Stamp Duty Cut

[Deleted User]

The market might not go as crazy as the previous stamp duty holiday due to interest rate increase, economic uncertainty, and rising living costs. 

SuseOrm

Zoe02 said:

The market might not go as crazy as the previous stamp duty holiday due to interest rate increase, economic uncertainty, and rising living costs. 

Or it might.  Who knows 

trakky14

SuseOrm said:

Zoe02 said:

The market might not go as crazy as the previous stamp duty holiday due to interest rate increase, economic uncertainty, and rising living costs. 

Or it might.  Who knows 

It went crazy in the middle of an unknown global pandemic with no prospect of a solution or end point...so I expect it won't be a lot different this time...although to be fair a lot of prices are already nuts!

justwondering25

trakky14 said:

SuseOrm said:

Zoe02 said:

The market might not go as crazy as the previous stamp duty holiday due to interest rate increase, economic uncertainty, and rising living costs. 

Or it might.  Who knows 

It went crazy in the middle of an unknown global pandemic with no prospect of a solution or end point...so I expect it won't be a lot different this time...although to be fair a lot of prices are already nuts!

But, during that global pandemic, one of the few things you was allowed to do, was to buy a house, with low interest rates, the need to work from home, lots of spare time on people's hand... This time it is almost the polar opposite.

There maybe a few more caveats to the stamp duty offering, such as it might only apply in certain circumstances, such as when buying a brand new home, that way it will help builders, pure speculation on my behalf, but time will tell. 

SandyN21

I sold my London house end March and in rented accommodation in Hertfordshire while looking for my 'forever' home in this part of the UK.  I've looked at over 30 properties and still haven't found anything and now worried with this stamp duty cut there will be bidding wars with buyers going after the same property....like the last time this happened.

mojo293

From Martin Lewis Twitter:

STAMP DUTY CUT STARTS TODAY
No stamp duty on first £250,000 (currently £125,000) 1st time buyers no stamp duty on first £425,000 (currently £300,000).

MMMee

Be interesting to see whether it goes straight to the existing 5% at £250K or whether the 2% that was £125-250K is used from the higher level

Chemistry777

What is not clear is what %age rate is due after £250,000.  The current level is 5%.  Does the 2% level that was at 125k move up accordingly or is this lost completely.

secla

I was wondering the same, have to wait till full report is seen later I guess
we are due to complete next Wednesday so will be a few thousand back for me regardless 

Adam16

Betting the same rates will stay in - everything after 250K will be 5%