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House selling go crazy after stamp duty cut announced(6 Posts)
Just noticed lots house went through STC after the stamp duty cut announced by chancellor on 08/07/2020.
It seems property market go crazy at the moment..Is it stamp duty cut policy massively boost people's confidence in property market, completely changing the downturn market to a upturn market?
It seems the high unemployed rate didn't affect the housing market too much, are we still on the way to the big recession?
The current prospered housing market can help boost other industry as well (decorating, house agency, solicitor etc..)?
People are mostly still on furlong,so only a few jobs have been lost so far.
There will be a temporary increase in transactions due to the stamp duty cut.
The economy is not doing too badly at the moment.
Wait for 6 to 12 months then you will see how bad it is going to get
Depends on the area also. If you live where the average person has a good stable job and they are saving money on commuting and lunch costs because many companies will let staff only go to the office a few days per month then house prices are selling like hot cakes.
Estate agents will increase House prices upwards because of the reduction or increase their fees.
The buyer is rarely the winner unless they are already in the buying process or get in quick before estate agency’s increase their cut
People who have been at home for 2-3 months have been dreaming of a bigger home. Before they may have wanted different things - place abroad, big car, flash holiday. None of these are that important now they can't easily travel and are WFH. Many have saved up during the lockdown too.
Once the furlough system winds down, it may be a different story. But then again the V shape recovery that everyone wants may be on the cards. It's anyone's guess at this point.
It's mostly low paid jobs in the travel, leisure and hospitality industry that will go who otherwise would probably not be able to afford to buy a house, so I do not think when furlough ends it will have a massive effect on the economy, estate agent friend is saying there are currently bidding wars on propertys now as people have upto spare 10k to spend so house prices going up because of Stamp duty cut, chancellor should have left the stamp duty alone and tripped it for second home buyers to allow house prices to come down so first time buyers can afford and not paying huge over inflated prices for property, but unfortunately they need to keep house prices propped up with billions in government subsidies