juvenal Posted June 1, 2015 Share Posted June 1, 2015 Heads up Quote Link to comment Share on other sites More sharing options...
Fromage Frais Posted June 1, 2015 Share Posted June 1, 2015 The oldies can't afford the stamp duty when trading down so should be exempt ..... then I switched off. Or alternatively get rid of stamp duty and make council tax 1% of a properties value / 10% of a rental value etc. They can save money downsizing then.. Quote Link to comment Share on other sites More sharing options...
Exiled Canadian Posted June 1, 2015 Share Posted June 1, 2015 Or alternatively get rid of stamp duty and make council tax 1% of a properties value / 10% of a rental value etc. They can save money downsizing then.. A proper "bedroom tax" - use it to snooze, or you lose... Quote Link to comment Share on other sites More sharing options...
juvenal Posted June 1, 2015 Author Share Posted June 1, 2015 Fat lot of good Newsnight was.... BBC Five Live tonight has Housing (with tame EA answering phone-ins) as the after-midnight topic.. Quote Link to comment Share on other sites More sharing options...
LabConH8er Posted June 1, 2015 Share Posted June 1, 2015 I can't believe people still watch Newsnight now that Evan Davis who only got the gig due to his sexuality. He makes those muppet in house economic journalists on Sky look intelligent. Quote Link to comment Share on other sites More sharing options...
LabConH8er Posted June 1, 2015 Share Posted June 1, 2015 I can't believe people still watch Newsnight now that Evan Davis who only got the gig due to his sexuality is the presenter. He makes those muppet in house economist presenters on Sky look thought provoking. Quote Link to comment Share on other sites More sharing options...
spyguy Posted June 2, 2015 Share Posted June 2, 2015 It the mainstream BBC. All housing features tend to be along the lines 'How do we help young people borrow loads of money to buy our grossly inflated houses off older people' Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted June 2, 2015 Share Posted June 2, 2015 Or alternatively get rid of stamp duty and make council tax 1% of a properties value / 10% of a rental value etc. They can save money downsizing then.. +10000 and make estate agent fees etc VAT free to get some liquidity in the market. Quote Link to comment Share on other sites More sharing options...
Dorkins Posted June 2, 2015 Share Posted June 2, 2015 Or alternatively get rid of stamp duty and make council tax 1% of a properties value / 10% of a rental value etc. Council tax of 1% of a property's value would make life significantly worse for tenants in London/SE. Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted June 2, 2015 Share Posted June 2, 2015 (edited) The oldies can't afford the stamp duty when trading down so should be exempt ..... then I switched off. How can stamp duty be unaffordable if you're downsizing? The property sale of your bigger property gives you more money than the cost of the new, smaller property. A profit, if you like. A small part of that profit goes to the stamp duty for the smaller property. For FTBs, stamp duty is an EXTRA cost. Am I missing something? Edited June 2, 2015 by canbuywontbuy Quote Link to comment Share on other sites More sharing options...
davidg Posted June 2, 2015 Share Posted June 2, 2015 How can stamp duty be unaffordable if you're downsizing? The property sale of your bigger property gives you more money than the cost of the new, smaller property. A profit, if you like. A small part of that profit goes to the stamp duty for the smaller property. For FTBs, stamp duty is an EXTRA cost. Am I missing something? You need to enter the murky world of the boomer and pre-boomer brain. Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted June 2, 2015 Share Posted June 2, 2015 How can stamp duty be unaffordable if you're downsizing? The property sale of your bigger property gives you more money than the cost of the new, smaller property. A profit, if you like. A small part of that profit goes to the stamp duty for the smaller property. For FTBs, stamp duty is an EXTRA cost. Am I missing something? Yes stamp duty means that you can not downsize and then later move back to a bigger house if you change your mind as the transaction costs are quite high. Quote Link to comment Share on other sites More sharing options...
long time lurking Posted June 2, 2015 Share Posted June 2, 2015 You need to enter the murky world of the boomer and pre-boomer brain. AKA the parallel world Quote Link to comment Share on other sites More sharing options...
R K Posted June 2, 2015 Share Posted June 2, 2015 How can stamp duty be unaffordable if you're downsizing? The property sale of your bigger property gives you more money than the cost of the new, smaller property. A profit, if you like. A small part of that profit goes to the stamp duty for the smaller property. For FTBs, stamp duty is an EXTRA cost. Am I missing something? It was mostly about Esther Rantzen (who elected her?!) telling everyone over 55 (55+ seems to be conflated with 85+ these days for some reason - oh yeah, marketing) that they must move into an over-priced "retirement village" with a purpose-built bistro and swimming pool or some such nonsense, built by some jack the lad US housing corp at twice the price of any similar new build. Usual garbage. Quote Link to comment Share on other sites More sharing options...
davidg Posted June 2, 2015 Share Posted June 2, 2015 AKA the parallel world I have to hear it from my mum all the time. How she drove 40 miles to have 0.1p a liter on petrol and stuff like that. She's paid in all her life though, so that's ok. Quote Link to comment Share on other sites More sharing options...
janch Posted June 2, 2015 Share Posted June 2, 2015 Didn't see the programme but wonder if the high service charges featured. Most retirement flats have service charges of around £200 per month. If you're an oldie who paid off your mortgage long ago so not used to paying out like this every month this must seem like a big expense. OK you've made a killing on your house but why would you fritter it away on a monthly service charge when you could stay put and save that and stamp duty of a new purchase. Quote Link to comment Share on other sites More sharing options...
winkie Posted June 2, 2015 Share Posted June 2, 2015 (edited) It was mostly about Esther Rantzen (who elected her?!) telling everyone over 55 (55+ seems to be conflated with 85+ these days for some reason - oh yeah, marketing) that they must move into an over-priced "retirement village" with a purpose-built bistro and swimming pool or some such nonsense, built by some jack the lad US housing corp at twice the price of any similar new build. Usual garbage. Can't think of anything worse......it might appeal to the types that like going on cruises.... Edited June 2, 2015 by winkie Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted June 2, 2015 Share Posted June 2, 2015 (edited) Yes stamp duty means that you can not downsize and then later move back to a bigger house if you change your mind as the transaction costs are quite high. ...if that's true, they are over-thinking it a bit given their wedge of profit from initially moving. Perhaps it is greed. Seems like more and more that property is simply not worth it in the current situation - high purchase cost, high transaction fees, stuck where you are because of high exit costs. Edited June 2, 2015 by canbuywontbuy Quote Link to comment Share on other sites More sharing options...
PricedOutNative Posted June 2, 2015 Share Posted June 2, 2015 I can't believe people still watch Newsnight now that Evan Davis who only got the gig due to his sexuality. He makes those muppet in house economic journalists on Sky look intelligent. I disagree, IMHO he’s easily a match for the rather over rated Paxman, whom, towards the end of his time at Newsnight seemed to treat much of the program with distain. The problem with Newsnight are the producers who seems to want to cover what’s trending on Twitter more than what the core, rather Highbrow, audience wants to see covered. Quote Link to comment Share on other sites More sharing options...
renting til I die Posted June 2, 2015 Share Posted June 2, 2015 How can stamp duty be unaffordable if you're downsizing? The property sale of your bigger property gives you more money than the cost of the new, smaller property. A profit, if you like. A small part of that profit goes to the stamp duty for the smaller property. For FTBs, stamp duty is an EXTRA cost. Am I missing something? Yes, you are missing that all these people are fools! (when they mentioned this I turned off, the BBC is a complete waste of time for anything economical). Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted June 2, 2015 Share Posted June 2, 2015 (edited) So if stamp duty is a big problem for those whose house prices have septupled or octupled (or even nonupled or decupled) over the decades, why do they not get that it's even harder for FTBs who also have to pay 100% of the property price at today's mind-boggling prices with savings/mortgage, as well as the stamp duty? Established owners swoon at the thought of paying 1% stamp duty, even with a huge profit to pay it with? Maybe it's because it's the only time that they become a victim of today's mind-boggling prices. Edited June 2, 2015 by canbuywontbuy Quote Link to comment Share on other sites More sharing options...
renting til I die Posted June 2, 2015 Share Posted June 2, 2015 So if stamp duty is a big problem for those whose house prices have septupled or octupled (or even nonupled or decupled) over the decades, why do they not get that it's even harder for FTBs who also have to pay 100% of the property price at today's mind-boggling prices with savings/mortgage, as well as the stamp duty? Established owners swoon at the thought of paying 1% stamp duty, even with a huge profit to pay it with? Maybe it's because it's the only time that they become a victim of today's mind-boggling prices. Remember that most of the time the initial level of stamp duty would have been higher than what they paid for their home in any case. It is a fairly recent occurrence with every buyer paying stamp duty! So, it's the first time a lot of them have ever had to pay! You have to feel for them! Quote Link to comment Share on other sites More sharing options...
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