Mike Reed
pfm Member
Just in time for all those off-loaded BTL properties. I rather think that this first time buyer carrot (which varies throughout the country) will at least put a floor under prices at the lower end.
budget 2017
- Thread starter hifinutt
- Start date
Just in time for all those off-loaded BTL properties. I rather think that this first time buyer carrot (which varies throughout the country) will at least put a floor under prices at the lower end.
glancaster
In the silicon vale
And I'm agreeing with the OBR, but only because we normally talk about house prices excluding stamp duty. If you look at the price including stamp duty, the price buyers actually pay, that will be less for first time buyers than if there were no stamp duty cut.
According to The Guardian the OBR predicts the cut will cause a small 0.3% price rise (did you misread it as 3%?). If you are buying a £300k house today, you're on the hook for 1.7% stamp duty, so first time buyers would still be paying around 1.4% less.
https://www.theguardian.com/uk-news...st-time-buyers-fix-housing-market-budget-2017
Second and third time buyers etc. don't get the benefit of the stamp duty cut, but still pay the higher house prices generated by the change, so they are worse off.
Kind regards
- Garry
jackbarron
Chelsea, London
House prices are falling quickly in London. Part of this is down to the market stalling. I had an online estate agent around a week ago to do a valuation. My place is £225,000 cheaper than it was in January, according to him. But then he said many places weren't selling a year ago. Estate agents do like to lie though.
To put it on the market this week would be stupid, because we are heading towards Christmas and New Year. Plus the market has slowed down because people are holding off buying and selling because of Brexit.
I've just watched someone in the City say that growth in the UK is going to keep going down in the next few years, whereas in the EU and America it is rising.
My guess is if May and her morons don't satisfy the three EU stipulations about money, the Irish border and the rights of EU citizens, by the start of December the UK economy will nosedive.
A mate of mine who lives in Barcelona warned me to sell my gaff before the EU referendum. I wish I'd listened to him and moved out the country.
Jack
To put it on the market this week would be stupid, because we are heading towards Christmas and New Year. Plus the market has slowed down because people are holding off buying and selling because of Brexit.
I've just watched someone in the City say that growth in the UK is going to keep going down in the next few years, whereas in the EU and America it is rising.
My guess is if May and her morons don't satisfy the three EU stipulations about money, the Irish border and the rights of EU citizens, by the start of December the UK economy will nosedive.
A mate of mine who lives in Barcelona warned me to sell my gaff before the EU referendum. I wish I'd listened to him and moved out the country.
Jack
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Richard Nichola
pfm Member
The main barrier to FTBs buying a property is the up front cash needed. An increase in the price in the property can be paid back over many years on the mortgage. The SDLT is due immediately.
glancaster
In the silicon vale
There is money to improve Universal Credit too. From the BBC's summary:
"Pensions, savings and welfare
- £1.5bn package to "address concerns" about the delivery of universal credit
- Seven-day initial waiting period for processing of claims to be scrapped
- Claimants to get one month's payment within five days of applying
- Repayment period for advances to increase from six to 12 months.
- New universal credit claimants in receipt of housing benefit to continue to receive it for two weeks"
Richard Nichola
pfm Member
http://budgetresponsibility.org.uk/box/a-new-tax-relief-for-first-time-buyers/ (glancaster) my reading is the same as Sean's... increase in price is 2x the cut in SDLT.
Nick_G
pfm Member
It was always clear from the beginning that there would be financial commitments to honour if we left. I'm sure you realise that walking away with no deal would be an extremely stupid, irresponsible and damaging thing to do. Moreover, I suspect it would be somewhat difficult for the UK to find decent trade deals post-Brexit if we were seen to be unreliable at playing by the rules.
Still
he said his naim was ralph
imo nowhere near enough, and Sean has pointed out a couple of the many things that should higher priority than property market props and bungs.
Arkless Electronics
Trade: Amp design and repairs.
It's hardly generous!! Those at the bottom deserve the most help and can be helped the most for the smallest outlay. If you've got nowt then £1000 can be life changing. If you have £50,000 a year anyway then £1000 is just a nice Brucey bonus... It will take a Corbyn gov to properly take from the rich and give to the poor of course.
TheDecameron
Unicorns fart glitter.
The idiot IDS should have got universal credit right the first time and shouldn't have written off more than a £100 million in failed computer system spending.
Ponty
pfm Member
If a small increase in tax means someone won’t be buying a new car, maybe they shouldn’t be buying a new car.
droodzilla
pfm Member
A daft argument. All change happens at the margin.
Ponty
pfm Member
On most cars (less than 130g / CO2) the change is tiny and on the first year VED only. The cost of half a tank of fuel will change the buying behaviour of most people’s second largest purchase? Really?
hifinutt
hifinutt
ah , i read 400 pound increase for a discovery , but i guess comapred to the overall price its not much