Cabinet tussle over £10bn pot for cladding victims + pressure to extend stamp duty cut

SandyN21

Chancellor pressed for rescue package for families hit by building safety scandal.


https://www.dailymail.co.uk/news/article-9203175/Cabinet-tussle-10bn-pot-cladding-victims.html



Stamp duty link

https://www.dailymail.co.uk/news/article-9203235/Is-Rishi-Sunak-set-extend-stamp-duty-holiday-Calls-grow-relief.html

NameUnavailable

The Stamp Duty holiday was a measure to kick start the housing market after the first lockdown because estate agents had to close then too.

They are still operating this time so it's simply not necessary - all we hear is that the market is booming and prices increasing at record levels so why on earth do they need to extend the holiday?

Direct the money to the cladding issue instead and unlock the huge number of people who would love to move on but can't sell their dodgy shoddy flats!

Irishpearce26

NameUnavailable said:

The Stamp Duty holiday was a measure to kick start the housing market after the first lockdown because estate agents had to close then too.

They are still operating this time so it's simply not necessary - all we hear is that the market is booming and prices increasing at record levels so why on earth do they need to extend the holiday?

Direct the money to the cladding issue instead and unlock the huge number of people who would love to move on but can't sell their dodgy shoddy flats!

I think the calls for extending the SDLT holiday is to ensure those going through the process now can complete otherwise come 31st March many sales will collapse as everyone is using the SDLT funds as deposits etc. They need to sent guidance as to who should qualify such as if you have an offer accepted or if you have a mortgage offer or if you have instructed a solicitor (paying the initial fee). that way people can feel confident in getting their sale process effectively and within the SDLT holiday.

Crashy_Time

NameUnavailable said:

The Stamp Duty holiday was a measure to kick start the housing market after the first lockdown because estate agents had to close then too.

They are still operating this time so it's simply not necessary - all we hear is that the market is booming and prices increasing at record levels so why on earth do they need to extend the holiday?

Direct the money to the cladding issue instead and unlock the huge number of people who would love to move on but can't sell their dodgy shoddy flats!

Because the market isn`t booming? The old adage "Watch what they do not what they say" is the one that applies here IMO, although it is possible that they have decided that supporting the property market is no longer a priority over everything else in this crisis. 

Crashy_Time

Irishpearce26 said:

NameUnavailable said:

The Stamp Duty holiday was a measure to kick start the housing market after the first lockdown because estate agents had to close then too.

They are still operating this time so it's simply not necessary - all we hear is that the market is booming and prices increasing at record levels so why on earth do they need to extend the holiday?

Direct the money to the cladding issue instead and unlock the huge number of people who would love to move on but can't sell their dodgy shoddy flats!

I think the calls for extending the SDLT holiday is to ensure those going through the process now can complete otherwise come 31st March many sales will collapse as everyone is using the SDLT funds as deposits etc. They need to sent guidance as to who should qualify such as if you have an offer accepted or if you have a mortgage offer or if you have instructed a solicitor (paying the initial fee). that way people can feel confident in getting their sale process effectively and within the SDLT holiday.

Too messy, people have had months and months to accept offers so if it isn`t sold by now it is overpriced?

strawb_shortcake

Houses are selling though, in my area people were resorting to posting on social media looking for houses to come on the market as they couldn't get in quick enough.
A terrace house in my street went on for £270k and sold £5k over in days, ceiling price previously was £246k for a semi detached. Our home was valued at £180k 5 years ago so an increase of £90k in a short time.
I know someone else whose home went well above asking price and that was on the market for £850k, they had 9 offers the first day it went on the market.

And of course people are doing all they can to try and get the holiday extended as most people would prefer a few thousand or more in their bank account than handing over to the government. 

NameUnavailable

Irishpearce26 said:

NameUnavailable said:

The Stamp Duty holiday was a measure to kick start the housing market after the first lockdown because estate agents had to close then too.

They are still operating this time so it's simply not necessary - all we hear is that the market is booming and prices increasing at record levels so why on earth do they need to extend the holiday?

Direct the money to the cladding issue instead and unlock the huge number of people who would love to move on but can't sell their dodgy shoddy flats!

I think the calls for extending the SDLT holiday is to ensure those going through the process now can complete otherwise come 31st March many sales will collapse as everyone is using the SDLT funds as deposits etc. They need to sent guidance as to who should qualify such as if you have an offer accepted or if you have a mortgage offer or if you have instructed a solicitor (paying the initial fee). that way people can feel confident in getting their sale process effectively and within the SDLT holiday.

I think the guidance was set when it was originally announced and it was clear that it would apply to sales that complete within the holiday period.

I don't think it could be any clearer than that. If it's extended there will still be people who can't complete in time so what then?

If people can't afford to pay the stamp duty then yes, some sales will fall through or - more likely - prices will have to adjust to actual market conditions (e.g. if prices are too high they need to come down, from the bottom of the chain upwards).

Crashy_Time

annabanana82 said:

Houses are selling though, in my area people were resorting to posting on social media looking for houses to come on the market as they couldn't get in quick enough.
A terrace house in my street went on for £270k and sold £5k over in days, ceiling price previously was £246k for a semi detached. Our home was valued at £180k 5 years ago so an increase of £90k in a short time.
I know someone else whose home went well above asking price and that was on the market for £850k, they had 9 offers the first day it went on the market.

And of course people are doing all they can to try and get the holiday extended as most people would prefer a few thousand or more in their bank account than handing over to the government. 

What general area is that?

strawb_shortcake

Crashy_Time said:

annabanana82 said:

Houses are selling though, in my area people were resorting to posting on social media looking for houses to come on the market as they couldn't get in quick enough.
A terrace house in my street went on for £270k and sold £5k over in days, ceiling price previously was £246k for a semi detached. Our home was valued at £180k 5 years ago so an increase of £90k in a short time.
I know someone else whose home went well above asking price and that was on the market for £850k, they had 9 offers the first day it went on the market.

And of course people are doing all they can to try and get the holiday extended as most people would prefer a few thousand or more in their bank account than handing over to the government. 

What general area is that?

Near Bristol