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

All that will happen is people/estate agents will just increase the asking price because they now know people have more money to spend as they will not have to pay stamp duty, this will not help buyers out at all, it was the same with the help to buy scam where builders increased new build prices by upto 20% as they knew people now had an extra 20% more money to buy with and so house builder execs had tens of million pound yearly bonuses as a result of tax payer money

@RAINSh0wers

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.

If you’re going on market this week, would you expect to complete much before October anyway?

This would be really welcomed. But agree that if it isn't happening until autumn this doesn't help the market right now when its badly needed.

We planned to move this year but obviously delayed. While we weren't planning on it now until next year, this would certainly make us consider selling this year.

It doesn’t affect us either way because we don’t want to move BUT I think this is a terribly unfair policy that will piss lots of people off!! We need this money as a country anyway!! I really can’t see it propelling more sales, people who want to buy/ sell will just be adjusting the sale price accordingly. WhT a shit show.

Omgeeeee I'm just about to spend 6k in stamp duty!!! Woohoooooo 👍🏻👍🏻

I feel really sorry for anyone who was expecting to complete today, tomorrow, or Wednesday...

If it isn't going to kick in till November, I don't think any house under £500K is going to complete very soon. Let's just hope if they do this they are sensible enough to do it very soon!

If it isn't going to kick in till November, I don't think any house under £500K is going to complete very soon. Let's just hope if they do this they are sensible enough to do it very soon!

Have they said whether they're scrapping stamp duty on houses up to £500k or is it going to be like a mortgage holiday where it will need to be paid eventually?

Why not lift stamp duty permanently and on houses up to £1m?

Our house is going on the market next week. First time sellers and only just realised today that we would have to pay stamp duty on a new property!

Fingers crossed we can benefit from this.

I had an offer accepted last week, and both sides are chain free and want to move quickly for various reasons.

I'd delay if I could save the SD.

@Moomin12345

Why not lift stamp duty permanently and on houses up to £1m?

Yes please, that would get things moving in London and the South East!

Aww shit, this passed me by until the EA mentioned it when I offered on a house today my stamp duty would be around 3k so I think I'll continue regardless, but it's galling and potentially very unhelpful to the market. Bloody incompetent idiots in charge of our country!

We're due to complete end of September. Our stamp duty is just shy of 15k. Our mortgage offer expires end of September as well so not sure it would be worth the risk delaying which is such a shame as it is a huge amount of money to save.

We’re waiting for Wednesday’s announcement with baited breath as well! A lot of leading figures seem to agree with us that announcing it will come in Autumn would be a disaster economically and politically, so Sunak has to either announce it tomorrow and implement it ASAP, or announce that it will not happen at all (and stick to it). We’re buying a £500k property and this would save us £10k - which would go straight into work on the house (and therefore the economy, paying trades, retail etc). If it was happening in a few months then delaying completion would have to become a serious consideration. We’ve not completed enquiries yet so not agreed any dates.

Laura K on BBC News last night said Sunak was considering an IMMEDIATE freeze on stamp duty. So I feel a bit more hopeful...

@Hmmph fingers crossed, Laura is correct. I think I might cry a bit if this goes ahead and I can't benefit from it.

Thankfully it looks like they may implement it from tomorrow not October. Still no idea if it'll cliff edge or just raise the theshhold. I also think it should be a year not 6 months. 6 months does not leave you long to find something and purchase it esp if you're at the bottom of a chain.

6 months is far too short and will create a weird panic buy type of thing

seems unfair on those who have just bought

That’s life, tough luck. Not everyone can win at everything.

Exchanged last week and "adjusted our selling price" twice during and after lockdown to keep a 6 month, 4 house chain together. Grr... bet we miss out on this, would save 9k.

Fuck sake not more of this shit. Yet another idea to keep house prices high. People need to understand that all these incentives are actually hindering their ability to get on the housing market.

Another 'quick, we need a headline' announcement instead of a proper recovery plan. I'm so sick of them.

Presumably also they want to mask any slowdown caused by Brexit? Because if it is 6 months from October, then the 'magnificent WTO-style deal' will be coming into place right in the middle.