Miliband pledges to scrap stamp duty to woo first time buyers

RedRuby_2

It won't really help those looking to buy in London. It's hard to find 2 bed properties in inner London under £300,000.

CLAPTON

RedRuby wrote: »

It won't really help those looking to buy in London. It's hard to find 2 bed properties in inner London under £300,000.

London doesn't need more demand : it needs more supply
Increasing demand doesn't 'help' anyone if supply is constrained

Graham_Devon

wymondham wrote: »

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

Apparently so.

It is apparently to be paid for by :
- Clamping down on landlord tax evasion (I believe this is a big problem)

- A cut in tax relief for maintaining properties.

- Increased taxes for foreign property investors outside of the EU (something I very much agree with).

It's been said by some outside of the party itself this morning that, dependant on what it entails, the 3rd aspect of taxing foreign investors could actually bring in more money than the stamp duty cut costs.

Comes at the cost of "detering talent" if you listen to a lettings agency body though. Not quite sure how myself. The whole point of a foreign investor is that they are not here!

padington

Shelter the homeless charity have been campaigning for five year rent caps for ages. I think we'll find this will be a price dampener, albeit with an asking rent spike price to begin with but not nearly what this board might be predicting and we will come to accept it as a fairly humane way to proceed.

chucknorris

Graham_Devon wrote: »

Apparently so.

It is apparently to be paid for by :
- Clamping down on landlord tax evasion (I believe this is a big problem)

- A cut in tax relief for maintaining properties.

- Increased taxes for foreign property investors outside of the EU (something I very much agree with).

It isn't quite that Graham, I didn't know, but I googled it after reading your post: I found this:
http://www.bbc.co.uk/news/election-2015-32476194


It would be funded by a clampdown on landlords who avoid tax, a cut in tax relief for landlords who fail to maintain properties

purch

Ridiculous idea.

Do they really think fiddling with Stamp Duty will make any REAL difference ?

Giving up to £5K to those first time buyers who are in a position to actually buy (in the next 3 years)will benefit a very small number, and have no real effect on the overall problem, which is NOT ENOUGH HOUSES.

On the other hand, their proposals to fund it are sensible, and should be put in place anyway.

movilogo

Scrapping stamp duty to first time buyers is in reality increasing the SDLT threshold from 125k to 300k for first time buyers.

Parties will say as much they like to get votes, it doesn't matter what they but what they do after the election is what that counts.

Doozergirl

purch wrote: »

Ridiculous idea.

Do they really think fiddling with Stamp Duty will make any REAL difference ?

Giving up to £5K to those first time buyers who are in a position to actually buy (in the next 3 years)will benefit a very small number, and have no real effect on the overall problem, which is NOT ENOUGH HOUSES.

On the other hand, their proposals to fund it are sensible, and should be put in place anyway.

I don't think they do think it will solve a problem. It's a vote winner for individuals though, like the Tory RTB for housing association tenants.

padington

Doozergirl wrote: »

I don't think they do think it will solve a problem. It's a vote winner for individuals though, like the Tory RTB for housing association tenants.

Exactly, the problem it helps solve is it make it less likely the current parties continue on for another 5 years promising to build but actually building sod all and relying on ever increasing house prices to help offer a short term fix for the economy and themselves to stay in power whilst the inequality gallops away to the point that an ever growing section of society are actually wishing for black swan events to give them some hope of joining the housing franchise.

It's a mess caused by talking a lot about fixing the old roof when the sun shines but not actually building any new ones ( or fixing the old one in the end anyway).

ging84

I really hate first time buyer deals

The presumption is that people who've owned property have gained a financial advantage so others need supporting, but there are plenty of people who end up falling through the cracks, because they bought at the wrong time, so they effectively are penalised, some people have still actually lost money on their current property, so these sorts of things add insult to injury.