Do we really need the Stamp Duty Holiday?

steve866

No, the Stamp Duty Holiday is Unnecessary

I don’t think we needed it, although it saved me £15,000 so I’m obviously happy about my personal situation. I would like to see SD reformed in general longer term. In London it is easy to pay a lot on SD for a small property. 

Crashy_Time

MobileSaver said:

ProDave said:

Who will want to buy and pay several £000 more than they had to last week.

Probably tens of thousands of people every month who want to buy their own home rather than pay a landlord's mortgage for the next fifteen years.

blue_max_3 said:

I think rather like the eat out scheme, the restaurants will be forced to continue it out of their own pockets. Just deduct the stamp duty off the price straight away.

I think you are dreaming. With restaurants you can just walk a few yards down the road and visit a different restaurant, and many restaurants need to get you through their door to survive. With property, there's a limited supply of houses and the vast majority of sellers do not need to sell and most simply won't if asked for a stamp duty discount.

You either want to sell or you don`t, next move will be sellers paying the SD IMO. Hard to work out if you are conducting a wind-up or really believe this stuff you post?

Crashy_Time

MobileSaver said:

blue_max_3 said:

You're not going to pay 15k more for a property the next day (metaphorically speaking).

That's the point, though, if you want that particular house then you are going to have to pay more the very next day after the stamp duty holiday ends (and cue the threads on here starting 1st April from people who missed the SDLT holiday deadline.)

You can't honestly believe that one day/week/month after the holiday ends that every house in that price bracket will be reduced by £15k? This is no more likely to happen than every seller putting their prices up by £15k when the holiday was announced...

Most will be reducing by way more than that.

Bonniepurple

No, the Stamp Duty Holiday is Unnecessary

We are unlikely to qualify for it as our house needs some work doing to it before we can sell.  I’m hoping to be on the market by December, and then it just depends on timings.  I can’t see us having completed by the end of March.

TBH, I think it’s a bit of a gimmick.  Mortgage products are being pulled because of uncertainty.  Who’s going to benefit?  

iwb100

No, the Stamp Duty Holiday is Unnecessary

I benefitted, but no I don’t think it’s needed. Like most things it was the ruling party keeping some of their donors sweet, nothing more and nothing less. 

Tracet74

There was no need for a holiday as the market in London never stopped before lockdown.  I've identified 6-7 reasons why the market would remain buoyant, however giving the SD holiday was like tossing a snowball into hell.  Anyone in the property world is now working over-capacity with most not being able to keep up with the pace.  Lenders have a backlog of applications and valuations, surveyors are booking 3 weeks in advance and, come 31st March, there will be a mad panic to complete prior to the deadline.  I can anticipate legal advisors having to do extreme hours to complete ....