General Discussion: Property thread


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MattC
MattC avatar

783 posts since 20/3/12

1 Apr 2020 06:59
That 25% deposit thing will only last as long as the Covid restrictions last. Which makes them immaterial as house buyers can’t view houses or go through the process anyway due to the restrictions. I think it’s just a case of freeing up some banking resources to cope with all the other fallout and people taking mortgage holidays etc.

I sold my house at start of March and am due out end of May. Haven’t been able to view anywhere recently and have been told that the sale is still going ahead…! Fuck knows what will happen, I’m not even sure I’d be allowed to move to a new place during these restrictions.
themistake
themistake avatar

10719 posts since 20/2/06

7 Jul 2020 22:16
Immediate Stamp duty holiday is huge.

Hope some fukers benefit.
Richgee
Richgee avatar

55 posts since 26/4/15

9 Jul 2020 06:07
yup, I had been pushing for completion two days ago, but chain delayed it until today (I'm still nervous that something will get i the way), hooray for them!
joeyjojo
joeyjojo avatar

4327 posts since 24/8/06

9 Jul 2020 06:25
Yep massive but only for 1st time buyers and value had to be under 500k right ? But yeah huge. Stamp duty is just the worst.
macgy
macgy avatar

218 posts since 26/11/11

9 Jul 2020 07:09
how much is stamp duty in the UK?
Crackajack
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7623 posts since 21/4/05

9 Jul 2020 07:37
joeyjojo wrote: Yep massive but only for 1st time buyers and value had to be under 500k right ? But yeah huge. Stamp duty is just the worst.

I think the property value doesn't matter as it's a change to the duty payable on the first 500k (e.g none due now, was some before). Obviously it won't make a big difference for property well above this.
swede
swede avatar

8983 posts since 21/3/09

9 Jul 2020 07:43
joeyjojo wrote: Yep massive but only for 1st time buyers and value had to be under 500k right ? But yeah huge. Stamp duty is just the worst.

wrong - dont have to be FTB and the property can be over £500k. no stamp duty paid on the first £500k of any property

stamp duty paid on completion so well done richgee Cool
Richgee
Richgee avatar

55 posts since 26/4/15

9 Jul 2020 07:53
properties over 500k the saving is 15k

Rirawin
Rirawin avatar

9388 posts since 17/7/05

9 Jul 2020 08:17
swede wrote:
joeyjojo wrote: Yep massive but only for 1st time buyers and value had to be under 500k right ? But yeah huge. Stamp duty is just the worst.

wrong - dont have to be FTB and the property can be over £500k. no stamp duty paid on the first £500k of any property

stamp duty paid on completion so well done richgee Cool

Correct if you're FTB. However, if it's a second property (you're becoming a landlord and not moving) you still have to pay 3% for anything up to £500,000. Still a decent saving and better than a kick in the nuts.
Richgee
Richgee avatar

55 posts since 26/4/15

9 Jul 2020 08:19
rules changed, no FTB discount, just no stamp duty up to 500k from today until april
MrW
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2761 posts since 1/8/11

9 Jul 2020 08:37
Congrats richgee Cool
nothingelseworked
nothingelseworked avatar

3551 posts since 21/2/10

9 Jul 2020 09:20
Surely this change massively benefits BTL buyers or the wealthy more than anyone else?

Difficult enough for FTBs with the min. requirement of 20-25%+ deposit from a lot of lenders atm.
Richgee
Richgee avatar

55 posts since 26/4/15

9 Jul 2020 09:28
that's just the tories reverting to type

ditto supporting those who eat out

(they wold argue it is kick starting the markets again)
Paul88
Paul88 avatar

279 posts since 6/12/12

9 Jul 2020 09:31
Hopefully Sturgeon brings it into Scotland. I'm meant to be completing at the end of this month would save me nearly 5k
m15try
m15try avatar

1237 posts since 18/8/09

9 Jul 2020 09:41
Quite bleak when you break it down.

The main beneficiaries of this change will be second-home buyers, buy-to-letters, overseas buyers - people that previously weren't buying because of the punitive stamp duty regime. Prices will now likely adjust upwards as demand spikes and sellers factor in the extra £15k in buyers' pocket.

If you're renting with aspirations of eventually owning you're fucked - the previous advantage you had re stamp duty is virtually eroded; you're going to be competing with a new army of buy-to-letters; price-to-income ratios will increase.

Horrible stuff and just when/because prices looked like correcting.



joeyjojo
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4327 posts since 24/8/06

9 Jul 2020 10:32
Jesus Christ Laughing out loud
Richgee
Richgee avatar

55 posts since 26/4/15

9 Jul 2020 10:59
Worried you’re fucked now? Just wait for the tax rises in autumn, followed by no deal at end of the year.
joeyjojo
joeyjojo avatar

4327 posts since 24/8/06

posted 9 Jul 2020 11:03, edited 9 Jul 2020 11:03
.
themistake
themistake avatar

10719 posts since 20/2/06

9 Jul 2020 11:07
m15try wrote: Quite bleak when you break it down.

The main beneficiaries of this change will be second-home buyers, buy-to-letters, overseas buyers - people that previously weren't buying because of the punitive stamp duty regime. Prices will now likely adjust upwards as demand spikes and sellers factor in the extra £15k in buyers' pocket.

If you're renting with aspirations of eventually owning you're fucked - the previous advantage you had re stamp duty is virtually eroded; you're going to be competing with a new army of buy-to-letters; price-to-income ratios will increase.

Horrible stuff and just when/because prices looked like correcting.


Right.

How about the people that had mortgage in principle With 10% deposit before corona virus but now need 15% deposit for the same mortgage?
They now have the stamp duty to add to their deposit.
I think that’s who it is going to help mate.


Prices weren’t correcting in London at all either.
Check the price index, December, January and March all saw 2-3% increases. That’s huge.


swede
swede avatar

8983 posts since 21/3/09

9 Jul 2020 12:15
this is the tories though - obviously something had to be done to protect the homeowners

buying a house on the brink of a recession might not be the smartest thing though…. even with stamp cut! people don't seem to be thinking of this