Stamp Duty AXED!

[BTS]

http://news.bbc.co.uk/1/hi/uk_politics/7592852.stm

 

[Stats]

Stamp duty now comes into play at £175000 of which 1% is £1750.

Being realistic £1750 in the scope of a mortgage is faf all.

 

[Einstein]

Being realistic £1750 in the scope of a mortgage is faf all.

Think it's more the UK Government hoping it'll give the public a psychological lift though. Whether it works is another thing, but the main problem in the market is the banks lending the money in the first place....

 

[Desert Shrimper]

Not many properties in the South East below 175k but I'm sure first time buyers Halifax and Grimsby are celebrating today (Matalan have dropped Lonsdale T-Shirts to £4.99 for a pack of three.)

 

[MK Shrimper]

Not many properties in the South East below 175k but I'm sure first time buyers Halifax and Grimsby are celebrating today (Matalan have dropped Lonsdale T-Shirts to £4.99 for a pack of three.)

Plenty of 1 bedroom flats and a house in Milton Keynes.... one careful owner :whistling:

 

[Bob Cratchitt]

Typical another Labour handout to the Northern monkeys

 

[BTS]

Stamp duty now comes into play at £175000 of which 1% is £1750.

Being realistic £1750 in the scope of a mortgage is faf all.

Its better than a kick in the bol*ocks

 

[Pubey]

Not many properties in the South East below 175k but I'm sure first time buyers Halifax and Grimsby are celebrating today (Matalan have dropped Lonsdale T-Shirts to £4.99 for a pack of three.)

and sheffield!

i was looking at a three-bed house, minimal work and in a decent area (20mins walk to city centre) for 115k. i couldn't buy a studio flat for that in leigh!

 

[Ricey]

WOOO!! This has a saved me a load of money.

 

[blues_r_best]

Can't even afford a £125k house, so couldn't give a ****.

 

[Stats]

Think it's more the UK Government hoping it'll give the public a psychological lift though. Whether it works is another thing, but the main problem in the market is the banks lending the money in the first place....

Exactly, another smoke screen from Labour. They must think the public are fools.

Until the 100% mortgage come back on the market things will not improve.

 

[OldBlueLady]

Not many properties in the South East below 175k but I'm sure first time buyers Halifax and Grimsby are celebrating today (Matalan have dropped Lonsdale T-Shirts to £4.99 for a pack of three.)

Oh, I don't know, there are a few flats and starter homes around that fall within that. It could be a bit of a boost for first time buyers for sure, but as others are saying, more of a sop to those up North.

 

[seany t]

Typical another Labour handout to the Northern monkeys

Well their second album wasn't as good admittedly, but it wasn't all that bad to warrant financial aid...

 

[Einstein]

Oh, I don't know, there are a few flats and starter homes around that fall within that. It could be a bit of a boost for first time buyers for sure, but as others are saying, more of a sop to those up North.

Personally I still wouldn't buy right now if I was in Essex. According to the latest reports, house prices have fallen just over 10% already this year. It's showing no sign of easing up so another 5% for the rest of the year is a realistic estimation. Analysts can't agree between themselves how much they will fall in 2009, but let's be honest, it's certainly not optimistic. In my opinion, the best course of action at the moment for a potential buyer would be just to wait in the wings for the first sniff at things changing. Could be sniffing a while though....

 

[OldBlueLady]

Thing is though, if you've been sitting in rented for a few years and are desperate to make that move into your own home, then this is really just what you've been waiting for. Is it better to be in your own place even if it drops another 5 or 10% knowing that the outcome is likely to be that it WILL start going up eventually? Difficult to say unless you're actually in that position.

 

[fatshrimp]

This is an attempt to paper over the cracks in my opinion. Personally I think a lot more is needed to kick start the economy. Perhaps a Chancellor that doesn't send the currency into freefall or a Prime Minister that hasn't contributed to most of the mess might be a start.

 

[OldBlueLady]

This is an attempt to paper over the cracks in my opinion. Personally I think a lot more is needed to kick start the economy. Perhaps a Chancellor that doesn't send the currency into freefall or a Prime Minister that hasn't contributed to most of the mess might be a start.

Exactly, what happened to the old "economy is safe in Gordon's hands" rubbish that we got fed for so long?

 

[Einstein]

Thing is though, if you've been sitting in rented for a few years and are desperate to make that move into your own home, then this is really just what you've been waiting for. Is it better to be in your own place even if it drops another 5 or 10% knowing that the outcome is likely to be that it WILL start going up eventually? Difficult to say unless you're actually in that position.

More and more homeowners are moving out straight from parents to their own place. Many youngsters are now skipping the renting stage as they see it as a waste of money. (which it is!)

What's better though?

Option a) A house with a mortgage of £160k and a move in date - 1st October 2008. However, with house prices continuing to fall at such a rate that it wouldn't be profitable to be able to sell that house for four years before you'd be back on a break even level.

Option b) A house with a mortgage of £140k and a move in date - 1st October 2009. House prices to start going up slowly, that puts you only one year away from profitability before being able to sell your house. Oh and of course - you've been paying lower monthly mortgage payments ever since.

I'm obviously not saying the above is going to happen, or even likely to happen, just the way I see things if I were in that position.

 

[seany t]

More and more homeowners are moving out straight from parents to their own place. Many youngsters are now skipping the renting stage as they see it as a waste of money. (which it is!)

What's better though?

Option a) A house with a mortgage of £160k and a move in date - 1st October 2008. However, with house prices continuing to fall at such a rate that it wouldn't be profitable to be able to sell that house for four years before you'd be back on a break even level.

Option b) A house with a mortgage of £140k and a move in date - 1st October 2009. House prices to start going up slowly, that puts you only one year away from profitability before being able to sell your house. Oh and of course - you've been paying lower monthly mortgage payments ever since.

I'm obviously not saying the above is going to happen, or even likely to happen, just the way I see things if I were in that position.

All I know is that I'm going to curb the drinking for the next few months and try and put away as much as possible for the foreseeable future. There are still plenty of obstacles between first time buyers and getting on the property ladder, but every little helps...

 

[Southminster_Shrimper]

Oh, I don't know, there are a few flats and starter homes around that fall within that. It could be a bit of a boost for first time buyers for sure, but as others are saying, more of a sop to those up North.

3 bed houses in Sarfminsta for £160k.....:stunned:

Isnt it only for first time buyers tho this stamp duty and its only for a year?

But remember its the government here....

They giveth on the one hand and take twice as much back on the other :'(