good news no stamp duty on 500k
 

Some good news for those buying or selling property.
No stamp duty on the first £500,000 of purchase price (some conditions apply). That should help sellers sell and buyers get more for their money.

macafee2

Conversely the loss to the Treasury will have o be made up sometime by way of added taxes.

It wont lose the full amount of stamp duty as buying and selling along with renovation will put money into the economy and government but I get your point but for now, I'm happy.

macafee2

500K would buy you a very nice house in this area, what we need is a housing price crash.......that will allow first time buyers to get their foot on the ladder :cool:

Brian :D

people with mortgages might not agree:eek:

macafee2

Or house prices just to increase in value at the annual rate of inflation.

The spiraling above inflation prices rises does not do you any good unless you want to sell up and live in a tent.

Example
100K house increases in price by 15% - now worth £115K

But, what I would really like is a £200K house, however that now costs £200K + 15% now equals £230K

So, 1 year ago I was £100K away from my dream house - now I am £115K away !

Yes, speculation in property should not be viewed as a investment other than the investment in a home for your family, and as you point out increase in value makes not a jot of difference unless you wish to downsize.


It makes not one iota of difference Ian, it only matters if you plan to move house, and plan to port the mortgage along with the move.

It is unfortunate if you happen then to be trapped in a house you no longer wish to live in, but the perception of the properties worth to yourself doesn't alter because of negative equity.
I believe it to be a price worth paying so our children and their children have a reasonable chance at making a home for themselves.

Brian :D

A friend's oldest boy is buying a small house soon (with some help from the parents).

They were telling me not only did they have to put up a 10% deposit but his mortgage is for 35 years, I thought 25 was a long time but to make it affordable this is what they now do, they even do 45 years if needed.

To me that highlights the price of houses is dispraportinate to most peoples wages.

Perhaps they would like to backdate it and refund me £6500 they stole off of me two and a half years ago.

Rev

so far I think it depends on what item you read or who you talk to about the short term house prices. Some say it will go down and other up.

my first house we bought for £33,000 sold for £64 or 68,000. just looked on rightmove £337,000
my previous house we sold for £180,000 ish, last time it was up for sale it was over £400,000.

people are still paying high prices but who do you blame? seller, buyer, mortgage company?

macafee2