Does anyone actually know what the property tax is rumoured to be?

[kirinm]

I’ve read a few bits and pieces and all I’ve gathered so far is they may get rid of stamp duty (a good thing for me personally) but then bring in other taxes which might include a general property tax and / or capital gains?

For buyers, surely the change is a positive one unless I’m missing something?

(Stamp duty on our current purchase is nearly £60k so if we somehow manage to avoid it, that would be brilliant).

The proposed £500K threshold is ludicrous and will have all kinds of unintended consequences. I want a flat rate on every £1 of property wealth owned wherever you live. I'm more than happy to pay the same rate on my sub-£300K property as a billionaire will/should pay on their £25M property. I'm not greedy!

That's why the version of the possible new rules I outlined above make much sense. But it leaves out renters who currently are responsible for their council tax separately. If we shift all responsibility to the freeholder then landlords will put rent up to include the cost of "council tax" within their rent.

Will the uncertainty stump the market until after the budget?

So mostly we get the Autum budget around the end of October. Unusually the government have quietly announced that this year it will be end November (26th I think). In many cases uncertainty is likley to make people delay big financial decisions (not just around housing, businesses and investors too). At least until they have the correct information. Which nobody does. To be honest this whole thread is full of what ifs, maybes and speculation and the extra delay adds to the feeling that its going to be more significant than usual. Or "further reaching" in political speak. It needs to be.

Yes, it's daft isn't it and would cause all sorts of trouble. I was thinking about your previous suggestion of a LVT and looking at Georgism a bit. It sounds interesting.
Wrt your suggestion above, when you say property wealth, do you mean the percentage that is owned mortgage free?!

I'm sorry @Papyrophile but I can't seem to find your earlier post. Are you able to repost it or link please?

It's an interesting concept but no, I had intended to tax all property value. After all we know that our billionaires are quite adept at avoiding taxes where they can - they'd just interest-only mortgage the £25M property to avoid paying.

Posted yesterday at 17:50, close to the bottom of page 8.

Thanks. I've found it now. That seems, broadly, a more sensible proposition, although I suspect the percentages might have to be a bit higher for it to make sense financially and how the money were distributed would need careful thought, ie central gov vs local councils.

Any cost to sellers will be passed on to buyers, while we are in a market where demand outstrips supply.
I am awaiting completion on selling an empty house.
I wouldn't wait for the budget but ny extra costs would be passed on to our buyer or I would pull out. The house is not over priced.