Monday, Jul 09, 2007
Monday morning blues...
Metro: First Time Buyers Priced Out
A cheery front page on Monday morning in London Commuters read of choice..... "Gordon Brown has been accused of pricing first-time buyers out of the housing market after research showed they face an average stamp duty bill of nearly £1,500"
Posted by auntie @ 09:14 AM (135 views) Add Comment
11 Comments
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1. confused76 said...
What insanity in the press! With house prices pushed beyond affordability the stamp duty is forked by the seller. Gordon is not stupid. Stamp duty does not have any impact. Keep it there!!
2. Freefall said...
Yup, and even if it was forked out by the buyer, that 1.5k is has a massive impact. It's nothing to do with the average FTB flat being 150k and their average salary being 25k. noo sirrr-eeee
3. The_duke_of_hazzard said...
Everyone pays the same stamp duty, so how can it be hitting first time buyers harder? I don't get this at all. Surely the duty is factored into the price?
4. george monsoon said...
What utter tripe.. 1500 quid is nothing, when your average monthly mortgage payment on a two bedroom terrace is in excess of 900 quid a month (at current interst rates). Try paying that on the strength of one wage, while your partner looks after the children, or goes to work and forks out more than 600 quid a week in child minding costs.
Thats the reality, let someone tell me it's not that bad and I will show you someone who is either rich, or has never had to work for a living.
5. d'oh said...
Yep, that article completely missed the point didn't it! Stamp duty adds £1500 to the cost of buying a house; easy credit has added £60,000. I suppose the journalist who wrote that had a university degree....what a waste of 3 years.
6. talking rot said...
Words fail me. How can anyone blame stamp duty for unaffordability?
7. doomwatch said...
I would imagine "The Metro" gets a considerable amount of cash for advertising mortgages
and sh1t housing developments in the East London, Essex and Kent.
I rest my case.
8. Boarder said...
1500 quid is a large %age of the deposit and as a tax on transfer of ownership is counterproductive to proper valuation and efficient allocation.
Scrapping these sorts of taxes would boost the economy, and maybe then wages would catch up with house prices.
What have the state done for the 1500 quid they want to extort from buyers? Nothing!
9. Koala Bear said...
Oh yes, the property section has pages and pages of cheap, ugly, overpriced new builds in East London and mundane London commuter towns
10. Trough2010 said...
Glad you guys picked this up. My first thoughts this morning were: Some VI's are at work to distract from the fact that it is mainly BTL's who are crowding it out the FTB's. Yet another attempt (my guess) by the BTL lobby to fend off the risk of taxation on BTL property. Nothing easier therefore to use politicians as scape goats.
11. Ihopeitgoeswithabang said...
I think they should concentrate on the fact that Gordon Brown has sat back and watched the housing problem develop. He either knew what was happening and didnt give a dam because it served a short term political objective or he was that stupid he didn't realize. Either way - why is he now in charge?!
Priced out because of 1500 hundred quid is a headliner which completely misses the point. Priced out because the average 'crap' 3 bedroom house is £200,000. would be more to the point.
Where did they find a first time buyer that came up with that a reason for not being able to afford their first place!!! It must a been a multiple choice questionarie with very few answers!