Autumn Statement 2016 - stamp duty reduction?

Jinxii

My partner and I are in the process of buying a house as first-time buyers. We've just had the mortgage valuation back, but we've heard some rumblings that stamp duty may be cut during the Autumn Statement. Does anyone have any thoughts on this? We are thinking of stalling the sale until afterwards as our stamp duty is currently £18.5K. :eek:

teddysmum

How official are the 'rumblings'?


Acting just because of rumour could cost you the house if someone drops out because of delays.

davidmcn

No idea, but you have ten weeks to conclude a contract before the Autumn Statement.

wjr4

If I were you I would go ahead with the purchase if you like the property - why wait for something that may never happen? I've not heard anything about lowering stamp duty - it was already done once this year.

Crashy_Time

BBC parliament right now showing the type of debate that only used to happen over at housepricecrash.co.uk, so I wouldn`t hold my breath TBH, the "great and the good" have twigged that the financial system is in a perilous state, at last.

Crashy_Time

Anybody watch the debate then? :rotfl:

smile88egc

Your first house must be costing you upwards of half a million to be paying that much stamp duty,

And you're thinking about stalling in order to potentially save yourselves a grand or 2? Epic fail.

Levs01

smile88egc wrote: »

Your first house must be costing you upwards of half a million to be paying that much stamp duty,

And you're thinking about stalling in order to potentially save yourselves a grand or 2? Epic fail.

This!

I was trying to work out the purchase price for that amount of stamp duty. When we were looking at purchasing a second home the stamp duty was £20k but that was due to the extra 3% on second homes. So either Op is FTB and buying a £500k house and really wouldn't be worrying about the potential minimal reduction. Or, they have the figure wrong.

cloo

I've not heard anything about this and I work in property media. Totally not worth holding off for, really! The prices could go up by the amount you might save even if it does happen.

booksurr

cloo wrote: »

I've not heard anything about this and I work in property media. Totally not worth holding off for, really! The prices could go up by the amount you might save even if it does happen.

you need to read more then as there are a tiny number of purely speculative articles in the property press and from financial institutions trying to talk up or down the market depending on where they think they can make money

http://www.homesandproperty.co.uk/luxury/property/house-sales-are-falling-postbrexit-is-suspending-stamp-duty-the-answer-a104081.html

http://www.mortgagesolutions.co.uk/news/2016/07/25/stamp-duty-cuts-help-buy-boost-way-berenberg/

Jinxii

Thanks all for the advice - I was inclined to agree with you but one of my relatives is quite alarmist and brought it up. We're quite on edge at the moment so I thought I'd check here.

@smile88egc, surely it would be even more of an epic fail if I didn't ask?

@Levs01, we are first time buyers and the property is £570K. We are in London so that, sadly, is fairly standard.