Massive stamp duty changes!! In place midnight tonight

kidmugsy

pinkteapot wrote: »

The huge thing about this news is that it will stop the ridiculous breaks in the market, where you couldn't previously sell anything at £250-270k or £500-525k, because of the sudden leap in stamp duty.

Well said: that's the big advantage. It eliminates one of the stupidest market distortions brought about by tax.

Zola.

Great news, I hope to get on the property ladder this spring so that should save a bit of money!! :beer:

pinkteapot

kidmugsy wrote: »

Well said: that's the big advantage. It eliminates one of the stupidest market distortions brought about by tax.

Absolutely agree. It's idiotic that it's been a non-progressive tax for this long but at least it's finally been changed. Good news for us free market economists. Well, obviously we're for no tax at all but you can't have everything.

Halle71

B*gger.
Completed in September and would have saved £4000.

And just calculated that, in all probability, if house prices in London keep increasing, we will pay more than the current system for our next move.
Lose lose.

About time though!

wrkactjob

In the process of buying first house at £275,000 so will be saving a massive £4,500! been saving so hard and now get this windfall.

Thanks Conservatives you have just bought my vote for next May, its the least I can do.

Think a lot of people selling at £249,999 will be putting their prices up tomorrow!

pinkteapot

Halle71 wrote: »

B*gger.
Completed in September and would have saved £4000.

And just calculated that, in all probability, if house prices in London keep increasing, we will pay more than the current system for our next move.
Lose lose.

About time though!

According to the document below, the swing point, where you'll pay more under the new system than the old, is £937,500 and only 2% of transactions are for houses above this amount.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/382324/Stamp_Duty_15.pdf

You'll pay more, but you'll be in the top 2% of homeowners.

samba

pinkteapot wrote: »

The huge thing about this news is that it will stop the ridiculous breaks in the market, where you couldn't previously sell anything at £250-270k or £500-525k, because of the sudden leap in stamp duty.

Now that it's progressive (like income tax), all prices are open.

We've had our offer accepted at £250,000 on a house marketed at £270,000 because no-one else was interested (possibly due to the stamp duty issue). I wonder what the vendor is thinking now.

Unfortunately we are still trying to sell our house, and although it will now be cheaper stamp duty-wise, we're probably going to to have to drop the price in order to get the funds to push our purchase through quicker. Either that or accept that we are likely to get gazumped now

pinkteapot

wrkactjob wrote: »

In the process of buying first house at £275,000 so will be saving a massive £4,500! been saving so hard and now get this windfall.

Thanks Conservatives you have just bought my vote for next May, its the least I can do.

Think a lot of people selling at £249,999 will be putting their prices up tomorrow!

I'm expecting everything listed around the £250k and £500k marks to suddenly increase in price.

numpty2009

sartois wrote: »

If you have already bought a place this year don't do what I just did and work out what you would have paid!

Just worked out I would pay £4000 under the new rules, rather than the £9000 I paid 5 months ago...

Yep did just that.. Moved in June paid nearly £9000... Had we moved today would have paid £4000... oh well!

laidbackgjr

I'm predicting this website will be soon full of buyers who had offers accepted but not exchanged who's buyers are now demanding a higher selling price knowing that their buyer is paying less tax!

Short term a group of buyers who have exchanged but not completed will save, long term I suspect buyers will save nothing, but sellers will get slightly higher prices as they will factor the lower SDLT into account when setting their selling prices.