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Massive stamp duty changes!! In place midnight tonight

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Comments

  • Cissi
    Cissi Posts: 1,131 Forumite
    Ouch - very glad we have no plans to move! Our West London house (4-bed, not exactly a mansion!) is probably worth just under £2M today - old SDLT would have been £100k, new one £153k, a whopping £53k increase! Wonder if lots of agreed sales around here will fall through?
  • silvercar
    silvercar Posts: 49,963 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    Game changer.

    Looking for an investment property and offering 250k on properties that were on the market at £270-280k and kept getting rejected.

    Now I'm prepared to have sensible conversations with sellers, without worrying about the stamp duty cliff.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • superdudeo
    superdudeo Posts: 51 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    silvercar wrote: »
    Game changer.

    Looking for an investment property and offering 250k on properties that were on the market at £270-280k and kept getting rejected.

    Now I'm prepared to have sensible conversations with sellers, without worrying about the stamp duty cliff.

    You're in the same situation as me Silvercar and I do not share your optimism at all. Properties at the 251 to 280 mark will now be swamped with interest and sellers will no longer be willing to drop to 250k. This will drive prices up believe me.
  • BeansOnToast_2
    BeansOnToast_2 Posts: 93 Forumite
    It would have made no difference on the house we brought for £500,000 in Aug. £15,000 in both systems. However, I guess the vendors would have tried for a higher price under the new system.
  • Peronihull
    Peronihull Posts: 69 Forumite
    I'm a possible winner here... just about to exchange and complete on a house 282k. Stamp duty before = 8460, now 4100 :)

    V. Pleased!!
  • katep23
    katep23 Posts: 1,406 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Due to exchange and complete next week on a house for £385000 and this means we will be £2,300 better off - very happy!
  • Chickereeeee
    Chickereeeee Posts: 1,295 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 15 December 2014 at 10:23AM
    SerialRenter wrote: »
    here's a very untidy excel formula that i just chucked together to show how much the stamp duty will cost on any home.


    Something wrong here. Try £1000000 on HMRC website. They say £43750 to pay. Numbers around that area do not agree with HMRC....
  • jodles16
    jodles16 Posts: 1,477 Forumite
    Car Insurance Carver!
    Well not helpful to me as I bought a few months ago but makes so much more sense! About time it was altered and hopefully will be useful to me in the future!
    MFW2020 #115 250/3000 J-250
    1% challenge- /1525
    Save 1k in 2020- /3000

    Joining in UberFrugalMonthChallenge set up by the Frugalwoods!
  • System
    System Posts: 178,375 Community Admin
    10,000 Posts Photogenic Name Dropper
    About £500 pounds saved... if I can actually exchange! Not huge, but a very welcome saving :)
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • Mikeyjonesy
    Mikeyjonesy Posts: 2 Newbie
    For the many winners there are some losers and, having moved in October, would have been 3.5k better off if this had been the case. Seems grossly unfair to me and the most outrageous direct impact on our finances I've known a govt to have in one swoop!!!

    They've lost my vote!
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