Eh? From midnight last night, you’ll now only pay 5% stamp on the amount above £500k. So for a £515k house, you’ll pay £750 stamp duty.
I’m not sure where the 10% rate now kicks in – if it’s still @ £925k or that has been raised to £675k above the new threshold.
Didn't realise it was was lowered above £500k but my comment still stands - houses will come down in price. For example, this which I've been looking at:
https://www.rightmove.co.uk/property-for-sale/property-74336350.html
Been on the market for £515k for months. Within 2 hours of the announcement yesterday it came down to below £500k.
Didn’t realise it was was lowered above £500k but my comment still stands – houses will come down in price
We were looking when the last changes happened.
Very pleased with announcement as it stood to save us a pretty penny.
In practice the asking prices went up by the saving amount, estate agent told us to do the same with ours, as they were priced with stamp duty in mind which was why no one sold at 255k they all marketed the houses at 249 and so on.
For a small number of houses it'll bring the cost down but they're the ones at or around threshold or not priced right in the first place, like the one in your link that's been for sale for months.
We completed 2 weeks ago and moved into rented and hope to buy something soon - money saved will pay for a year’s rent and removal costs
It seems there maybe some confusion here as to how stamp duty is calculated...its tapered so, with the change, most should benefit regardless if over or under £500k. Those over £500k will save £15k in SD and then pay 5% on the cost over £500k so a £700k house has gone from £25k SD to £10k
Yes let's keep inflating the housing market, what could go possible go wrong when we have generations of people trapped with crazy high rents their entire lives.
Count yourself lucky that you’re already on the property ladder and that you’re not throwing over half your paycheck down the drain paying off some parasitic landlord’s mortgage for them. Millions of people aren’t and wont ever be able to get on the ladder because of how insanely stupid the market has gotten.
Yep, purely luck for everybody on the property market. No working hard, saving and making sacrifices to get a deposit together then doing improvements to add some value before moving on.
afford a house upwards of £500k then paying stamp duty should be a drop in the bucket for them.
I really disagree its all relative. My partner and I have average London incomes but our 2 bed London flat is going to cost us 500k - its just a fact of living in London. Do we have 15k put aside for stamp duty no not at all who does. We were going to be taking out of our house sale.
This could be great news. I think we’re going to be bringing forward our plans to move as a saving of £10-£15k isn’t to be sniffed at!
Yes let’s keep inflating the housing market, what could go possible go wrong when we have generations of people trapped with crazy high rents their entire lives.
Yeah, lets devalue the property market. That'll do wonders for the economy.
Completed fairly recently. Have done double glazing and insulation and cavity wall already.
Seems we’ve missed out. Such is life.
And my redundancy letter arrived earlier.
Least the garden will get dug now I have time!
How many times do you need to move house??
I'm hopefully never going to move again, but that doesn't mean that stamp duty isn't a stupid tax. I don't have a problem with taxing property wealth but taxing people for moving house blocks physical mobility, which in turn acts as a resistor for people going for jobs in other locations. Lets say you move 3 times, that's 60k around here which is approx 100k of pre-tax salary, in tax, that you never see again.
Count yourself lucky that you’re already on the property ladder and that you’re not throwing over half your paycheck down the drain paying off some parasitic landlord’s mortgage for them. Millions of people aren’t and wont ever be able to get on the ladder because of how insanely stupid the market has gotten.
I do. It doesn't affect my point that stamp duty costs a significant amount of money and is daft
that will be because the reduction will put them back at the top of the Rightmove, etc listings, as well as now showing people with a 500k cap the property. A house like that needs to stand out otherwise it'll get lost, there's probably loads similar on the market.Been on the market for £515k for months. Within 2 hours of the announcement yesterday it came down to below £500k.
Yeah, lets devalue the property market. That’ll do wonders for the economy.
Actually yes it will, funny thing is people with have a lot of money to spend and start new businesses if all their money is not tied up paying someone else's interest only mortgage.
Actually yes it will, funny thing is people with have a lot of money to spend and start new businesses if all their money is not tied up paying someone else’s interest only mortgage
Though a cheaper housing market wouldn't change that. All that would happen is the landlord now buys 4 houses instead of 1, hoiks the rent as the property value is no longer a significant return in its own right.
Deposits go up because the house is a bigger risk for the bank of its not simply chunking up 5% year on year so now people who can't afford 15% of a 200k house now need 30% of va 100k one instead, so can't afford it, still pay the same rent to the Landlord whose own outgoings went down so uses the gain in rent to buy up a tranche of cheap houses.
That pushes the market back up and your back where you started only with less affordable housing for sale and more rentals.
which is why we need a) rent controls b) kill the buy to let market so only professional rent out homes.
– money saved will pay for a year’s rent and removal costs
Only if you complete on a purchase before the rate holiday expires.
I'm loving some of the numbers being bandied about here. I'm in the process of moving, I've just sold my house for £58k. If the gov.uk calculations are right, the change in Stamp Duty will save me ~£750.
that doesn’t mean that stamp duty isn’t a stupid tax.
Seems it was brought in in the 1600s to subsidise the war against France. Might come in handy post-brexit.
Heh, Yep we completed 10 days ago. It has cost us into 5 figures.
Oh well, nothing we can do about it.
Flip side is, the chain was in danger of collapsing. Another 10 days & we wouldn't have sold at all. The stress of having to go through it all again to get to that point, i'd rather have spent the money.
