Zoopla worried :)

brit1234

Budget 2012: Property industry reactions

Nicholas Leeming, business development director at Zoopla.co.uk, questions the economics behind the stamp duty hike:
"The UK already imposes the highest property taxes in the world, as a proportion of GDP, with the top-end of the market bearing the biggest burden.
"The introduction of a penal seven per cent stamp duty rate on properties purchased at over £2m is flawed and misguided in our view. The expectation that this new rate will generate £1.5bn is at odds with our research which shows that had this seven per cent rate been in effect over the last two years, it would have only generated £634m in revenue. And with 77% of properties sold over £2m in London this is as much a tax on Londoners as it is on the wealthy.

"This move will not only affect the wealthy but is likely to have an adverse impact on the entire property market.

"We’re likely see a slump in activity from buyers at the top level and this will have a knock-on effect all the way down the chain. And whilst the government has stated that it wishes to crackdown on stamp duty avoidance schemes, this new rate is only likely to encourage the wealthy to find even more ways to avoid paying it.

"Unfortunately, the economics of this hike don’t measure up to the populist moves behind

Full article below:

http://www.aboutproperty.co.uk/uk-property/2012/03/21/budget-2012-property-industry-reactions

This is good news for the bears and those priced out. :beer:

HAMISH_MCTAVISH

brit1234 wrote: »

This is good news for the bears and those priced out. :beer:

Heh heh.....

You know times have changed when Brit is clutching at straws over a change to stamp duty for houses of £2,000,000 or more.

CRASH_BANG_WALLOP

good find brit and straight from the houses mouth :beer: get ready for the usual dudes to tell you rightmove is much better

StevieJ

brit1234 wrote: »

Full article below:

http://www.aboutproperty.co.uk/uk-property/2012/03/21/budget-2012-property-industry-reactions

This is good news for the bears and those priced out. :beer:

Don't worry they will back down on this fairly soon when none of these houses are bought or sold Georgy is for turning.

CRASH_BANG_WALLOP

HAMISH_MCTAVISH wrote: »

Heh heh.....

You know times have changed when Brit is clutching at straws over a change to stamp duty for houses of £2,000,000 or more.

clutching at said straws dude is the express talking about multi million pound houses in chelsea in the same breath as rightmove asking prices for the whole of the united kingdom. then linked to here by that dude mree/sibley and thanked by you

brit1234

This will reduce prices at the top and the volume of transactions at the top. This will weaken the distortions on house price surveys and should lead to more falls being shown. This will surely effect sentiment downwards even in those with their greedy asking prices._party_

Mr._Pricklepants

brit1234 wrote: »

This will reduce prices at the top and the volume of transactions at the top. This will weaken the distortions on house price surveys and should lead to more falls being shown. This will surely effect sentiment downwards even in those with their greedy asking prices._party_

50% off by Christmas 2012 :cheesy:

FTBFun

I had a feeling you'd latch onto this one in your desparation:

http://www.primelocationblog.com/uk/buying/stamp-duty-rise-do-georges-plans-add-up/

According to that blog out of 610,000 transactions 1,600 were for more than £2m. If you honestly think a tax that will affect 0.2% of property sales is going to help you you're frankly deluded.

Graham_Devon

You do all realise you are not having a pop at Brit here....

....Your having a pop at the beloved Zoopla...

Wookster

CRASH_BANG_WALLOP wrote: »

good find brit and straight from the houses mouth :beer: get ready for the usual dudes to tell you rightmove is much better

Hello Mr Ree

FTBFun

Graham_Devon wrote: »

You do all realise you are not having a pop at Brit here....

....Your having a pop at the beloved Zoopla...

I'm having a pop a both!