0% Stamp duty threshold increasing to £500k

[Rebelwithallthecause]

Just seen the news that the chancellor is due to announce temporary change to stamp duty to help things along which will mean houses under £500k will pay now tamp duty

Not too sure how long this will run for but maybe a few years

Will this change your mind on if you stay out or sell?

We had been looking to love but started considering staying and extending but this would mean a big saving and might mean that more buyers would be interested in ours too

@littlecontis

That would be unethical, but getting gazundered is a thing. You should be fine. Just keep it going. Good luck!

@AKissAndASmile I thought that too! Fortunately we are pretty much decided on the one that valued it yesterday as we have a family connection but its definitely rude!

I guess they are prioritizing the more expensive houses that'll make them more money!

Listening to Sunak now on R4, still think he’s a good economist. The interviewer is very annoying oth, constantly interrupting and voice more irritating.

On housing market keen to unlock the 5% of value of home on spending with increased activity. Protecting and supporting as many jobs as possible.

@MarshaBradyo

Listening to Sunak now on R4, still think he’s a good economist. The interviewer is very annoying oth, constantly interrupting and voice more irritating.

On housing market keen to unlock the 5% of value of home on spending with increased activity. Protecting and supporting as many jobs as possible.

That’s Radio 4 for you, constantly interrupting their guests. I’ve found the new Times Radio to be a lot better on that front!

I found Sunak pretty patronising on R4 the way he brazenly laughed at some of her questions, when she pointed out that this disproportionately benefits wealthier people in the south east (I don’t disagree, I guess I am one and this saves me £10k) he laughed saying “well that just reflects house prices” showing he Just. Doesn’t. Get. It - those of us that can buy right now are already privileged - we have savings and secure employment - and people stuck paying high rents for insecure accommodation with no hope of saving a deposit probably need more help than we do right now. I also don’t think he would have laughed quite as much at Nick Robinson, I think there was more than a whiff of sexism in his dismissive attitude.

However, we will be putting this £10k straight into the house so spending it on trades & retail, back into the economy, so there is a decent point there. It will enable us to do things now we would otherwise have waited a few years for.

"If you have to remove stamp duty for properties up to £500k when interest rates are at 0.1%, you know you're screwed"

@GreyGardens88
It may mean that those houses that would have come onto the market at 200k and therefore be in your budget now come on at 201500 taking it out of your budget. Or worse still if their is a frenzy because of their ‘sale’ (govt pitching policy as available only for 6 months, when like everything else it will probably be extended), then why not as a seller bung a little more on top??

@ChocoTrio see above. For the record, I really hope you’re right though.

@LemonadeFromLemons

I see what you mean. Although, increases like that may not help sellers in Rightmove searches. The max, as in your example, maybe £200k so suddenly the seller has lost some potential buyers. It'll be an interesting balance.

I'm one of those that completed a few days before this announcement. Will anyone sign these petitions for backdating the threshold change to the beginning of lockdown? It's almost certainly a forlorn hope but just maybe...

Very many thanks if you do!

petition.parliament.uk/petitions/310695

www.change.org/p/backdate-stamp-duty-to-start-of-covid-lockdown