Petition to extend the SDLT holiday to be debated in Parliament on Monday

SDLT_Geek

I see the Parliamentary petitions site has been updated to say there will be a debate on 1 February about the petition to extend the stamp duty land tax holiday beyond 31 March 2021 https://petition.parliament.uk/petitions/550545  Another key date is the Budget on 3 March 2021.

NameUnavailable

The petition details;

Petition Extend the Stamp Duty Holiday for an additional 6 months after 31st March 2021

Extending the Stamp Duty Holiday for an additional 6 months will assist many buyers who are looking to move to a property that they will not be able to afford otherwise.
This will help to stabilise the housing market I am looking to move into a new build which is currently due to complete at the start of March 2021. If this build is delayed past 31st March 2021 then i will not be able to afford the stamp duty so will not be able to afford the house

LOL I can imagine how the 'debate' is going to go!

The idea of the holiday was to kick start the market after the first lockdown when estate agents had to stop trading. That's not the case this time so there's no reason for it to be extended.

davidmcn

I have every confidence that the debate will be as fruitful as every other petition which has led to a debate...

numbercruncher8

Laughable really.

But pretty symptomatic about a lot of the people who have signed the petition, f-all to do with the merits of taxation revenue in the whole country, all about myself and my finances.

House prices have turned a significant part of the population into 'I'm alright jacks'. For instance, improving affordability would be better served by slightly lower (10-20%) prices at the lower end instead of endless props which simply make prices more expensive, and force people to buy a property which almost immediately declines in value due to the new build premium.

Selling that to the public would be impossible for any party, despite it making sense. 

Crashy_Time

numbercruncher8 said:

Laughable really.

But pretty symptomatic about a lot of the people who have signed the petition, f-all to do with the merits of taxation revenue in the whole country, all about myself and my finances.

House prices have turned a significant part of the population into 'I'm alright jacks'. For instance, improving affordability would be better served by slightly lower (10-20%) prices at the lower end instead of endless props which simply make prices more expensive, and force people to buy a property which almost immediately declines in value due to the new build premium.

Selling that to the public would be impossible for any party, despite it making sense. 

Not so sure, the public nowadays are much more aware of what the scam of big debt for basic shelter is about and who it benefits, much more so than a few years ago.

Getting_greyer

Crashy_Time said:

numbercruncher8 said:

Laughable really.

But pretty symptomatic about a lot of the people who have signed the petition, f-all to do with the merits of taxation revenue in the whole country, all about myself and my finances.

House prices have turned a significant part of the population into 'I'm alright jacks'. For instance, improving affordability would be better served by slightly lower (10-20%) prices at the lower end instead of endless props which simply make prices more expensive, and force people to buy a property which almost immediately declines in value due to the new build premium.

Selling that to the public would be impossible for any party, despite it making sense. 

Not so sure, the public nowadays are much more aware of what the scam of big debt for basic shelter is about and who it benefits, much more so than a few years ago.

Are they aware or just angry that ownership is out of touch for many.  The generic anger I see online follows the line that a household is paying say £800 rent but the banks refuse to let them have a £500 monthly mortgage when the very fact their rent payments suggests they are good for it.  The deposit is out of reach for many but it's the banks fault for not lending 100%.  This is why I am only half joking when I say we will see something like government backed deposit loans for ftb in the open market in the not too distant future.  

As for the debate in Parliament,  it's just a debate and can't compel the gov to any action.  I don't think will be an extention as just the same thing will happen later.  Governments of all persuasions have a habit of making pronouncements that don't actually help, so maybe something like, if you've exchanged prior but complete after the deadline, you then pay sdlt but can claim  it back with a solicitor letter.  This is obviously unhelpful to the vast majority and would take months to claim back most likely, which is why I think they will do this.  Also, you'll have to claim it back via a government web portal that as yet is nonexistent.  

MaryNB

Getting_greyer said:

Crashy_Time said:

numbercruncher8 said:

Laughable really.

But pretty symptomatic about a lot of the people who have signed the petition, f-all to do with the merits of taxation revenue in the whole country, all about myself and my finances.

House prices have turned a significant part of the population into 'I'm alright jacks'. For instance, improving affordability would be better served by slightly lower (10-20%) prices at the lower end instead of endless props which simply make prices more expensive, and force people to buy a property which almost immediately declines in value due to the new build premium.

Selling that to the public would be impossible for any party, despite it making sense. 

Not so sure, the public nowadays are much more aware of what the scam of big debt for basic shelter is about and who it benefits, much more so than a few years ago.

Are they aware or just angry that ownership is out of touch for many.  The generic anger I see online follows the line that a household is paying say £800 rent but the banks refuse to let them have a £500 monthly mortgage when the very fact their rent payments suggests they are good for it.  The deposit is out of reach for many but it's the banks fault for not lending 100%.  This is why I am only half joking when I say we will see something like government backed deposit loans for ftb in the open market in the not too distant future.  

As for the debate in Parliament,  it's just a debate and can't compel the gov to any action.  I don't think will be an extention as just the same thing will happen later.  Governments of all persuasions have a habit of making pronouncements that don't actually help, so maybe something like, if you've exchanged prior but complete after the deadline, you then pay sdlt but can claim  it back with a solicitor letter.  This is obviously unhelpful to the vast majority and would take months to claim back most likely, which is why I think they will do this.  Also, you'll have to claim it back via a government web portal that as yet is nonexistent.  

I'm as frustrated as most about house prices (I managed to save a 17% deposit ok but the mortgage multiplier was my limiting factor - houses are just too expensive compared to my salary) but I don't agree that banks should give out 100% mortgages.  It puts the buyer at much greater risk of negative equity if there's a drop in the market. I have family members in Ireland  who were very badly stung after the 2008 crash when 100% mortgages were available (think I even remember radio ads about 105% mortgages) and it took them ages to get out of negative equity so they couldn't sell for years.

Crashy_Time

Getting_greyer said:

Crashy_Time said:

numbercruncher8 said:

Laughable really.

But pretty symptomatic about a lot of the people who have signed the petition, f-all to do with the merits of taxation revenue in the whole country, all about myself and my finances.

House prices have turned a significant part of the population into 'I'm alright jacks'. For instance, improving affordability would be better served by slightly lower (10-20%) prices at the lower end instead of endless props which simply make prices more expensive, and force people to buy a property which almost immediately declines in value due to the new build premium.

Selling that to the public would be impossible for any party, despite it making sense. 

Not so sure, the public nowadays are much more aware of what the scam of big debt for basic shelter is about and who it benefits, much more so than a few years ago.

Are they aware or just angry that ownership is out of touch for many.  The generic anger I see online follows the line that a household is paying say £800 rent but the banks refuse to let them have a £500 monthly mortgage when the very fact their rent payments suggests they are good for it.  The deposit is out of reach for many but it's the banks fault for not lending 100%.  This is why I am only half joking when I say we will see something like government backed deposit loans for ftb in the open market in the not too distant future.  

As for the debate in Parliament,  it's just a debate and can't compel the gov to any action.  I don't think will be an extention as just the same thing will happen later.  Governments of all persuasions have a habit of making pronouncements that don't actually help, so maybe something like, if you've exchanged prior but complete after the deadline, you then pay sdlt but can claim  it back with a solicitor letter.  This is obviously unhelpful to the vast majority and would take months to claim back most likely, which is why I think they will do this.  Also, you'll have to claim it back via a government web portal that as yet is nonexistent.  

I think they might panic and extend it, but with rents falling now it might not generate the turnover they hope it will? On the other hand if they refuse to extend it sends a bold message that propping up the housing market is no longer their top priority, that energy has moved to propping up the whole economy....and for that they need all the revenue they (we) can get?

Thrugelmir

Getting_greyer said:

Crashy_Time said:

numbercruncher8 said:

Laughable really.

But pretty symptomatic about a lot of the people who have signed the petition, f-all to do with the merits of taxation revenue in the whole country, all about myself and my finances.

House prices have turned a significant part of the population into 'I'm alright jacks'. For instance, improving affordability would be better served by slightly lower (10-20%) prices at the lower end instead of endless props which simply make prices more expensive, and force people to buy a property which almost immediately declines in value due to the new build premium.

Selling that to the public would be impossible for any party, despite it making sense. 

Not so sure, the public nowadays are much more aware of what the scam of big debt for basic shelter is about and who it benefits, much more so than a few years ago.

The deposit is out of reach for many but it's the banks fault for not lending 100%. 

Next month it will 13 years since Northern Rock was nationalised. Still being run off today. History isn't going to be allowed to repeat itself.  

SDLT_Geek

The Parliamentary debate on the petition occurred today.  Jesse Norman spoke for the Government.  You can watch the debate from a link here:https://propertyindustryeye.com/watch-live-mps-debate-petition-relating-to-stamp-duty-holiday-extension/

Unsurprisingly Jesse Norman said he "could not comment on tax policy outside of a fiscal event" and that the Government would continue to listen to representations.  He did point out that to benefit from the holiday it is not only completion by 31 March which will achieve the saving, but also "substantial performance" of the contract.

annetheman

As someone who hasn't completed yet, I think we should give it a rest with this. It is going to end some time and there has been ample warning of the 31st March. Many other issues....