2 Year stamp duty holiday called for - Balls

Mr._Pricklepants

Wookster wrote: »

Apparently Balls thinks it will "kick start" the economy. He is clearly deluded

brit1234 wrote: »

The stamp duty thing is just a gimmick

Day in, day out, you guys keep on bleating about prices being too high, and when an initiative comes around that knocks a couple of grand from a house purchase, it's bad.

CLAPTON

Mr._Pricklepants wrote: »

Day in, day out, you guys keep on bleating about prices being too high, and when an initiative comes around that knocks a couple of grand from a house purchase, it's bad.

if supply and demand are broadly the same then reducing the costs of buying by changing stamp duty will tend to lead to an increase in house prices so will have broadly no effect on the overall cost of buying although the seller benefit from the increase in price.
The main effect of stamp duty holidays is to cause a 'rush' just before the holiday ends and then a dearth thereafter.

chewmylegoff

Mr._Pricklepants wrote: »

Day in, day out, you guys keep on bleating about prices being too high, and when an initiative comes around that knocks a couple of grand from a house purchase, it's bad.

stamp duty doesn't bother brit, because brit ain't buying until the average 3 bed semi in london can be acquired for the same price as 500oz of silver, which is what, about £15,000, so no stamp duty will apply.

mrginge

Mr._Pricklepants wrote: »

Day in, day out, you guys keep on bleating about prices being too high, and when an initiative comes around that knocks a couple of grand from a house purchase, it's bad.

Its like taking 1p off petrol for two years for people who drive cars under 1.4l and expecting it to revolutionise the motor industry

Loughton_Monkey

mrginge wrote: »

Its like taking 1p off petrol for two years for people who drive cars under 1.4l and expecting it to revolutionise the motor industry

Excellent idea.

Then after 6 months of that, Ballsie can propose reinstating the penny again, in order to "get people back to work".... "build houses for the homeless".... "put money back into the health service"..... "build more schools"...

It's absolutely amazing how far money goes when you're stupid and in opposition. Taxing Bankers' Bonuses has already been spent about 150 times over!

FTBFun

brit1234 wrote: »

The stamp duty thing is just a gimmick and not an issue for my first time buyer friends or myself.

Interesting - so not paying up to £2,500 for you is "not an issue?"

Graham_Devon

FTBFun wrote: »

Interesting - so not paying up to £2,500 for you is "not an issue?"

It's probably not an issue in terms of turning a prospective buyer, into a buyer.

I don't think it would be for most either. It's a nice amount to "save", but I don't think it would turn wannabe buyers into actual buyers.

It always provides a ruch at the end and start as actual buyers put of their purchase at the start of a holiday, and rush it towards the end.

I don't think anyones going to save "ooo, 2 grand off? I'll go buy a house". Same as we don't all rush to buy a brand new car just because there is a VAT discount being run.

mrginge

FTBFun wrote: »

Interesting - so not paying up to £2,500 for you is "not an issue?"

Yes a massive saving of 1%.

Mr._Pricklepants

mrginge wrote: »

Yes a massive saving of 1%.

Not everybody is so well off as you, devon and brit, dismissing a £2500 tax cut as irrelevant.
For us paupers, it's a substantial amount.

CLAPTON

mrginge wrote: »

Yes a massive saving of 1%.

depends how you look at it

if the deposit needs to be at least 10% of the asking price then that 1% stamp duty is 10% of the deposit required.
S0 depending upon the saving rate of the potential FTB then a reduction of stamp duty may (all other things being equal) bring forward the date that they have the necessary deposit.