gruffydd

Gov to announce Stamp Duty Cut for first time buyers

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What is a first time buyer? What if you bought a place in your twenties, got divorced for argument sake......rented for 20 years then decides to buy in 50s.....how would anyone know if they owned 20 years ago? Not a first time buyer.

Anyway all for it, buying a first home means buying furniture and other items/decoration to create a home, what would have been paid out in SD comes back in VAT.;)

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Completely agree with kilham. They know house prices are causing a problem, but at the same time dont want a dramatic fall. The current zero percent level is 125 grand. Doesnt sound a lot but that is  over 4 times the average income. In a normal society 4 to 5 times average income would buy a first time buyer somewhere decent. 

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35 minutes ago, winkie said:

What is a first time buyer? What if you bought a place in your twenties, got divorced for argument sake......rented for 20 years then decides to buy in 50s.....how would anyone know if they owned 20 years ago? Not a first time buyer.

Anyway all for it, buying a first home means buying furniture and other items/decoration to create a home, what would have been paid out in SD comes back in VAT.;)

If you have bought in the past then you're not a first time buyer.  I'd be surprised if they can't/don't check the land registry for previous purchases.

 

You might be lucky - if the records don't go back far enough.

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9 minutes ago, Just_Do_It said:

If you have bought in the past then you're not a first time buyer.  I'd be surprised if they can't/don't check the land registry for previous purchases.

 

You might be lucky - if the records don't go back far enough.

Can they check to see if already own one anyway?;)

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18 minutes ago, winkie said:

...I'd be surprised if they can't/don't check the land registry for previous purchases.

I bet no one checks anything like that. Na, no way. Ask yourself, who would benefit by doing so?

FTB = not having a mortgage in the last 6 months. ie. anyone with a pulse.
The image that "First Time Buyer" conjures up in the general publics' ill-informed mind bares no connection with actual reality but makes a great heart warming headline.

 

More HPI props comming soon, sadly many on HPC will be very disappointed.

Edited by DarkHorseWaits-NoMore

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10 minutes ago, Just_Do_It said:

It'll be stored on the land registry, whether they actually check it is another matter.

Does John Smith own a property in the UK?

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2 hours ago, Maynardgravy said:

'...is said to be considering...'

Putting out the feelers anyone?

If so, listen up Hammond Feelers. Speaking as a potential FTB you can stick your stamp duty cut up your tediously unimaginative ****.

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I just know that I'll be in a really bad mood for the rest of the week once the idiot Hammond has announced his stupid ideas, that will keep house prices up. Ideas that don't help anyone in society other than the Rentier class and he knows it. The only saving grace is the Tories are going to wiped off the face of the earth at the next election, I'm only hoping that's not in 4 and a bit years time. 

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2 hours ago, btd1981 said:

He does get that reducing this tax, in a high demand market, will only result in the headline prices increasing to take up the slack, does he?

I'm quite sure that is exactly why he is doing it.

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BTL has been touted by Osborne, Carney etc for quite a while now as a real and present threat to the stability of the economy and the wider banking system... by 'helping out' FTBs they will in fact be enabling overextended members of the BTL market to bail out with a soft landing - ultimately reducing risk for all parties. Two birds - one stone. Annoyingly it makes sense.

 

 

 

 

Edited by Mapatasy

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2 minutes ago, Mapatasy said:

BTL has been touted by Osborne, Carney etc for quite a while now as a real and present threat to the stability of the economy and the wider banking system... by 'helping out' FTBs they will in fact be enabling overextended members of BTL to bail out - ultimately reducing risk. Two birds - one stone. Annoyingly it makes sense.

It is more stimulus to the demand side, which isn't what we need.

However, it might help them buy some young votes from people who don't realise they're being played and also move the figures back toward more OOs a little so they can claim they're doing the right thing. Since the UK economy largely relies on high house prices, it makes sense to the government but it's still not the right policy.

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Just now, dugsbody said:

It is more stimulus to the demand side, which isn't what we need.

However, it might help them buy some young votes from people who don't realise they're being played and also move the figures back toward more OOs a little so they can claim they're doing the right thing. Since the UK economy largely relies on high house prices, it makes sense to the government but it's still not the right policy.

Agreed... it's absolutely the wrong thing to be doing but time has proven that stability within the banking sector is the only importance. Bank stress test results out on the 28th!

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Whats the  average  FTB price?

Is it really stamp duty stopping people  buying houses? 1%?

If it were 10/15% ok, I'd agree

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