good news no stamp duty on 500k

[macafee2]

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

[KWIL]

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

[macafee2]

Originally Posted by KWIL

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

[marinabrian]

Originally Posted by macafee2

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

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

Brian

[macafee2]

Originally Posted by marinabrian

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

Brian

people with mortgages might not agree

macafee2

[steve-45]

Originally Posted by marinabrian

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

Brian

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 !

[marinabrian]

Originally Posted by steve-45

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.

Originally Posted by macafee2

people with mortgages might not agree

macafee2

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

[SCP440]

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.

[Rev Jules]

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

Rev

[edwardmk]

Originally Posted by steve-45

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 !

Agree. The system is set up to reward those who control 'printing' the fiat currency in the central banks. By the time the currency units (pounds, euros, dollars etc) reaches those at the bottom in the 'main street' economy, they're already depreciated in purchasing power. There is no real money in the vaults of most banks. Real money is gold (J P Morgan). When you apply for a mortgage, the currency is literally 'magicked' into existence on a digital ledger. Henry Ford once said that if the American people truly understood how the Banking System worked there would be riots in the streets. Interesting how Theresa May said to a nurse 'there is no magic money tree' to fund a £1 billion pay rise for the nurses. Yet there is apparently a magic money tree that's already found over 500 billion to combat Covid-19. Now if we had actually joined the Euro and lost the ability to print the pound we'd have been even more royally scr**d by the financial black swan caused by Covid! Britain must never give up our ability to create currency according to the national imperative. Joining the euro would have made us a vassal state with our hands held out in an emergency like Oliver Twist! All modern central banks target 2% inflation, but miss the target regularly on both sides of the equation. This is part of the reason for boom and bust. Inflation hurts the common person. Increases in house prices are largely caused by inflation compounding which harms the first time buyer. The apparent capital gains accruing to the housing market are largely illusory. The value of the houses didn't go up, it was the value of the currency that went down. Rant over