Stamp Duty

TerriBull if you would like support and encouragement in this direction there is an amazing thread of house movers and friends on here.

The cut is stamp duty is definitely an incentive TerriBull and one which will hopefully push many potential buyers into action. They need to get cracking though before time runs out on them in March 2021. The buying process can be long winded.
Our son has been actively looking for a year or more now, but he said last night he wouldn't buy a property just because it was in the sale! He would rather wait for the right thing even if it meant "losing" £10k.

Riverwalk

Agree. Just posted a similar comment.

gillybob

TerriBull

Sorry Gillybob not intending to rub salt into wounds, I know there is an enormous disparity in house prices as to the different areas around the country. Where I live you can't get a 1 bedroomed flat for less than about £320,000

Obviously with the wages to match Terribull . Cheaper houses here, but some of the lowest wages in the country.

Not always gillybob

I feel for those on a fixed salary wherever they work (London or the fringe where they get a little extra) eg teachers. I think the same applies to nurses. Probably civil service workers too.

My son, near St Albans, lived in a semi-detached house (2+boxroom bedroom) with tiny garden. Similar properties sell for an average of £631,136, (rightmove).

I used to live in a detached 3 bedroom bungalow, (slightly bigger than my son's house) near Mansfield, Nottinghamshire. They currently fetch £170,000.

Unfortunately not gilly.

The average Staff Nurse in London earns around £27,00, so a couple would have a joint salary of over £50,000 - they wouldn't be able to buy anything in Greater London, apart from maybe a 25% share in a 1-bedroom flat in a key workers development. They would pay rent on the remaining 75%.

In the North East I bet the average nurse couple could afford a decent house.

Stamp Duty on property normally starts at £125,000, so most people involved in purchasing property are likely to be paying at least that in nearly everywhere in UK. It will help them. I do think it is wrong to include people buying 2nd homes in this small, time-limited windfall. But delighted that it could help to give a small boost to the housing market.

Gillybob, Half a million is the top end of this - and the point at which it will cut out. And, obviously, if anyone is not, and has not, been considering trying to move, it will not tempt them, but can make a difference to those who wish to or need to do this. Should have been raised long ago from the lower end of the market in any case.

Yes, it would have saved me some with regard to my move at the end of last year, but still very glad I did it then, as the last few months must have made this (normally) so very stressful process even so much worse.

I think it’s a good incentive.
Movement in the housing market has a ripple effect into the economy.

We are seriously tempted to put our house on the market, the plan was to move next year but we may consider
bringing it forward.

TerriBull

Sorry Gillybob not intending to rub salt into wounds, I know there is an enormous disparity in house prices as to the different areas around the country. Where I live you can't get a 1 bedroomed flat for less than about £320,000

Obviously with the wages to match Terribull . Cheaper houses here, but some of the lowest wages in the country.

I’m hoping this might help those who like Luckygirl anxious to sell her bungalow and also my half-brother who has been trying to move closer to his daughter for the last year.
It wouldn’t tempt me to put my house on the market though but there are many who need to move - downsize, or move closer to family or whose house move has totally stagnated because of a combination of Brexit and lockdown.
Gillybob £500k is the top limit so those buying first homes or houses for £150k or £200k further down the market will all benefit.

Sorry Gillybob not intending to rub salt into wounds, I know there is an enormous disparity in house prices as to the different areas around the country. Where I live you can't get a 1 bedroomed flat for less than about £320,000

My nephew and his partner were househunting before lockdown and as they live in London that would be a fabulous help to them. There is a minor matter at present they are both furloughed so when it will happen I do not know.

I have no intention of moving but it would help me enormously. House prices in NW London are sky-high (to me).

Just wondering, if anyone else like me, has been pondering on this, we will probably sell up and move out a few miles from where we are at the moment now I'm thinking sooner rather than later? We did put our house on the market a couple of years ago, we got an offer, but in the end didn't proceed for several reasons. This temporary cut in Stamp Duty is an incentive, but oh the upheaval and as far as the virus is concerned, pretty sure we aren't out of the woods yet.

Anyone else have any thoughts on the matter?

Yeah . I’m seriously considering spending a cool half million £ to save myself about £15k.......not . Infact you couldn’t even find a house worth £500k in my town ....or even £300k for that matter.

Is that man for real ?