£250K stamp duty and impact on market

superfran_uk

I do see you point. But I would rather have my mortgage paid off while I'm still young enough to appreciate it, or the opportunity to upgrade to a bigger house in the future if I have a family. Taking on your mortgage at almost 40 means you'll be paying it off until you retire! I certainly would not like to have children without a secure home for them - maybe this is another factor in people delaying having families?

We saved up and our borrowing was less than 3 x combined salaries - and we bought last year when mortgages were almost impossible to come by - so are by no means in above our heads. The no stamp duty thing would not have affected my choice either way. HOWEVER I sure would appreciate that £1900 back

Old_Git

actually I think the seller should pay the stamp duty not the buyer .
if your granny dies and you inherit a house you can afford to pay the stamp duty .
landlords would have to pay when they sell up .
If you decide to move house you would pay on the selling price not the buying price .

Eric1

sebtomato wrote: »

I think I read that FTB are much older now

And a bit smarter too

superfran_uk

Older does not necessarily mean wiser! If the average FTBer was 34 in 2008 then they can't have been that much younger in 2007... I'd like to think that at 25 I was at least bright enough not to assume that house prices can and will only go up and to go for a 100 or 95% mortgage! I could have done this at 22 as I had a permanent job but didn't as I realised the best way to get something is to save for it!

before_hollywood

£250k for a first time buyer house round here is laughable

my mate is moving in with his gf, they told me they wanted to buy somewhere for £120-130k, i resisted the temptation to ask where they were going to get the £30k needed for deposit and furniture as i would like to keep my social life

Eric1

superfran_uk wrote: »

Older does not necessarily mean wiser! If the average FTBer was 34 in 2008 then they can't have been that much younger in 2007... I'd like to think that at 25 I was at least bright enough not to assume that house prices can and will only go up and to go for a 100 or 95% mortgage! I could have done this at 22 as I had a permanent job but didn't as I realised the best way to get something is to save for it!

OK, but you'll have to be even brighter when married with kids. No choice

superfran_uk

But you do have a choice to get married and have kids and I thought I'd set myself up a bit first. Now i've bought the wedding's in four months and might consider the kids in 2-3 years but at least I'll have my own home...

GDB2222

Round here, Finchley North London, a 2 bed flat is £200k+. The stamp duty change comes into effect immediately, and I think it will put even more pressure on properties just over the £250k level (say £250-270k) to reduce below £250k. For some buyers, perhaps a small number, it will make a £7,500 difference to their costs.

Catscribe

I'm a bit peeved as I bought in Feb so missed the stamp duty holiday that ended on 1 Jan and for the threshold that was put in place today. My circumstances would have qualified me to be exempt from stamp duty up to 1 Jan and from today but not between.

I'm sure there'll be no recompense for me but I'm also in the young swinging voter category as I imagine many others who bought property in Jan, Feb and early March are.
And guess where my vote is not going.

Gorgeous_George

Stamp duty is stupid.

I support the idea of a SD holiday for FTBers but it should be levied on all house sales above £50K and set at a rate of [house price in pounds] divided by [average UK house price in pounds] per cent.

GG