Soldato
https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates
Ah, published the detail now. Oh well, this is to be expected that it would be populist only
Woo £15k saved!$%!@
The nervous wait to exchange....
- Thread starter noj
- Start date
Woo £15k saved!$%!@
Soldato
:'(
Soldato
Get in. That's £15k saved for me.https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates
Ah, published the detail now. Oh well, this is to be expected that it would be populist only
Soldato
Missed out on saving 6k by a matter of weeks! Absolutely typical
Thanks! Yeah i get it, especially with the reduction of SD we're getting the property cheaper so paying the slight bit more for peace of mind is probably worthwhile!
Regarding SDLT, i'm thinking because our property is 337k we would now be paying 0 SDLT instead of almost ~7k? The calculator on the gov site still thinks (albeit maybe because i'm using it wrongly) we would be paying £3.5k
Soldato
It's now £0 until next March.
Basically all the bands are the same, you just don't pay any on the first £500k.
Soldato
It takes at least 6 months to buy a house these days, so people need to get a move on if they want to take advantage of this.
Noice! That'll pay for some of the stuff we need to fill the house then..
Soldato
I expect a massive boom coming from this.
Can't see much of a boom....but it'll stop asking prices dropping in the short term...which is what it's all about...can't be having property prices fall, so get the money printer out. Utterly ridiculous.
This pretty much, it will keep things going in the short term but the long term prospect isn't great if the jobs market does't recover quickly. As in 2008, the property market followed the jobs market. The jobs market has started to cool and will continue to do so until the end of the year, the property market is currently dealing with 3 months of pent up demand. Once that it done is will follow that ever trend the jobs market does regardless of stamp duty cuts or not.
There are two huge downsides of the holiday as well which no one is talking about:
If they extend the holiday or make it permanent then it will just become the 'new normal' and any behavioural effect of the cut will be quickly diminished. The average stamp duty bill isn't that big and is tiny in the grand scheme of house ownership.
It will kill the housing market beyond January as people will not be able to complete the sale in time for the end of March and they will not want to 'lose out' or the'll hold off on the chance it is extended.
Soldato
I think anyone who has only exchanged contracts but not completed before today, still doesn't have to pay stamp duty as long it completes before 31st March?
I've been thinking of selling my flat and looking for a house under £500K but I won't be able to for a few months. Would certainly be nice to save a few grand if I can buy one before the stamp duty holiday finishes next year.
I've been thinking of selling my flat and looking for a house under £500K but I won't be able to for a few months. Would certainly be nice to save a few grand if I can buy one before the stamp duty holiday finishes next year.
nice to see the support is in place for those who had the solitude to keep things moving!!!
Is the process really that different in England? Finally sold my flat, competed last Friday. 7 weeks in total from offer to completion.
The process in England is ******* insane. It's a miracle it only take an average of 12-15 weeks.
Spoke too soon - seller of the house we were buying has gone and decided at 4pm today they are staying where they are......had the mortgage sorted, legal pack all filled out with solicitors and searches all underway. Gutted.
Should really made to pay some sort of fine to the affected party when they do that.
Should really made to pay some sort of fine to the affected party when they do that.
Luckily I've not shelled anything out - survey was free with the mortgage app, and sister in law is our solicitor........but could quite easily been well out of pocket! Main issue now is, not much else on market in our neck of the woods we are interested in, so going to have to stalk Rightmove and jump on one as they come up, but worried about new sellers bumping up the asking price following today's announcement, and the inevitable bidding wars for anything decent.