So much for seeing the housing market normalise at all I guess.
Interesting move, this should help many first buyers if they are able stomach the much higher monthly mortgage payment.
If you put 25% down on a £250k flat, your mortgage on a 5 year fixed term (25 years overall) would be nearly £300 more per month than last year.
I guess take with one hand and give with the other – the Tory way.
And push up all the prices of all houses below £250,000.
Fuck all first time buyers (who already had no stamp duty on these <£250k houses) who can’t afford a £400,000 property as their first house I guess
First time buyers for houses up to £600k, just like most first time homes for millionaires
[deleted]
I want to buy a flat next year so this is good news for me. Still, fuck the tories.
I live in London where stamp duty is particularly punishing for any first time buyers due to the high property prices in general. These higher thresholds will make a significant difference for first time buyers, but not so much for those looking to move up the ladder to a larger (and more expensive) property or family home, where stamp duty remains high.
RIP to conveyancers who’ve just had a really busy two years after the last SDLT cut and who were hoping levels would go back to normal
Very glad to be out of that industry!
This is one of those ‘helps house buyers’ but also ‘helps maintain high property prices by increasing affordability.’
The motivation- as always – is to maintain high property prices. It can be seen as something that helps everyone – keeps homeowners equity rising and helps new buyers get on the ladder. The issue is that is what the government does every time it meddles with the housing market – help to buy etc. Helping people take on more and more debt’ fucking renters and protecting existing homeowners.
What would really help buyers and renters is building more stock. The interest rate also needs to (and will) go up. This would make borrowing more expensive but that combined with more stock would stop the insane growth of the last decade. The supply needs increasing’ rather than artificially protecting the demand and doing anything to protect homeowners equity.
This was a welcome help a few years ago when we bought our first house for just over the previous cap (£315k) but my understanding is that policies like these help drive prices of houses up, so in a way it both helps and hinders first time buyers. Am I wrong?
The largest blocker for first time buyers is only borrowing 4.5 times your salary, all this will do is great increased demand for houses below 250k driving proces up on the most affordable houses in the market. Catastrophic policy only helping the wealthy, typical tories
I would rather the exemption for first time buyers was extended to anyone who doesn’t own any other property, so that someone who bought a studio flat because it’s all they could afford is able to upsize but people buying to invest are still penalised
Am a little confused….
First time buyers buying a house up to 435k won’t pay stamp duty.
What about those moving or looking to buy an additional property?
You can cut the stamp duty as far as you want when the coming rate hikes will make mortgages realistic again. I don’t think the property boom returns to its previous levels.
Help them by massivly constricting supply as the market gets super busy and prices go up? Or helping rich people buy more houses ? 🤔
More demand side tinkering which will do more to protect high prices than lower costs.
16 comments
So much for seeing the housing market normalise at all I guess.
Interesting move, this should help many first buyers if they are able stomach the much higher monthly mortgage payment.
If you put 25% down on a £250k flat, your mortgage on a 5 year fixed term (25 years overall) would be nearly £300 more per month than last year.
I guess take with one hand and give with the other – the Tory way.
And push up all the prices of all houses below £250,000.
Fuck all first time buyers (who already had no stamp duty on these <£250k houses) who can’t afford a £400,000 property as their first house I guess
First time buyers for houses up to £600k, just like most first time homes for millionaires
[deleted]
I want to buy a flat next year so this is good news for me. Still, fuck the tories.
I live in London where stamp duty is particularly punishing for any first time buyers due to the high property prices in general. These higher thresholds will make a significant difference for first time buyers, but not so much for those looking to move up the ladder to a larger (and more expensive) property or family home, where stamp duty remains high.
RIP to conveyancers who’ve just had a really busy two years after the last SDLT cut and who were hoping levels would go back to normal
Very glad to be out of that industry!
This is one of those ‘helps house buyers’ but also ‘helps maintain high property prices by increasing affordability.’
The motivation- as always – is to maintain high property prices. It can be seen as something that helps everyone – keeps homeowners equity rising and helps new buyers get on the ladder. The issue is that is what the government does every time it meddles with the housing market – help to buy etc. Helping people take on more and more debt’ fucking renters and protecting existing homeowners.
What would really help buyers and renters is building more stock. The interest rate also needs to (and will) go up. This would make borrowing more expensive but that combined with more stock would stop the insane growth of the last decade. The supply needs increasing’ rather than artificially protecting the demand and doing anything to protect homeowners equity.
This was a welcome help a few years ago when we bought our first house for just over the previous cap (£315k) but my understanding is that policies like these help drive prices of houses up, so in a way it both helps and hinders first time buyers. Am I wrong?
The largest blocker for first time buyers is only borrowing 4.5 times your salary, all this will do is great increased demand for houses below 250k driving proces up on the most affordable houses in the market. Catastrophic policy only helping the wealthy, typical tories
I would rather the exemption for first time buyers was extended to anyone who doesn’t own any other property, so that someone who bought a studio flat because it’s all they could afford is able to upsize but people buying to invest are still penalised
Am a little confused….
First time buyers buying a house up to 435k won’t pay stamp duty.
What about those moving or looking to buy an additional property?
You can cut the stamp duty as far as you want when the coming rate hikes will make mortgages realistic again. I don’t think the property boom returns to its previous levels.
Help them by massivly constricting supply as the market gets super busy and prices go up? Or helping rich people buy more houses ? 🤔
More demand side tinkering which will do more to protect high prices than lower costs.