MSE News: Scottish stamp duty shake-up could help homebuyers

edited 30 November -1 at 1:00AM in House Buying, Renting & Selling
8 replies 1.9K views
Former_MSE_DarrylFormer_MSE_Darryl
210 Posts
edited 30 November -1 at 1:00AM in House Buying, Renting & Selling
"Many homebuyers in Scotland could benefit from lower stamp duty rates within two years, after a bill passed last week enabling the country to set its own rates for the first time..."
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Scottish stamp duty shake-up could help homebuyers

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  • agrinnallagrinnall
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    Doesn't really help those of us selling now though does it? In fact, it could make things a lot worse, if buyers decide to wait until the new rates have been introduced. And in 2 years time who knows what the political and constitutional make-up of the country will be, and what impact that will have on house prices - there could be a slump as people leave the country, or inflation due to returning Scottish diaspora, or the status quo may still apply.
  • edinburgheredinburgher Forumite
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    In fact, it could make things a lot worse, if buyers decide to wait until the new rates have been introduced.

    That's a fair point - we'd like to move to a house at some point and would certainly rather pay nothing than the current rates.
  • SystemSystem Forumite
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    People generally move for a reasons other than Stamp Duty and it will only really make a large difference around the current 0%, 1% and 3% price plateaus.

    I doubt independence [or not] will make a bit impact on the housing market. Most of the issues affecting Scotland already emanate from the EU or the Scottish Parliament; Westminster is basically an anachronism.
    agrinnall wrote: »
    Doesn't really help those of us selling now though does it? In fact, it could make things a lot worse, if buyers decide to wait until the new rates have been introduced. And in 2 years time who knows what the political and constitutional make-up of the country will be, and what impact that will have on house prices - there could be a slump as people leave the country, or inflation due to returning Scottish diaspora, or the status quo may still apply.
  • HAMISH_MCTAVISHHAMISH_MCTAVISH Forumite
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    Good news.

    Should get rid of the distortions around the stamp duty thresholds.
    “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”
  • gaztergazter Forumite
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    if the proposal is revenue neutral, its hard to see how the increases for the larger value properties makes up for the reductions for the much more numerous smaller properties.
  • WellKnownSidWellKnownSid Forumite
    1.1K Posts
    House Prices
    Halifax..........: June +0.6% (MoM) +3.7% (YoY)
    Nationwide.....: June +0.3% (MoM) +1.9% (YoY)
    Land Registry..: May +0.1% (MoM) +0.5% (YoY)
    :exclamatiScams - First Time Buyer Strike, HousePriceCrash, Don'tBuy

    Love the new signature... seems, erm, strangely familiar... :rotfl:
  • HAMISH_MCTAVISHHAMISH_MCTAVISH Forumite
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    Love the new signature... seems, erm, strangely familiar... :rotfl:

    Yep, just a little fun for the weekend.:D
    “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”
  • tacotacotacotaco Forumite
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    Should get rid of the distortions around the stamp duty thresholds.

    Yeah, right. All they've done is add about 20 new stamp duty threshold distortions. I don't think this is what Martin had in mind when he wrote about The UK's Worst Tax. The should increase the tax on the marginal, not the absolute values. Stamp duty is still broken.
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