Zoopla worried :)

brit1234

FTBFun wrote: »

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.

I strongly believe it will affect the London distortions affecting the national figures on both price and transaction levels. Anyone who disagrees can they state why?

Surely less higher level transactions will affect averages down in favour of the lower end of the market. Surely ontop of that it will reduce prices.

We have already seen foreign money fall by over 50% in the last 9 months to buy properties.

ILW

It may affect the everages a little.

I have just withdrwn my offer on the Mayfair pad and am now looking at Maidstone.

SecondLegDownIsTheBigOne

In which our new friend Wendy Evans-Scott trots out more cliches as she "laments a double whammy".

Wendy Evans-Scott, president of the National Association of Estate Agents, laments a "double whammy" for first time buyers:

“This budget week is proving to bring a double whammy for first time buyers: not only has the chancellor failed to offer any real help to lower and middle income homeowners and first time buyers, but from Saturday, the stamp duty holiday for first time buyers will be coming to an end.

“Property is already over-taxed in the UK and instead of using the budget as an opportunity for whole-scale reform of property taxation, the chancellor has chosen to further tax property sales with the introduction of a seven per cent rate at the upper end of the market.

“The budget was a chance for George Osborne to support the green shoots of recovery, but there is actually very little in today’s announcement to support the UK’s fragile property market. To get the market moving again homeowners across the whole market need the confidence to sell their homes, and first time buyers need encouragement to climb onto the property ladder. Today’s budget provided neither.

“The chancellor left the unfair ‘slab’ structure of stamp duty untouched, despite a strong case for reform. Stamp duty distorts the housing market, and hits first time buyers the hardest. It is a tax on aspiration.

“The dampening effect stamp duty has on the housing market recovery is recognised across the industry. With first time buyers struggling to purchase their first home, the government should think imaginatively and consider a one-off stimulus, such as a first time home buyer tax credit as used in the United States.”

I could watch this over and over.

FTBFun

brit1234 wrote: »

I strongly believe it will affect the London distortions affecting the national figures on both price and transaction levels. Anyone who disagrees can they state why?

I've already said why - they only make up a tiny fraction of properties sold.

Surely less higher level transactions will affect averages down in favour of the lower end of the market. Surely ontop of that it will reduce prices.

It will likely do at the top end, but not at the level that most people would be buying at.

We have already seen foreign money fall by over 50% in the last 9 months to buy properties.

What does this mean exactly?

Mr._Pricklepants

brit1234 wrote: »

We have already seen foreign money fall by over 50% in the last 9 months to buy properties.

No we haven't.

In 2010, the volume of foreign capital flowing into prime London property reached £3.7 billion.....Since then, the total number of foreign capital flowing into prime London property has risen another 71 per cent to £5.2 billion.

http://www.ippr.org/?p=711&option=com_wordpress&Itemid=17

It's one thing to clutch at straws, but telling porkies is not nice, brit.

Itismehonest

Some people paying silly money in London may just move out of the capital to somewhere they get more for their money & buy an additional, smaller place in town. I can't see this will have any particular knock-on effect outside of London.
The increasing price of London housing recently certainly hasn't had that much effect elsewhere.

Graham_Devon

Of course it will effect the averages, there is no way to argue against it.

Your £2.2m pad will likely have to be reduced to £1.99m on offer.

How much it will effect averages though is another question. I don't personally believe that much.

Does put a (very high) lid on prices in London however.

ruggedtoast

I cant really see this is going to help first time buyers much, although its disingenuous to say that a sudden tax rise at the top of the market won't filter down to the bottom.

It will but probably not by much. Prices of semis arent sudddenly going to drop by £120k for example due to 7% on a 2 million quid house. The way London insanity is going it might even encourage (lucky) owners of those houses to add another couple of hundred to their prices to discourage offers below 2 million.

What a world.

JonnyBravo

GIVEN_UP wrote: »

I think it's fair to say that afar from Zoopla being worried its most likely the !!!!!s and vultures are the ones pooping their pants.

Why do you bother?
Do you think your shallow creations are somehow more humourous than your opposition's creations?
They're not. You're as dull as they are.

brit1234

Mr._Pricklepants wrote: »

No we haven't.





http://www.ippr.org/?p=711&option=com_wordpress&Itemid=17

It's one thing to clutch at straws, but telling porkies is not nice, brit.

Yes we have your column for 2011 represents the Euro crisis in the first 6 months of the year, that died in the later part of the year. The reason that money was moved when it was at risk, they didn't hold back to the second part of the year as they feared they would loose it.

Am I lying Mr Pricklepants/Sibley then prove it by showing me in monthly figures that foreign investment in the second half in the year kept up with the first and didn't fall 50%.