£250K stamp duty and impact on market

Eric1

sandraa wrote: »

NOT TRUE FOR EVERYONE.

I am a FTB completing tomorrow and will benefit from the stamp duty cost. Luckyyyy me!

Of course I am speaking just for myself... but, I can't complain about that, can I???

Congratulations.
In your case, the selling price was agreed before it could be adjusted.
Arthritic Toe has a valid point.
Enjoy your new house

Arthritic_Toe

sandraa wrote: »

NOT TRUE FOR EVERYONE.

I am a FTB completing tomorrow and will benefit from the stamp duty cost. Luckyyyy me!

Of course I am speaking just for myself... but, I can't complain about that, can I???

Agreed - not true for everyone. If you are one of the half a dozen or so to be in the process just as this has been announced then its your lucky day. From here on in though, selling prices will adjust to absorb the extra 1% in the ftb's pocket.

sandraa_2

Arthritic_Toe wrote: »

Agreed - not true for everyone. If you are one of the half a dozen or so to be in the process just as this has been announced then its your lucky day. From here on in though, selling prices will adjust to absorb the extra 1% in the ftb's pocket.

OH yeah I know that... but you can't blame me for being really in Love with Darling today! :-)

I am sooo lucky as we were actually suppose to complete last week but the seller asked for a week extra to arrange for alternative accomodation...
It sometimes pays to be nice! :T

sebtomato

googler wrote: »

Maybe you're the one who needs a reality check, and should re-title the thread

"How stamp duty will affect the market (in the South of England)"

There's plenty of people IN THIS NATION who would find a standard starter 2-bed flat at around £250k to be unimaginable.....

The purpose of this thread was to discuss how the stamp duty changes will affect the property market for properties priced above £250K. May not be applicable to your area, and maybe applicable in London only, although with the average FTB age getting to 38, I am assuming many people will families would buy larger properties worth that much in the UK.

Arthritic_Toe

sebtomato wrote: »

The purpose of this thread was to discuss how the stamp duty changes will affect the property market for properties priced above £250K. May not be applicable to your area, and maybe applicable in London only, although with the average FTB age getting to 38, I am assuming many people will families would buy larger properties worth that much in the UK.

There will be no impact on the market for properties above 250k. Virtually nothing would sell between 250 and 280 before this change and the same is true after it.

mbga9pgf

sandraa wrote: »

NOT TRUE FOR EVERYONE.

I am a FTB completing tomorrow and will benefit from the stamp duty cost. Luckyyyy me!

Of course I am speaking just for myself... but, I can't complain about that, can I???

Dont forget to thank Labour when VAT goes up to 20% then dear, or petrol is costing 1.50 a litre. The money needs to come from somewhere.

seraphina

googler wrote: »

Down my way, the idea of properties around £250k being in FTB territory is virtually science fiction.

FTBs are likely to buying 1-bed flats at £90k - £110k, or 2-beds up to £150k or so.... IMHO

That only works if FTBs are the 'traditional' FTB age - maybe early/mid 20's. That's not the case - average age of a FTB is 38, and therefore far more likely to have kids, a family etc, and so a 1bed flat is a non-starter.

It will help us, we didn't buy a "starter" property (small flat/terrace) and saved whilst we rented instead. We'll be looking at the 3/4bed semi level, which can be had for around 250K where we are.

happyrichard

my wife and I are happy to hear this as our flat is probably on the cusp of the old limit, so this will mean that we may achieve a price closer to 250k than previously we may have achieved.

i think that it is a good move as we need to get the property market moving again, but time will tell that this will make much difference.

i happen to think that if you are buying a property for 250,000, if the stumbling block is £2,500, then maybe you ought not buy the place- the cost of running a property is quite high after all...

Eric1

happyrichard wrote: »

i happen to think that if you are buying a property for 250,000, if the stumbling block is £2,500, then maybe you ought not buy the place- the cost of running a property is quite high after all...

Especially if your local EAs are already busy adding £5,000 to asking prices

sebtomato

happyrichard wrote: »

my wife and I are happy to hear this as our flat is probably on the cusp of the old limit, so this will mean that we may achieve a price closer to 250k than previously we may have achieved.

So for properties between £125K and £250K, it will make it easier for sellers to get asking prices.

For properties above £250K (maybe up to £280K, since selling price is currently 90% of asking price on average), it will bring the offers below £250K, since there is now a 3% tax above this threshold.