Massive stamp duty changes!! In place midnight tonight

Mattygroves2

kaya wrote: »

We are completing next week on a £485,000 purchase and save a whopping £300, the man who is buying our home and owns several properties already is going to save £5000 , not sure how that is helping anyone but the buy to let landlords really?

You're just not gaining as much because you are close to the old limit. The person who is buying yours is obviously buying at a different point in the scale - the fact that he happens to be buying it as an investment is irrelevant. You are both winning though.

pinkteapot

kaya wrote: »

We are completing next week on a £485,000 purchase and save a whopping £300, the man who is buying our home and owns several properties already is going to save £5000 , not sure how that is helping anyone but the buy to let landlords really?

Most families aren't buying £485k houses (outside London). Savings are biggest just above the old thresholds - £125-175k, £250-300k. In several parts of the country these are family/FTB prices levels.

retepetsir

pinkteapot wrote: »

Most families aren't buying £485k houses (outside London). Savings are biggest just above the old thresholds - £125-175k, £250-300k. In several parts of the country these are family/FTB prices levels.

Agreed. The 'average' family home at the moment is around £275k, so the buyers would be saving around £5000 which is rather significant. Looks like we may be able to afford to move after all...

cloo

Now we'll be going back on the market after Xmas *sigh* after things fell through, at least we should be £1000-1500 better off from this stamp duty wise.

Annoyingly, the place we are selling is just under 500k, the point where it makes no difference at all, but hoping all this will drive a market that might be slightly livlier than it might have been otherwise.

AMILLIONDOLLARS

Daughter exchanged on a £250k purchase last week, house was on the market at £260k, even though she is in the same position Stamp Duty wise, I suspect if the change had come in sooner, the vendor's would have stuck to their asking price. We are happy with the outcome!

AMD

TrixA

pinkteapot wrote: »

Most families aren't buying £485k houses (outside London). Savings are biggest just above the old thresholds - £125-175k, £250-300k. In several parts of the country these are family/FTB prices levels.

Sure, but as a Londoner and recent FTB, I'd love to have the opportunity to buy a family home for £250k. Many of us already struggle to pay the overinflated prices here, and could do without the extra burden of stamp duty. I think there should be a different system of property taxes for London.

xemmax

Will be saving around £1k on my purchase so very happy with the change

pinkteapot

TrixA wrote: »

Sure, but as a Londoner and recent FTB, I'd love to have the opportunity to buy a family home for £250k. Many of us already struggle to pay the overinflated prices here, and could do without the extra burden of stamp duty. I think there should be a different system of property taxes for London.

Lower tax in London would only make the problem there worse. The prices have become ridiculous in the last few years. The rates of growth seen are completely unsustainable. The London market needs cooling and lower rates would have the opposite effect.

yarimelf

TrixA wrote: »

I can't believe it, we just completed on Friday, and would have saved £1600 under new rules If there'd been any inkling this was on the cards we'd have waited and completed a week later.

While the changes seem a step in the right direction, stamp duty remains an unfair tax on London and the SE. In fact the changes seem likely to hit this area even harder.

I am in the exactly same situation with you, completed last Friday so lost 1500. This is really unfair! Why they don't announce this early enough so we could have waited. We need to raise our voice I think and start a sensible debate about this.

yarimelf

forumboy wrote: »

I'm absolutely devastated by the news. I'm £4500 down after paying £8250 SD on a £275k purchase which was completed less than 2 weeks ago. This actually makes me feel sick inside. Can anything be done about this? A process whereby you can re-coup a certain % of what you've paid depending on when you completed would have massively softened the blow. e.g. 50% refund on completions within the last month, 30% within the last 3 months & 10% within 6 months or something similar. I've spend everything I have on this purchase and stretched massively to buy my family the dream home and financial it's put a strain on the family. Can anything be done?

agreed with you 100%!!!