased 3 months ago? I'm £6k …Where do I stand as a 1st time buyer who purchased 3 months ago? I'm £6k down now!!!


Shafted.

Just another tax on money you earn that’s already been taxed.

Houses just above the new limit will drop in price, but houses being sold just below the old limit will suddenly jump in price, and the get-around of cheap fittings and furnishings being included separately, but valued at thousands over their value will move up to the new price band.

As for the earlier talk about needing to spend £320k to get something larger than a box; we have friends living in a box near the o2 arena that cost them £350k, and is about the same in total area as the downstairs of my house in the Midlands.
I really dont know how they can stand it.

Not exactly an instant benefit for the buyer. Current sellers will make a killing tho. For the few, not the many.

blue197147 m ago

Should be entitled to it back if you ask me, we've fallen foul of this …Should be entitled to it back if you ask me, we've fallen foul of this rubbish in the past



Don't be daft. If he had put the tax on beer and spirits up, would you be asking if you could backdate it to pay more on what you've previously drunk?

Master.G4 m ago

Don't be daft. If he had put the tax on beer and spirits up, would you be …Don't be daft. If he had put the tax on beer and spirits up, would you be asking if you could backdate it to pay more on what you've previously drunk?

A little bit different to someone losing a few thousand in a few days

blue19714 m ago

A little bit different to someone losing a few thousand in a few days



Well how far back would you go? And what about those who then missed out by a few days? Nobody lost anything, they just didn't gain what others have.

Master.G4 m ago

Well how far back would you go? And what about those who then missed out …Well how far back would you go? And what about those who then missed out by a few days? Nobody lost anything, they just didn't gain what others have.

I wouldn't charge it at all. Its a costly enough time

Bought a house for £265 earlier this year. This was too much to be used with the initialhelp to buy isa that I had saved up for, but would have been eligible for under the revised help to buy isa. Now this. Big slap in the face. Means I’ve missed out on almost £10k of government “help” because I bought a year too soon.

SRM_8744 m ago

Thanks for the sympathy but nothing in my life has come for free...



Including Stamp Duty

deathtrap300015 m ago

Bought a house for £265 earlier this year. This was too much to be used …Bought a house for £265 earlier this year. This was too much to be used with the initialhelp to buy isa that I had saved up for, but would have been eligible for under the revised help to buy isa. Now this. Big slap in the face. Means I’ve missed out on almost £10k of government “help” because I bought a year too soon.


I’m sure your home has increased in value enough to easily cover it. Unless prices carry on sliding

So if they lowered the value of the house that you pay stamp duty on, would people be happier? Bit of a Corbyn tinted glasses view on things around here! The stamp duty could help some first time buyers, it is not a deal!

jimhuf1 h, 49 m ago

Maybe its because i'm a northern monkey but who's spending £300k on their …Maybe its because i'm a northern monkey but who's spending £300k on their first house?


Parents with deep pockets so they can put it on rent once in name of their kid (s)..
Edited by: "IndyS" 22nd Nov

This is not a deal...It is a glitch! Did everyone get the glitch notification?

jimhuf4 h, 19 m ago

Maybe its because i'm a northern monkey but who's spending £300k on their …Maybe its because i'm a northern monkey but who's spending £300k on their first house?


Living in London is a rip off. I literally completed on my first place today - a 2 bed flat in London for £385k. We were looking in Wolverhampton for a little while and for that price you could get a 5 bed house ..

1kca13 m ago

Living in London is a rip off. I literally completed on my first place …Living in London is a rip off. I literally completed on my first place today - a 2 bed flat in London for £385k. We were looking in Wolverhampton for a little while and for that price you could get a 5 bed house ..



For £385K in cash, you could BUY Wolverhampton!!!

A godawful place with a godawful football team (who my son supports to the extent of having a car in their team colours!!)

frozensun4 h, 42 m ago

This is not a deal. OBR noted that it benefits the owner of the property …This is not a deal. OBR noted that it benefits the owner of the property more than the buyer.



IamMT4 h, 41 m ago

Likely to increase selling prices as the cash for stamp duty is …Likely to increase selling prices as the cash for stamp duty is absorbed.And the OBR agrees with me:The OBR says the stamp duty cut will push house prices up. It says it expects this policy to increase prices by 0.3%.



CaptainSocks4 h, 18 m ago

What a useless policy!Only people this benefits after a few months will be …What a useless policy!Only people this benefits after a few months will be older sellers and Barrett Homes!


Some people just don't want to see the upside, Take a house currently selling at £200,000; say the OBR is right and the house price goes up by 0.3%. The first-time buyer will now have to pay £200,600. But he'll save the stamp duty tax that would have been due of £1,500, he's a net £900 better off. And more to the point, he won't have to find the £1,500 at the start of the of the buying process. There's either a lot of Labour supporters here, or a lot of people without calculators!

Muhahahaha signing my contract next week on my first home. That's about £2000 extra for improvements!

pasheast23 m ago

Some people just don't want to see the upside, Take a house currently …Some people just don't want to see the upside, Take a house currently selling at £200,000; say the OBR is right and the house price goes up by 0.3%. The first-time buyer will now have to pay £200,600. But he'll save the stamp duty tax that would have been due of £1,500, he's a net £900 better off. And more to the point, he won't have to find the £1,500 at the start of the of the buying process. There's either a lot of Labour supporters here, or a lot of people without calculators!


Totally agree. Most of my stamp duty was going on credit card...

With the cost of buying my first home with no handouts on an average wage meant I was putting every bit of cash into deposit and fees stamp duty etc going on credit.

Thks is a MASSIVE relief and means I can now relax and enjoy my first year in my new house instead of scrimping and scraping to pay of stamp duty debt like I have done for 10+ years of saving.
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