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£250K stamp duty and impact on market

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Comments

  • twisty
    twisty Posts: 91 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    sebtomato wrote: »
    it will bring the offers below £250K, since there is now a 3% tax above this threshold.

    But wasn't this already the case before yesterday's announcement?
  • sarah_elton
    sarah_elton Posts: 2,017 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    No-one is forced to live in the South of England. And the prices discussed for 2 bed flats, 2-3 bed houses, primarily apply to south of London, not the whole southern half of the country. If you live in this area for the commute to London, you could live north of London (Essex, Herts) etc and get more for your money.

    Supply and demand rules the market nation-wide. If you want to buy and can't in the area you live in, move. There's no god given right to be able to own a house in any area you choose.

    We commute to London from Essex and are moving further out (longer commute) to buy the size of house we want. There's always a trade-off.
  • mbga9pgf
    mbga9pgf Posts: 3,224 Forumite
    Supply of mortgages and demand rules the market nation-wide.

    Sorry sarah, little correction needed there.
  • sarah_elton
    sarah_elton Posts: 2,017 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    mbga9pgf wrote: »
    Sorry sarah, little correction needed there.

    You're right, but supply of mortgages AND houses I'd say.
  • mbga9pgf
    mbga9pgf Posts: 3,224 Forumite
    :) yep, agree with that!
  • Doshwaster
    Doshwaster Posts: 6,407 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    superfran_uk wrote: »
    Blimey! I would not have guessed that. I'm 26, bought my house at 25 and of my 10 or so closest friends, a large majority (7) have bought or are currently buying their first homes. Most of us went to uni so I suspect we are on higher wages than some but even so, 38?! That's a lot of renting and is a terrible situation for our country to be in.

    Well, that's the situation I'm in. I'm 37 (and three quarters) and I'm just now in a situation where I can reasonably afford to buy. This is mostly as a result of spending my 20s as an eternal student, low paid jobs and redundancy - all during a period of record house inflation.

    However, I'm now in the nice position to be able to put down a £40-45k deposit which allows me to get a 25% deposit on the places I am looking at. The stamp duty announcement is perfect news for me.
  • sebtomato
    sebtomato Posts: 1,120 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    twisty wrote: »
    But wasn't this already the case before yesterday's announcement?
    Before the announcement, the incremental tax was going from 1% to 3%, so an extra £5000 to pay on top of £2500. Now, it going from £0 to £7,500, the step might appear much bigger psychologically.
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