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workingpoor

Axe Stamp Duty For Oap's

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Just shows how hopelessly far from reality the VI actually still are.

This financial crisis been all too cushy for older VI and their connected others, with policy to protect HPI, forbearance, QE, 0.5%, blocking value discovery and good money.

It is expensive to downsize. Moving down incurs all the moving costs associated with moving up. Selling a £1m property to move into a £600K property will cost over £40K when all fees and taxes are considered. In effect you lose 10% of the potential gain. I don't believe people are refusing to downsize, it's just that they lack any incentive to do so.

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Just shows how hopelessly far from reality the VI actually still are.

This financial crisis been all too cushy for older VI and their connected others, with policy to protect HPI, forbearance, QE, 0.5%, blocking value discovery and good money.

If you did a survey of older people I am not sure that too many would say that QE and 0.5% were good for them. Ask some hardworking family debt junkie though and they will tell you it has been like winning the lottery. Edited by campervanman

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Just another reason for non voters (young people) to get off their arses.

Too busy working their ass off to pay for a boomer slumlord probably.

Edited by EUBanana

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That doesn't make sense. But assuming it did all that would happen is the price of retirement homes would rise by an equivalent amount to the stamp duty. And the price of other properties would also rise in proportion to the number of OAP buyers/total buyers, with some optimisation around the 250k mark.

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Surely it should be the other way around? The only people who can afford stamp duty (let alone a house) are the boomer/OAP generation who have profited nicely from HPI at the expense of the young. It would also mean OAP competing with an advantage against typical first time buyers of sub £250k homes.

Edited by fru-gal

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Surely it should be the other way around? The only people who can afford stamp duty (let alone a house) are the boomer/OAP generation who have profited nicely from HPI at the expense of the young. It would also mean OAP competing with an advantage against typical first time buyers of sub £250k homes.

Downsizing older people have always had an advantage over younger buyers and in most cases anyway they would not be competing for similar properties. How many older people need or want to live in cities and larger towns where younger people mostly need or want to live?

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Just another reason for non voters (young people) to get off their arses.

And vote for who, exactly? The Make Houses More Expensive While Wearing A {Red|Blue|Yellow|Purple} Tie Party?

It doesn't help that young people (to generalize wildly) strike me as a bunch of turkeys voting for Christmas. Many of them seem to think that £500,000 is just what a 2-bed flat costs, and that the real problem is that those nasty banks won't give them a £500,000 mortgage.

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Well you would think that given the discontent amongst younger people that they would be lobbying mp's and taking to protest about the cause of their discontent in the same way that previous generations did. Of course it could just be that the majority have been dumbed down into consumerist la la land and are incapable of any form of dissent.

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And vote for who, exactly? The Make Houses More Expensive While Wearing A {Red|Blue|Yellow|Purple} Tie Party?

It doesn't help that young people (to generalize wildly) strike me as a bunch of turkeys voting for Christmas. Many of them seem to think that £500,000 is just what a 2-bed flat costs, and that the real problem is that those nasty banks won't give them a £500,000 mortgage.

Just as excuse choir makes them out as victims who 'only wanted a home, didn't know what they were doing, believed what parents told them, media to blame'.

Pushing and falling over themselves to pay silly prices in London, queuing up to get into viewings at Forest Gate and places... now the remainder crossing their fingers on MSE hoping they will pass MMR to meet high prices. You claim people make their own decisions, you get back they are somehow victims, even when buying at twice or more than you'd ever be prepared to pay, when your family has vastly more to put down as deposit and higher earners; the outbidders somehow innocent.

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Another prop for the housing market, another reason to vote UKIP.

I, personally, would probably benefit from it, if and when I buy a house, but that doesn't make it right.

Edited by Bruce Banner

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The real disincentive to downsizing is every increasing house prices. Ever increasing house prices that they keep on harping on about in their daily propaganda.

For sure owners considering downsizing will be thinking why take the risk.

Stamp duty is nothing compared to 10% to 20% per year house price increases.

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Just another reason for non voters (young people) to get off their arses.

Theyre probably tired from working their socks off to fund landlords like yourself to the easy life.

But as you insult anyone who votes for a party that isnt the LIBLABCON; the 3 parties that created this situation, while inferring you are interested in them voting for a party to end the status quo is hypocritical at best.

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Of all the props Gidiot could bring in before the election, this has to be one of the least worst IMO - encouraging oldies to downsize and free up more family homes that are currently under-occupied. I'd rather this than a stamp duty holiday or HTB III :ph34r:

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If they downsized to a property of less that £125k they wouldn't have to pay it anyway. And they could put all that unearned income in the bank.

Although with interest rates so low that's another disincentive to downsize and the potential loss could be very large each year relative to a single stamp duty saving. Plus the £85,000 "safe" limit.

Edited by billybong

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The first past the post system makes it fairly meaningless in the final analysis.

To win power you need to gravitate to the 'middle ground', to where the majority of voters (and their vested interests) sit.

That is precisely why they have virtually identical policies. They are fishing in the same pool.

Democracy has become the ongoing oppression of the minorities by the majority. In this case, the young and the non homeowners. There are no effective parties under this system that act as a mouth piece for their interests...except for the 'vile' racist parties that are villified or others such as the Greens that are ridiculed by the mainstream media. And they remain voiceless and unrepresented thereby increasing dissatisfaction across the spectrum.

Its like 'market profile' or market delta but with political parties not futures, indices, fx etc..

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Of all the props Gidiot could bring in before the election, this has to be one of the least worst IMO - encouraging oldies to downsize and free up more family homes that are currently under-occupied. I'd rather this than a stamp duty holiday or HTB III :ph34r:

One thing you can be sure of he's going to come up with a bribe to boost spending prior to May 2015, bringing forward the date pensioners can release their pension could be a goer.

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Well you would think that given the discontent amongst younger people that they would be lobbying mp's and taking to protest about the cause of their discontent in the same way that previous generations did. Of course it could just be that the majority have been dumbed down into consumerist la la land and are incapable of any form of dissent.

Previous generations didn't live in a police state with draconian anti-protest laws, disproportionate sentencing, permanent criminal records for cautions without trial, and the prospect of highly invasive electronic surveillance. Wake up.

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Although with interest rates so low that's another disincentive to downsize and the potential loss could be very large each year relative to a single stamp duty saving. Plus the £85,000 "safe" limit.

Or invest in the stock market, buy multiple cheap BTLs from Ajay, have a cruise every year, expensive champagne, caviar, give money away to kids and grandchildren, dogs' home, Premium Bonds, Pensioner Bonds......

Doesn't just have to be the bank.

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