aaargh a blight on my house - SDT change

hermanmunster_3

Bought a house in early 2005 for 195k, thinking about putting it on the market - realistically not expecting to get any more than the price I paid. With the Stamp duty announcement it looks like I wouldn't get more than 175k :mad:

really do not want to lose 20k - Oh well - I'll let it out instead and try again in a few years.......:rolleyes:

neas

Sounds a plan.

Ill work on saving my deposit to buy your house for 100k

Cya in 2 years

hermanmunster_3

assumed there would be such comments (yawn) - don't worry I won't NEED to sell it on 2 years, but loads of people will still need to rent as they can't get mortgages!

point is that stamp duty thresholds are causing huge probems in the housing market and have been for some time. The incremental tax ought to be only charged on the amount above the threshold rather than the whole thing.

lonestar1

Anyone else predict an outcry in a years time when its due to go back to 125K. My prediction is in a years time the limit will be permanently raised to 175k

pawpurrs

neas wrote: »

Sounds a plan.

Ill work on saving my deposit to buy your house for 100k

Cya in 2 years

What a horrible comment, there are going to be a lot of people in this sort of situation, do you really have to make such comments?

Strapped

Sorry to hear your situation - however, conversely, my sister now has a better chance of selling her house, priced more than £125k but significantly less than £175k. :beer:

meester

pawpurrs wrote: »

What a horrible comment, there are going to be a lot of people in this sort of situation, do you really have to make such comments?

it is a little heartless perhaps, but the point is real, and the OP is slightly presumptuous to assume that prices will not fall much further. Certainly worth considering.

quatro

My place recently valued at £189,950[down from £205k last year] and would accept £185k - now has no chance of selling.

I would guess I would be pushed down to accept £175k now.

This is going to make me stay put and see what happens in the next year.
So others in my situation must be thinking the same.

Will this really move the market on?.............

hermanmunster_3

meester wrote: »

it is a little heartless perhaps, but the point is real, and the OP is slightly presumptuous to assume that prices will not fall much further. Certainly worth considering.

Worry not - the OP is anything but presumptuous re house selling :rotfl: ........ Have had all sorts of "fun" over the years including the late 80's boom and the early 90s crash. Had a house on the market for 2 years as people kept messing us around and it was back to square 1 again and again. I do know that overall the houses I owned in the late 80's are STILL selling for more than they did in 89ish, so crash or no crash the prices go up if you wait long enough and I am pretty patient.

briona

hermanmunster wrote: »

Bought a house in early 2005 for 195k, thinking about putting it on the market - realistically not expecting to get any more than the price I paid. With the Stamp duty announcement it looks like I wouldn't get more than 175k :mad:

really do not want to lose 20k - Oh well - I'll let it out instead and try again in a few years.......:rolleyes:

While the stamp duty changes appear to be good news, saving a maximum of £1,750 on your house purchase does not really make house buying more affordable. When you consider how much of a deposit you need, all the other associated fees, and of course what your mortgage will cost per month, saving less than 2K should NOT be the deciding factor when it comes to buying a house. And I would think that anyone who does their sums will realise this quite quickly...

To the OP, someone pointed out on another thread that if the ONLY thing that would stop their house from selling was the stamp duty, then they would offer to pay it for the prospective buyer. In your case, that would put you a mere £1,950 out of pocket, which is considerably better than being 20K down. If you really want to sell now, then that might be an option...

Chris2685

briona wrote: »

While the stamp duty changes appear to be good news, saving a maximum of £1,750 on your house purchase does not really make house buying more affordable. When you consider how much of a deposit you need, all the other associated fees, and of course what your mortgage will cost per month, saving less than 2K should NOT be the deciding factor when it comes to buying a house. And I would think that anyone who does their sums will realise this quite quickly...

To the OP, someone pointed out on another thread that if the ONLY thing that would stop their house from selling was the stamp duty, then they would offer to pay it for the prospective buyer. In your case, that would put you a mere £1,950 out of pocket, which is considerably better than being 20K down. If you really want to sell now, then that might be an option...

You are right about it not being much in the grand scheme of things, but for us stamp duty is going to cost £2100. This is causing us to dip into our 'real money' savings (ie, the financial cushion). These savings for me are in an ISA, which can not be replaced until next year. Without having to pay the £2100, I would be able to leave that money in my ISA untouched.

However, the fact that it is 'only 2100' out of around 25k of expenses buying the house makes it a little more bearable, 23.9k would be nicer though