Miliband pledges to scrap stamp duty to woo first time buyers

cepheus

according to FT

https://pbs.twimg.com/media/CDi6G2yW0AEjQr7.jpg

not sure if I agree to be honest even though I own a first time buyer type of home. It will probably inflate the market more, so it doesn't help the buyer much. The lost revenue will also have to be made up from somewhere as well.

padington

Nothing for the first 300k. That's going to buy a lot of votes.

Generali

SDLT is a pretty lousy tax. I'd get rid of it completely.

CLAPTON

maybe a bad tax but increasing the demand side does not increase the supply so price will increase.

padington

CLAPTON wrote: »

maybe a bad tax but increasing the demand side does not increase the supply so price will increase.

I think that's the point, his intention is to play with the property market in a socialist sense so that people with cheap houses certainly dont lose any money but people with pricey ones do and people renting get a better a deal altogether.

I would take the 300k as a key line in the sand. Those properties have been earmarked to keep their price. Anything near 2 million plus have been ear marked to take a big hair cut.

hardnutman

With a blanket cost limit it's another reason to force people out of London.

padington

hardnutman wrote: »

With a blanket cost limit it's another reason to force people out of London.

The cost of housing is a very last reason why people move to a city. They move because of work or to be close to family or be at the heart of something special. The trade off people are prepared to make for this is staggering.

When backpackers create their little bunkbed hostel 'cities' they sleep up to twenty in a room ...

Never underestimate the gravitational pull of human beings.

I'm placing no judgement on this however, it just is what it is.

cepheus

padington wrote: »

I think that's the point, his intention is to play with the property market in a socialist sense so that people with cheap houses certainly dont lose any money but people with pricey ones do and people renting get a better a deal altogether.

I would take the 300k as a key line in the sand. Those properties have been earmarked to keep their price. Anything near 2 million plus have been ear marked to take a big hair cut.

The limit is 300k whilst the average house price is 180k, so it encompasses perhaps three quarters of homes at a guess.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/416781/HPIReport20150325.pdf

I guess Labour have London in mind where they are doing very well.

Fella

Kind of ironic Miliband is suggesting this considering the staggeringly large rises in stamp duty under Gordon Brown (When Miliband was of course, advisor to the Treasury).

wymondham

I think they should scrap it, or at least make it so that first timers AND those wishing to downsize don't pay, or how about just payable on houses over 500k that should just include those fortunate Londoners...

Fella

It should certainly be scrapped. It's a tax on mobility, a ridiculous & unfair concept.