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

So The Times have said up to £500k, for six months from October... the Independent have said up to £500k for a year from October. No mention of backdating so far...

We were going to try and move this summer, but it’d be worth us holding off for Autumn at this rate.

It’s done wonders for housing company shares today; despite a few people saying 6 months wouldn’t be long enough for any sites not currently being developed.

Mr Sunak will give a summer economic update to MPs on Wednesday afternoon, but they will have to wait until autumn for the next full-blown Budget when the stamp duty holiday is expected to be announced.

From the Times... so we might not know until October. That seems poor. Fiancé will definitely want to hold off moving just incase, as will many others, I expect.

We had an offer accepted on Friday and our mortgage application was sent this morning. Stamp duty for us will be £9,250. I hate the drip feeding, I was perfectly content with our expenses until I saw the announcement as I chalked it to "one of those things". We are in a really small chain and the only ones needing a mortgage. Everyone else wants it to be ASAP which until this morning sounded grand. Now I'm anxious will it be more like the typical 3 months to completion and we'll maybe just scrape into the exemption.

Love how this government's treating us like a focus group for their policies :D Leak something to the press, wait for reaction, if positive, proceed, else bin it. On to the next policy.

Only problem with this approach is something that makes sound economic sense but might be unpopular (e.g., a wealth tax) will not be implemented resulting in only magic money tree fiscal policies like what Mr. Sunak's been practicing.

Does anyone know how this will affect Scotland if at all?

Oh bloody hell. Need to sell DM's to pay for care home fees. Went on market just before lockdown, so no sale, and now we will probably have to wait until October as the property is on for £465K. Any buyer will rightly stall until then.

I've just googled and there's a new article from an hour ago, the Evening Standard, that says announcement is on Wednesday 🤞🏼

An announcement is no good if they say it will be introduced in Oct/Nov! An announcement it will happen will, as pp pointed out, just stop anyone buying property until the autumn. Unless it is an “as of today”, announcing something like this will happen does more harm than good!

Another one here due to imminently complete on a house at the proce agreed pre-covid. Somewhat resigned to the fact that we may miss out on this stamp duty holiday.

It'll be utterly ridiculous to announce it but not implement immediately. They want to reinvigorate the market - that would just totally stall it! If we were further back in our purchase I'd certainly be stalling now.

I've just accepted an offer on mine and had an offer accepted on ours. At what point is stamp duty payable? Say for example there's no stamp duty from November, if we exchange before November but complete after, will we pay stamp duty?

@hmmph well yes, that's what the fingers crossed are referring to. I'm in the process of buying and selling now so I certainly don't want it to be from November only.

I really hope this is true as we are hoping to upsize in the next few months and it would save us thousands!

We missed out on the scrapping of FTB stamp duty by only a couple of months so I feel the frustration of those who have just recently completed. But I really hope we can benefit this time around.

I do agree its pretty crap to vaguely announce it MIGHT change though - of course it'll wreck the market in the short term as people sit tight and wait for the change (like we will).

I've just had an offer accepted on mine for a BTL investor. no idea if it's gonna affect a BTL or not. Worried they will stall the sale til november now and if it falls through we won't get another buyer til november.

Also very confused if something over £500k is gonna cliff edge or have reduced.

Waiting til October to implement is just stupid. will stall the market even more as no one will want to move til then. This is all rediculous

Ah, grand. We paid £7k in stamp duty two weeks ago after a nightmarish delayed completion and quite a difficult move, so we feel really great about this.

Glad we're getting ours paid as an incentive then or I'd be really pissed off.
Good for anyone buying after it comes in but shit for us that are in the process or who have just purchased

Paul Johnson head of the IFS has said it all. Sunak's either to announce it now or scrap the idea otherwise the market'll just stall for months to come.

Very unlikely to affect Scotland unless nicolas feeling generous as it’s a devolved matter, we have a different system and all.

I'm looking at buying now so if this is not implemented until October I won't benefit. As soon as I see a suitable property I will buy but I can see a lot of people waiting to buy in a the 450k to 500k price bracket. Housing isn't moving fast as EA are overpricing. To be honest I'm sick of being messed about by EA's. Ironically I'm about to chase one up that was suppose to contact me on Friday.

But it's not just the 450 to 500k there will be savings on all purchases so everyone will wait. That's the point about stalling the market.

Like many pps, frustrated that it might not be implemented until October. Our offer was accepted last week and we are hoping to complete by September. Let's hope the government does something right for once and remove stamp duty with immediate effect.

I can’t find anything that suggests it’ll have immediate effect, sadly.

The FT think it was going to be announced tomorrow but be implemented from the Autumn budget, but now think it won’t be announced until the Autumn budget. Not that it’ll help now, it’s been leaked enough that people may well wait. We probably will.

The article also seems to suggest they think it’ll cliff edge after £500k, rather than having moved the incremental increases.

This has made me so cross!

Leak something like this and stall the housing market.

Cliff edge is also really bad for the properties that are currently on for a small amount over £500k!

Why can’t anyone think through the consequences!

My stamp duty will only be 3kish, but still.. That's money I'll use on my house improvements if I can

I only believe it when it has been official announced. Sick of this game like last year it has so many speculation about transferring stamp duty to vendor, removed first buyer's stamp duty below£500,000 last November/December. Nothing happened since then..
Also doubt that £500 voucher for adult & £250 for kid as well. Where are those money from?

Typical. We’re about to go on the market this week. Now trying to second guess what’s going to happen and assume that if if this is implemented announced this week but not taking effect until October everything is going to stall.