Miliband pledges to scrap stamp duty to woo first time buyers

Generali

The SDLT on residential properties for 2013-4 was £880,000,000 for houses priced less than £250,000 or less. Total SDLT is about £9.25bn. The cost of this policy is likely to be somewhere north of a billion squids.

wymondham

Generali wrote: »

The SDLT on residential properties for 2013-4 was £880,000,000 for houses priced less than £250,000 or less. Total SDLT is about £9.25bn. The cost of this policy is likely to be somewhere north of a billion squids.

that's a lot of money to find - is it accounted for?

Generali

wymondham wrote: »

that's a lot of money to find - is it accounted for?

I've not seen any announcement of how it is to be paid for.

By only cutting it in part, the infrastructure for collection is going to stay largely in place.

If the Government cancelled a tax entirely, as with dog licences, you also save the cost of collection. That won't be the case here.

Doozergirl

CLAPTON wrote: »

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

It also comes with a pledge to build a million homes over five years.

CLAPTON

as I read it, it is even more daft than first thought.

It seems to say that half of all new builds must be offered to 'local' first time buyers for a period of two months before belong offered more widely

: as quoted in the Independent

Labour is also promising to introduce a “first call” policy, giving priority to local first-time buyers in the sale of half the new homes built in the area. Under its plans people who have lived in a neighbourhood for three years would have two months to buy the properties before they are put up for sale more widely.

“It is no good people seeing houses going up in their community, if they are then not able to buy them because they are snapped up by investors from overseas,” Mr Miliband will say. “In the Britain we believe in, houses should be lived in by families, not just set aside for speculators.”

CLAPTON

Doozergirl wrote: »

It also comes with a pledge to build a million homes over five years.

it doesn't seem to say how he will build them or whether he will resign from politics and become a hermit if he fails.

wymondham

Doozergirl wrote: »

It also comes with a pledge to build a million homes over five years.

its that word again - 'pledge'. I wish they'd stop using this as it's meaningless especially when electioneering! I want 'promise' used instead (with full taping of the conversation!)....


I pledge to eat less chocolate, but I can tell you now it's not going to happen!

Doozergirl

wymondham wrote: »

its that word again - 'pledge'. I wish they'd stop using this as it's meaningless especially when electioneering! I want 'promise' used instead (with full taping of the conversation!)....


I pledge to eat less chocolate, but I can tell you now it's not going to happen!

They can't promise what they can't physically build. Someone has to do it. They'll have to loosen up planning laws, set targets for Local Authorities to approve x number of new builds per year along woth incentive for people to buy.

Cyberman60

He's a bit late. Osborne scrapped it in a recent budget methinks.

On checking, there is no stamp duty on first 125K anyway, so this Labour initiative is indeed a bit daft.


http://www.bbc.co.uk/news/uk-politics-30291460

StaceL1983

wymondham wrote: »

its that word again - 'pledge'. I wish they'd stop using this as it's meaningless especially when electioneering! I want 'promise' used instead (with full taping of the conversation!)....


I pledge to eat less chocolate, but I can tell you now it's not going to happen!

So true, every time around they say what everyone wants to hear - only to go on and not deliver. Should be a rule to stop them from saying things that they won't do!!