Massive stamp duty changes!! In place midnight tonight

Halle71

pinkteapot wrote: »

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.

Unfortunately in London this doesn't mean you would have the top 2% of lovely homes though :rotfl:
In areas of Tooting this will get you modest a 3-4 bed terrace.

pinkteapot

I've been to Tooting and that depresses me....

samba

laidbackgjr wrote: »

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!

Or they will get gazumped.

pivotalgubbins

I completed last Friday and I am effectively £4,400 down under the new rules. Pretty damn gutting but I still love my new home. Onwards and upwards I guess.

Halle71

pinkteapot wrote: »

I've been to Tooting and that depresses me....

And we're only in Tooting because we couldn't afford a house in Brixton when I got pregnant 5 years ago.

To be fair, Tooting is improving, but as you know it's not where you would imagine a £1m house would be.

TheCyclingProgrammer

laidbackgjr wrote: »

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.

Perhaps. But an extra few grand on a purchase price that was artificially constrained by stamp duty thresholds isn't necessarily an extra expense. If the house is worth what is paid for it, then a slight increase in purchase price should be recouped long term as capital investment. Whereas the stamp duty is an expense that can't be recouped so saving on that is preferable.

mrginge

Just had a cold call from a claims management company telling me they could reclaim my overpaid stamp duty from 2012. Only needed to pay £250 admin charge.

Fantastic news.
I gave them my credit card details straight away!

pinkteapot

CORRECTION - esp for halle71 - not everyone buying over £937,500 will pay more, just most.

At prices just above £1m, you'll actually save.

ognum

Zola. wrote: »

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

Sadly I wouldn't be certain of that, I think maybe prices will ramp up a bit.

DTDfanBoy

mrginge wrote: »

Just had a cold call from a claims management company telling me they could reclaim my overpaid stamp duty from 2012. Only needed to pay £250 admin charge.

Fantastic news.
I gave them my credit card details straight away!

They saw you coming, had you chosen to pay by Ukash, as I did, you would have saved yourself £50 :money: