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Likely effect of the stamp duty elimination on house prices

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Comments

  • ukcarper
    ukcarper Posts: 17,337 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Harry_Powell wrote: »
    I love watching Graham Devon work, he ties the bulls in knots as they try and try to explain a concept to him that he already obviously understands but pretends he doesn't just to wind them up.

    It amazes me that so many posters continue to fall for it. I saw through it months ago when I came to the conclusion that no one could be as dense as Graham pretends to be, so it had to be a gag. It's like a magician's trick, once you see through it, it's obvious. Graham is a genius, pure and simple. :)


    I wouldn’t call myself a bull but I did try to explain the stamp duty thing it's the first time I’ve done anything like that and I’m sure your right he is either very devious he couldn’t possibly be as silly as he makes out.
  • ukcarper
    ukcarper Posts: 17,337 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    DaddyBear wrote: »
    That's not the case looking at my friends. Parents are gifting "deposits" because their offspring cannot afford mortgages on anything bigger than a shed. In other words they are giving out upto 50% (2 of my friends have received 50% from parents) because junior cannot physically pay the mortgage on an average house.

    Just out of interest what would you consider is a fair price for a FTBs property say a two bed flat or terraced house and what are they where you are.
  • Linton
    Linton Posts: 18,343 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Hung up my suit!
    DaddyBear wrote: »
    That's not the case looking at my friends. Parents are gifting "deposits" because their offspring cannot afford mortgages on anything bigger than a shed.

    Are you proving one of my points that the expectation of what a starter home should be will inflate so that they are barely affordable to FTB's?

    Perhaps what they consider to be "a shed" could be a bijou one bedroom starter home?

    Also, are these friends singles or couples - ie are they expecting to buy a starter home on a single salary? If singles, I would expect this to be difficult/impossible as my supply & demand theory would predict prices to adjust to reflect the barely affordable for a couple.
  • ukcarper
    ukcarper Posts: 17,337 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    DaddyBear wrote: »
    That's not the case looking at my friends. Parents are gifting "deposits" because their offspring cannot afford mortgages on anything bigger than a shed. In other words they are giving out upto 50% (2 of my friends have received 50% from parents) because junior cannot physically pay the mortgage on an average house.

    You must move in very high circles none of my friends could afford to give thier kids a 50% deposit
  • xampx
    xampx Posts: 3 Newbie
    Im a FTB with an original budget of £125k for stamp duty reasons. Now the stamp duty isn't an issue we are going to push our budget up to about £135-140k This means we need a deposit of around £20k which also means we are probably going to be saving for a few more months. I am hoping more property will come on the market in those few months because the choice is currently dire.

    I would imagine most first time buyers have more issues with the 15% deposit (or 10% if they are lucky - or willing to pay the stupid interest rates available) than with paying the stamp duty.

    I am hoping that more houses will come on the market due to the stamp duty lifting but as its only geniune first time buyers who will benefit, I doubt its going to make much difference, and new houses will come to the market as the weather gets nicer as is usually the way.
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 1 April 2010 at 4:40PM
    ukcarper wrote: »
    Just out of interest what would you consider is a fair price for a FTBs property say a two bed flat or terraced house and what are they where you are.

    He lives in Bath, where a 2 bed terrace in the suburbs can be had for 130K or so.

    http://www.rightmove.co.uk/property-for-sale/property-15182406.html

    Well within the reach of a young couple, both earning less than the national average wage.

    He also claims to be a doctor, married to another doctor, and moans because the 400K house he wants to buy as a FTB isn't affordable to him until he's had a few pay rises. A 400K house in Bath looks like this......

    http://www.rightmove.co.uk/property-for-sale/property-20088832.html?premiumA=true

    Or this....

    http://www.rightmove.co.uk/property-for-sale/property-29133935.html

    But heaven forbid he should have to settle for a 300K 4 bedroom detached, like this one which he can afford now......

    http://www.rightmove.co.uk/property-for-sale/property-28529438.html

    Interestingly, the yield on investment properties in Bath seems to be quite good, with this little 6 bedroom detached house, available for £299K, generating 7.2%......

    http://www.rightmove.co.uk/property-for-sale/property-24515461.html

    Having a look at Bath today has reminded me of just how detached from reality daddytroll is.

    I mean, we already knew that from all his moaning about being unable to buy a £400,000 detached house as a First Time Buyer, but there is simply no way you can justify claiming an affordability crisis for any market where a 6 bedroom detached house can be had for less than 300K. And starter houses for around 100K. To try and do so shows delusion verging on insanity.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • LydiaJ
    LydiaJ Posts: 8,083 Forumite
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    xampx wrote: »
    Im a FTB.....
    Hello xampx. Are you new round here? Or one of the regulars in disguise? Anyway, welcome. Enjoy the debate, and don't take anything too personally. ;)
    Do you know anyone who's bereaved? Point them to https://www.AtaLoss.org which does for bereavement support what MSE does for financial services, providing links to support organisations relevant to the circumstances of the loss & the local area. (Link permitted by forum team)
    Tyre performance in the wet deteriorates rapidly below about 3mm tread - change yours when they get dangerous, not just when they are nearly illegal (1.6mm).
    Oh, and wear your seatbelt. My kids are only alive because they were wearing theirs when somebody else was driving in wet weather with worn tyres.     :)
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    LydiaJ wrote: »
    Hello xampx. Are you new round here? Or one of the regulars in disguise? Anyway, welcome. Enjoy the debate, and don't take anything too personally. ;)

    Is it just me or is it a bit ridiculous that we have to automatically assume all newbies are AE's. An unintended (and negative) consequence of all the largely pointless banning that's gone on.

    Anyway, vent over.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • Spartacus_Mills
    Spartacus_Mills Posts: 5,545 Forumite
    nearlynew wrote: »
    All stamp duty should be abolished.


    The government has got no right taxing individuals on house purchases.

    It is none of their business.

    End of.


    The tax has to come from somewhere. So where do you propose it comes from ?
    "There's no such thing as Macra. Macra do not exist."
    "I could play all day in my Green Cathedral".
    "The Centuries that divide me shall be undone."
    "A dream? Really, Doctor. You'll be consulting the entrails of a sheep next. "
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    HAMISH_MCTAVISH wrote: »
    He lives in Bath, where a 2 bed terrace in the suburbs can be had for 130K or so.

    http://www.rightmove.co.uk/property-for-sale/property-15182406.html

    Well within the reach of a young couple, both earning less than the national average wage.

    He also claims to be a doctor, married to another doctor, and moans because the 400K house he wants to buy as a FTB isn't affordable to him until he's had a few pay rises. A 400K house in Bath looks like this......

    http://www.rightmove.co.uk/property-for-sale/property-20088832.html?premiumA=true

    Or this....

    http://www.rightmove.co.uk/property-for-sale/property-29133935.html

    But heaven forbid he should have to settle for a 300K 4 bedroom detached, like this one which he can afford now......

    http://www.rightmove.co.uk/property-for-sale/property-28529438.html

    Interestingly, the yield on investment properties in Bath seems to be quite good, with this little 6 bedroom detached house, available for £299K, generating 7.2%......

    http://www.rightmove.co.uk/property-for-sale/property-24515461.html

    Having a look at Bath today has reminded me of just how detached from reality daddytroll is.

    I mean, we already knew that from all his moaning about being unable to buy a £400,000 detached house as a First Time Buyer, but there is simply no way you can justify claiming an affordability crisis for any market where a 6 bedroom detached house can be had for less than 300K. And starter houses for around 100K. To try and do so shows delusion verging on insanity.

    I see daddytroll is still ignoring the elephant in the room........
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
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