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MSE News: Scottish stamp duty shake-up could help homebuyers

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Former_MSE_Darryl
Former_MSE_Darryl Posts: 210 Forumite
in House buying, renting & selling
"Many homebuyers in Scotland could benefit from lower stamp duty rates within two years, after a bill passed last week enabling the country to set its own rates for the first time..."
Read the full story:

Scottish stamp duty shake-up could help homebuyers

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Comments

  • agrinnall
    agrinnall Posts: 23,344 Forumite
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    Doesn't really help those of us selling now though does it? In fact, it could make things a lot worse, if buyers decide to wait until the new rates have been introduced. And in 2 years time who knows what the political and constitutional make-up of the country will be, and what impact that will have on house prices - there could be a slump as people leave the country, or inflation due to returning Scottish diaspora, or the status quo may still apply.
  • edinburgher
    edinburgher Posts: 13,469 Forumite
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    In fact, it could make things a lot worse, if buyers decide to wait until the new rates have been introduced.

    That's a fair point - we'd like to move to a house at some point and would certainly rather pay nothing than the current rates.
  • System
    System Posts: 178,102 Community Admin
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    People generally move for a reasons other than Stamp Duty and it will only really make a large difference around the current 0%, 1% and 3% price plateaus.

    I doubt independence [or not] will make a bit impact on the housing market. Most of the issues affecting Scotland already emanate from the EU or the Scottish Parliament; Westminster is basically an anachronism.
    agrinnall wrote: »
    Doesn't really help those of us selling now though does it? In fact, it could make things a lot worse, if buyers decide to wait until the new rates have been introduced. And in 2 years time who knows what the political and constitutional make-up of the country will be, and what impact that will have on house prices - there could be a slump as people leave the country, or inflation due to returning Scottish diaspora, or the status quo may still apply.
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
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    Good news.

    Should get rid of the distortions around the stamp duty thresholds.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • gazter
    gazter Posts: 931 Forumite
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    if the proposal is revenue neutral, its hard to see how the increases for the larger value properties makes up for the reductions for the much more numerous smaller properties.
  • WellKnownSid
    WellKnownSid Posts: 1,399 Forumite
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    HAMISH_MCTAVISH wrote: »
    House Prices
    Halifax..........: June +0.6% (MoM) +3.7% (YoY)
    Nationwide.....: June +0.3% (MoM) +1.9% (YoY)
    Land Registry..: May +0.1% (MoM) +0.5% (YoY)
    :exclamatiScams - First Time Buyer Strike, HousePriceCrash, Don'tBuy

    Love the new signature... seems, erm, strangely familiar... :rotfl:
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
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    WellKnownSid wrote: »
    Love the new signature... seems, erm, strangely familiar... :rotfl:

    Yep, just a little fun for the weekend.:D
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • tacotaco
    tacotaco Posts: 1,126 Forumite
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    HAMISH_MCTAVISH wrote: »
    Should get rid of the distortions around the stamp duty thresholds.

    Yeah, right. All they've done is add about 20 new stamp duty threshold distortions. I don't think this is what Martin had in mind when he wrote about The UK's Worst Tax. The should increase the tax on the marginal, not the absolute values. Stamp duty is still broken.
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