VI's call for extension to stamp duty concession

Graham_Devon

As per MSE article...

Lenders and estate agents say the Government could have helped first-time buyers by extending their stamp duty 'holiday' in yesterday's Autumn Budget Statement.

First-time buyers purchasing properties that cost between £125,001 and £250,000 do not have to pay the property tax but the amnesty, which began in March 2010, only applies until 24 March 2012. No-one pays the tax on properties that cost £125,000 or less.

The Autumn Statement released yesterday said analysis shows the tax relief has been ineffective in increasing the number of first time buyers.

Calls have previously been made by the housing industry to extend the relief or risk distorting the already fragile market, where the proportion of first-time buyers is already at a three-year low.

http://www.moneysavingexpert.com/news/mortgages/2011/11/calls-to-extend-stamp-duty-concession?utm_source=forum&utm_medium=sidebar&utm_campaign=box
Poor things. £400m underwriting not good enough?

Poor first buyers. Please, give them a tax break instead of seeing house prices fall.

The false concern is remarkable.

andybenw

If like government infer, the stamp duty holiday did not make that much difference then a bit of a non story.....

chewmylegoff

Graham_Devon wrote: »

The false concern is remarkable.

it's not really that remarkable is it. people tend to argue for things which will benefit them, and against things which will cost them money.

the public sector pensions 'debates' currently going on are a pretty good example of both sides of that coin in action.

julieq

1% tax, so maximum impact on prices 1%. But not great news for first time buyers, because it's cash needed upfront, so it raises the deposit bar from 20% to 21%. Further weights the dice in favour of BTL investors with cash.

Mallotum_X

Cant see this having much impact on market prices directly although it might change some sentiment.

What % of the market is made up of FTB buying homes over £125k. Saves the country a few quid, but cant see this having any real impact either way.