Anyone else benefiting from the change to Stamp Duty?

[BeautifulLiar]

I'm over the moon! Loads has gone wrong for me lately (not house related) so this is welcome news.

We're hopefully completing next month and will save £300.

I'll be using that to buy a giant new wardrobe!

Me too Barchester. Enjoy your new house beautiful! And cheers to many more FTB getting on the ladder this week 🎉

Firstly congratulations enjoy your new home!

I think the actual idea of scrapping stamp duty for ftb is a bit of a joke, ftb are getting plenty of help (help to buy, special ideas etc) which has in turn only helped inflated the market

Stamp duty should be scrapped (maybe just for houses upto a certain price someone far smarter than me should decide the cut off) so it trickles down to free up more homes as it allows people to downsize without penalty.

I'm looking to buy my second home, made a loss on selling mine as I bought in 2008, so gain very little from the leg up to help. I've had to move back in with parents to continue to save for a deposit for a family home so we can compete with first time buyers and their perks.

I'm not bitter against ftb- I'd take any help too to get a home. I just think government decisions continue to make it harder for all to have a chance to own a home as they get more and more expensive

That should be isas not ideas... auto correct is so annoying!

Nope thought we would be as lost everything in the 2008 crash, clawed our way back up but whilst we can qualify for a mortgage as a first time buyer the rules are if you owned it even inherited a part share in property in the past 21 year you don’t qualify which actually affects my 24 year old cousin who’s Dad died when he was 3 1/2 and was left a half share of a flat with his half sister which his mum sold for £26000 a year later they are hoping this doesn’t count.
I think it does the money is no longer around as it was used to bring him up and his schooling

It may help a few first FTBers in the VERY short term, but asking prices will soon increase to reflect the extra money and extra leverage they can now afford.

sall so does that mean that technically if we were to sell this house we're buying, we could ask for more money than we could have last week? Not that I want to sell it obviously

Beautifulliar - already thinking like a home owner there

Haha no really, I'm a total amateur kat

but it does make the point that this will not really benefit the housebuyer, it will just put the prices up a bit.

So the public purse suffers, and the house-seller gains.

I agree that stamp duty should be completely overhauled. It should be zero for the first £500k, 1% for £500k-1 million and 2% for anything over that.

They should then apply a 20% sales tax to a home purchased as a holiday home or a home purchased by a foreigner not resident for tax purposes and annual surcharge tax of 5% of the value of the property. Since they need private LLs those not in a corporation should be exempt from the 20% tax if they have a rental contract for at least 6 months within two months of closing and 11 months of a 12 month period unless they can prove the building was empty for substantial improvements and repairs.

We are potentially losing out twice. We agreed to a price reduction on a house we own to help the first time buyer sellers and then still will have to pay the tax as we are giving the money to DD as deposit for a flat in London. At least there is £300,000 of relief. If prices go up, we have lost out on both properties.

I agree with piglet John and That was sort of my point in my last post beautifuliar

Straight away everyone who owns a house is thinking of adding that to their asking price so give it a month and this has helped no one and in fact made the gap bigger for second time buyers who get hit twice. (From increase in price from sellers speculating and from the governments stamp duty)

I agree it should be 0% under 500k and more expected of second home buyers and buy to let buyers