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First time buyer - changes to stamp duty?

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Westlr
Westlr Posts: 1 Newbie
in House buying, renting & selling
Hello
I read in the paper over the weekend that the government were considering changes to stamp duty, including slashing or axeing it for first time buyers.
I'm currently going through the process of buying a flat and should be exchanging contacts within the next couple of weeks. It's chain free so the completion date is flexible.
Is it worth holding off until the autumn budget on 22 November to see if the Government make changes? Any advice gratefully received!

Thank you.
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Comments

  • G_M
    G_M Posts: 51,977 Forumite
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    They might back-track and increase SDLT in order to raise revenue.

    Unlike Mrs T, Mrs M does do U-turns.......!
  • kinger101
    kinger101 Posts: 6,282 Forumite
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    I suspect your vendor will (quite rightly) put the property back on the market if you attempt to hold things up by seven weeks to see what's in the budget.
    "Real knowledge is to know the extent of one's ignorance" - Confucius
  • juniordoc
    juniordoc Posts: 366 Forumite
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    I was thinking of doing the same, we need 4 weeks between exchange and completion anyway so we can give notice on our rental so I don't consider that we'd be holding things up particularly, and with a potential saving of £4.5K for us, it's certainly worth some minor inconvenience anyway.
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
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    Define first time buyers. I would expect there to be a maximum limit on price too.
  • hazyjo
    hazyjo Posts: 15,470 Forumite
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    juniordoc wrote: »
    I was thinking of doing the same, we need 4 weeks between exchange and completion anyway so we can give notice on our rental so I don't consider that we'd be holding things up particularly, and with a potential saving of £4.5K for us, it's certainly worth some minor inconvenience anyway.

    You may find you're committed to pay it anyway once you've exchanged (may not be the case). So you could be waiting 7 weeks plus another 4. Unless you've only just had an offer accepted, don't expect your vendors to wait.
    2023 wins: *must start comping again!*
  • Lolly88
    Lolly88 Posts: 322 Forumite
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    Even if announced in the Autumn budget wouldn't it take time to implement? If I recall correctly they also announced plans to abolish rental fees in the previous Autuam budget and this still has not happened and when they introduced higher tax for BTL landlords that didn't happen overnight either. So unless I'm missing something it's unlikely to be something that would beneficial to you at this point in the buying process
    Homeowner
    :j
  • csgohan4
    csgohan4 Posts: 10,587 Forumite
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    OP you can always hope, but I wouldn't hold my breath
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • Car1980
    Car1980 Posts: 301 Forumite
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    This is in the paper every year. Hammond is the Chancellor that does naff all though, so don’t expect any changes in the Budget.
  • juniordoc
    juniordoc Posts: 366 Forumite
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    When George Osborne reformed SDLT in the 2014 budget the change was effective immediately and those currently going through the purchase process could choose to stay on the old scale or the new.
    In 2010 when Alistair Darling exempt houses under £250k from stamp duty for first time buyers, it was effective from the day after the budget.
    In 2008 when SDLT thresholds were significantly raised, it was effective from the day after the budget.
    The number of purchases going through is at an utter nadir, it is well recognised that the economy currently favours older generations and that younger generations are struggling to buy their first homes.
    If you were a first time buyer due to complete in November, why would you NOT wait until the budget announcement?
  • m0t
    m0t Posts: 327 Forumite
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    The autumn budget is for changes to be made from the 1st April, the Chancellor changed it after this year's spring budget. The point was to give notice of tax changes rather than springing them on people just before the start of the financial year.

    This means that even if the Chancellor announces something about changes to stamp duty it won't take effect until April.
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