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House and home

Stamp Duty

(65 Posts)
TerriBull Thu 09-Jul-20 08:58:39

Would the temporary reduction in Stamp Duty give you the impetus to put your house on the market, if that was something you were already contemplating before the lockdown.

Aepgirl Fri 10-Jul-20 10:48:50

I don’t think it’s intended for us oldies, but rather to kick start the housing availability so encouraging younger people to move now.

jocork Fri 10-Jul-20 10:57:29

Unfortunately my plans to move can't be brought forward enough to take advantage of this however a friend had put her house on the market this week so is hoping to benefit, but she certainly isn't selling because of it. Why would anyone?

Luckygirl Fri 10-Jul-20 11:00:01

I am pleased about it. It reduces my outlay on the hoped-for move by £10,500 - not to be sneezed at. And it means I could, if I wished, reduce the price of the one I am selling to get more people through the door without leaving me with no savings.

HannahLoisLuke Fri 10-Jul-20 11:31:15

I do hope it doesn't encourage greedy people to raise the price of their house. They deserve for it to sit there unsold if they pull that trick!

Juicylucy Fri 10-Jul-20 11:47:34

I live in the 3rd most expensive place to live in U.K. according to some poles done few years ago. Can’t get a 2 up 2 down for less that £600.000. Londoners buying up houses in this area all the time. I do think it’s good incentive for first time buyers.

Clevedon Fri 10-Jul-20 12:06:39

Put our house on the market just before lockdown so hoping this is now going to boost viewings

gillybob Fri 10-Jul-20 12:10:41

Not only that but the cost of living is also higher. Higher priced houses means higher council tax ( or whatever it is called now!)

Higher house prices absolutely does not mean higher council races Rumpunch . I live in one of the poorest LA’s in the country and we have some of the very highest council taxes . It actually works in reverse as poorer LA’s have a bigger burden on their finances and do have higher CT’s .

Apart from the cost of housing I don’t think there’s any difference in prices North v South . Our buses, trains are extortionately priced just the same and a load of bread /litre of fuel is exactly the same .

Callistemon Fri 10-Jul-20 12:15:06

Clevedon

Put our house on the market just before lockdown so hoping this is now going to boost viewings

Young friends of ours did that and have about 10 viewings lined up which the estate agent will handle for them.

gillybob Fri 10-Jul-20 12:16:38

Council races ? Really ?

Council taxes !

Callistemon Fri 10-Jul-20 12:18:35

Our buses, trains are extortionately priced just the same and a load of bread /litre of fuel is exactly the same
gillybob We had noticed that some food, fuel is in fact cheaper in a city a few miles away from us than in our small town (same supplier). If we do have to go for other reasons, DH always makes sure to fill up with fuel there.

Jellybeetles Fri 10-Jul-20 13:15:58

Not me but my relative is now going to sell and this will help her, help the ones in chain below and quite likely help the one above her in the chain, due to amounts involved. So a good thing for many people as it is a fair chunk of money not to have to pay it out.

Georgesgran Fri 10-Jul-20 14:20:28

DD1 works for a major builder - she’s had to go into work today, on her day off to deal with customers asking about the stamp duty, which has actually been paid by the Builder. Some are upgrading or buying new extras with the ‘windfall’ or just having the cash.
Her friend is an Estate Agent and says she’s busy with prospective purchasers who had viewed a property but decided they couldn’t make a realistic offer, but now can.

I’m sorry ‘gillybob’ feels miffed, but this is good news for many. It’s also helped a friend who is divorced and just had her offer on a property accepted - she’s now got a bit more left to spend on furnishings.

X

CarlyD7 Fri 10-Jul-20 15:26:08

Just heard an estate agent on the radio preening about the fact that the announcement has created an increased demand and that he'd just been involved in a bidding war between 2 couples, and the house had finally gone for well over the asking price. Or, in other words, a cut in stamp duty is generating an increase in house prices (so less tax to fund essential services and more money into the pockets of estate agents, who usually work for a percentage of the final sale price).

Jellybeetles Fri 10-Jul-20 15:44:31

The bidding wars will happen anyway as people were holding back on putting properties up for sale but the S.D. rule will bring more houses onto the market so hopefully bidding like this will slow. And estate agents have more commission so more money to spend in the economy. And it will also allow more people to buy new housing which is a main factor in changing S.D. really. It’s funny how they say we are short of houses when so many are empty for many years and so many people have second homes.