Stamp duty threshold increased to £175k for one year

geoffky

lkk88 wrote: »

I exchanged contracts yesterday and am waiting to hear from my solicitors if I can get my stamp duty back - my guess is they dont yet know. As soon as I know if it is exchange or completion you pay on I will let you know! PLS BE COMPLETION!!!!!

DONT WORRY ABOUT YOUR STAMP DUTY WORRY ABOUT YOUR HOUSE IS NOW LOSING 4 THOUSAND POUNDS A MONTH IN VALUE...

lkk88

mattpoker wrote: »

Just spoken to someone else at the company - they haven't been given guidance yet as to whether it's from exchange date or completion date. Apparently, it's been both in the past.

JUST EMAILED THE TREASURY AND HAD THIS REPLY:

hi and thank you for your enquiry. I can confirm the increased exemption levels effective from 3 September are based on the completion date.

regards

Enquiry Unit
H M Treasury

ultra10

Average house prices lost £4600 last month ALONE ... the Fact is this will make little differance ...

mattpoker_2

Thanks IKK

lostinrates

lkk88 wrote: »

JUST EMAILED THE TREASURY AND HAD THIS REPLY:

hi and thank you for your enquiry. I can confirm the increased exemption levels effective from 3 September are based on the completion date.

regards

Enquiry Unit
H M Treasury

Pleased for you who this will benefit, BUT, this surely shows how nuts this is, these sales where exchange had happened were GOING AHEAD ANYWAY and presumably had found their current level

lkk88

I refused to read all the rumours about stamp duty in the recent months, would rather pay it then defer it for a few months but I am not going to complain about getting £1500 back that I wasnt expecting that i dont have to pay at all now, means I can afford a few things I didnt think I could get for a while!

skap7309

(Sarcastically) THANKYOU Boredom Brown. My price range was £180k-£200k and what you have now done is armed me with a massive bombshell to sellers.........basically those houses in that price range means i have increased my chances of getting a house for no more than £175k ten-fold. When i buy a house (and even this still means it will not be any time soon), i cant wait to try it out. :beer:

EdInvestor

LittleMissAspie wrote: »

The price of 175-200k houses will now come down but FTBs wouldn't be paying that much anyway. The bottom rung is still out of reach, and furthermore, 125-140k houses now have no incentive to lower their prices.

Agreed.

This only helps the 2nd or 3rd time buyer.

Possibly this is the point since FTBs can't get mortgages anyway, so aiming measures at them won't likely have much of a stimulus effect, except perhaps in the new build area.

The measures could be quite helpful to downsizers, who don;t need mortgages and thus are in a position to do deals..

lostinrates

LittleMissAspie wrote: »

I don't see how this will make much difference to FTBs. The price of 175-200k houses will now come down but FTBs wouldn't be paying that much anyway.

The bottom rung is still out of reach, and furthermore, 125-140k houses now have no incentive to lower their prices.

This only helps the 2nd or 3rd time buyer.

In some areas it WILL be a first time buyer price.

Otherwise, I agree.

mattpoker_2

I'm a first time buyer and it'll help us get the last few white goods we were going to put on a card.
We would have bought anyway so it's not helped the market - but it has helped us.

And first time buyers can get mortgages on new build housing. There's no deposit required and now no stamp duty either.