Stamp duty is stopping boomer moving - DT

[Habitationi Bulla]

http://www.telegraph.co.uk/news/2017/08/08/stamp-duty-exacerbating-housing-crisis-stopping-elderly-moving/

Despite the fact that SDLT is now cheaper for most people due to changes under Osbrown it needs overhauling as its stopping boomers moving.

SO the fact they've been gifted tens of thousands sometime millions the reason they won't move is because they've got to pay less stamp duty than what they did a few years ago.

I've a feeling Hammond will do something on this to assist boomers downsizing, to say sorry for even suggesting they pay towards their end of life care.. call it a hunch

[Nabby81]

Hang on so stamp duty is stopping Boomers downsizing but those with kids who need a bigger place can afford the extra stamp duty ??

What utter ******** ..

[nightowl]

Even if stamp duty vanished, sentiment and the effort involved will stop most people downsizing unless there is a pressing need to free up cash and even then there is the easier equity withdrawal option.

That hassle means ditching one/two rooms worth of stuff.

[Habitationi Bulla]

And we've even got a "Telegraphs View"  article on why it should be scrapped.
http://www.telegraph.co.uk/opinion/2017/08/08/stamp-duty-tax-mobility-aspiration-should-cut-substantially/

Replace it with a LVT and force the DT boomer parasites to downsize once the bubbles burst.

These people really don't want to pay any tax at all towards the nations existence, too used to getting everything gifted to them.

Thing is this only affects a few very wealthy boomers in the south of England, most do not care about SDLT.

[Si1]

Maybe there's a pragmatic intention behind this idea. If you want to change ANYTHING for the better in the functioning of the housing market and even the broader economy, it has to gain the approval of the boomers; they're the king makers, that's how it is.

Replacing sdlt with a mild LVT may well be a practical way of introducing an otherwise controversial measure.

[“Nasty Piece of work”]

Have Boomers just missed the boat?

 

[Habitationi Bulla]

12 minutes ago, Si1 said:

Maybe there's a pragmatic intention behind this idea. If you want to change ANYTHING for the better in the functioning of the housing market and even the broader economy, it has to gain the approval of the boomers; they're the king makers, that's how it is.

Replacing sdlt with a mild LVT may well be a practical way of introducing an otherwise controversial measure.

Torys will never bring in a LVT they are the landowners party.

Possible CGT as mentioned but ive no idea how itd work.

If they want to get the property market moving, they need to bring in S24 by April 2018 and for basic taxpayers.

Its 2-3 million properties owned by landlords who refuse to sell that is holding up the market.

[winkie]

3 hours ago, Habitationi Bulla said:

Torys will never bring in a LVT they are the landowners party.

Possible CGT as mentioned but ive no idea how itd work.

If they want to get the property market moving, they need to bring in S24 by April 2018 and for basic taxpayers.

Its 2-3 million properties owned by landlords who refuse to sell that is holding up the market.

Yes, the type of property 1st time buyers would have bought and single downsizers might be looking to move to....to be honest most people especially older people who like where they live, can afford to live there, have a good local social network will not move if they don't have to.....many also support the local community by providing all kinds of employment to trusted others, to do the jobs they no longer can do.

[Greg Bowman]

7 hours ago, nightowl said:

Even if stamp duty vanished, sentiment and the effort involved will stop most people downsizing unless there is a pressing need to free up cash and even then there is the easier equity withdrawal option.

That hassle means ditching one/two rooms worth of stuff.

It's actually more complex than that. We have STR'd with a view to downsize, looks like we might have timed it right but we are only renting because we couldn't find something suitable.

getting rid of a few sticks of furniture or putting them into storage is no big deal

All houses in the south east at least seem priced at ridiculous figures but when looking at 3/4 bed semis compared to 5 bed detached houses the prices are completely wrong. In fact at the top end the growth although it has happened has been nothing like the growth in the band below

So if anyone thinks its about Stamp duty it's not - the prices look as mental to our generation as they do to younger cohorts and hence no one buying

6 hours ago, Habitationi Bulla said:

And we've even got a "Telegraphs View"  article on why it should be scrapped.
http://www.telegraph.co.uk/opinion/2017/08/08/stamp-duty-tax-mobility-aspiration-should-cut-substantially/

Replace it with a LVT and force the DT boomer parasites to downsize once the bubbles burst.

These people really don't want to pay any tax at all towards the nations existence, too used to getting everything gifted to them.

Thing is this only affects a few very wealthy boomers in the south of England, most do not care about SDLT.

Don't agree with the telegraphs view for my reasons stated but get off your high horse HB 

Millions of us have paid millions of taxes individually over a life time 

 

[jiltedjen]

Boomers left the country a wreak for the young. A very parasitical generation.

[Smiley George]

Just read said article and was so enraged I jumped on here to start a thread!

Seriously are they on a wind up? So a boomer has to pay significantly less stamp duty when downsizing than the family moving into their overpriced nest egg. 

They want have their cake, eat it and then eat your cake as well.

Be interesting to see comments against article on their website.

 

[stuckmojo]

Written by boomer to appease the boomer readers. Demographics are going against them. ****** them

[Greg Bowman]

3 minutes ago, jiltedjen said:

Boomers left the country a wreak for the young. A very parasitical generation.

We could spell though perhaps that was the key.....?

You credit my generation with far too much foresight and the ability to organise, and a stronger moral standing to do something different - unfortunately we just played the cards we had in most cases to look after our families as has been the case through the ages 

If you think the country is a wreck now you should of entered the workforce in 78

[Greg Bowman]

Just now, stuckmojo said:

Written by boomer to appease the boomer readers. Demographics are going against them. ****** them

But you know what assets, experience and social networks aren't 

 

[spyguy]

4 minutes ago, Greg Bowman said:

We could spell though perhaps that was the key.....?

You credit my generation with far too much foresight and the ability to organise, and a stronger moral standing to do something different - unfortunately we just played the cards we had in most cases to look after our families as has been the case through the ages 

If you think the country is a wreck now you should of entered the workforce in 78

Or 1984 in the North.

Or 91 in North + South.

Or 2008+ everywhere.

 

[jiltedjen]

Boomers will be forced to repay their illicit gains, via new punishment taxes aimed at them. This will start in 5-6 years time

****** them

[spyguy]

5 minutes ago, stuckmojo said:

Written by boomer to appease the boomer readers. Demographics are going against them. ****** them

Boomer, doomer or blogger. There's a simple fact Ive distilled from the UK mortality: in 10 years 50% of the people currently over 65 will be dead.

I come from the future, well, near Scarborough. AFAICT the number of probates > the number of buyers 10 years ago. Sure, there's people chancing it with asking prices but a quick look at houseprices.io shows the numbers.

Dont let the jumped up prices + BS confuse you.

Tax creditsd have put ~30 %of the workign age on benefits. They are not getting a mortgage.

60% of the UK working pop earn ~28k or less. They're not getting a mortgage of > 100k.

[spyguy]

3 minutes ago, jiltedjen said:

Boomers will be forced to repay their illicit gains, via new punishment taxes aimed at them. This will start in 5-6 years time

****** them

No.

Draw a line under unfunded tax payer pension bails out.

Cut benefits across the board - those still working and those already retired.

[interestrateripoff]

Thank god stamp duty isn't related to house prices.

[winkie]

7 minutes ago, jiltedjen said:

Boomers will be forced to repay their illicit gains, via new punishment taxes aimed at them. This will start in 5-6 years time

****** them

Large homes are very expensive to keep, insure and maintain even more if unable to do it yourself, there is not a huge demand for them, who wants five bedrooms to furnish and clean that lay empty most of the time?......big gardens to look after?.....huge hedges to cut, trees to care for.......what family with four or five kids could afford to buy that, what family could afford to rent that, what family who did rent that would maintain that....who has four or five kids nowadays?

A gain is only a gain if the gain can be realised.......it is the next generation and the state that end up benefiting eventually.....no property belongs to anyone for ever, anyone only borrows it for a brief moment in time.

[“Nasty Piece of work”]

Any article quoted from the DT should always be accompanied by the graph of its sales going rapidly downhill to 0, with the knowledge Boomers will make up this percentage of population too.

[TheCountOfNowhere]

The boomers anthem

 

 

[Princekie]

1 hour ago, spyguy said:

Boomer, doomer or blogger. There's a simple fact Ive distilled from the UK mortality: in 10 years 50% of the people currently over 65 will be dead.

I come from the future, well, near Scarborough. AFAICT the number of probates > the number of buyers 10 years ago. Sure, there's people chancing it with asking prices but a quick look at houseprices.io shows the numbers.

Dont let the jumped up prices + BS confuse you.

Tax creditsd have put ~30 %of the workign age on benefits. They are not getting a mortgage.

60% of the UK working pop earn ~28k or less. They're not getting a mortgage of > 100k.

This +1. Good foresight homie. 

Amidst all the shite I've read on this forum over the last year, this post gives me hope. Don't forget over 4 million pensioners live on their own, the great majority owning their own pads. That's a lot of homes that are going to get dropped onto the market when the time comes. 

Over in my neck of the woods, the boomer die-off is in full swing. Empty houses (vacant possessions) left, right and centre. Prices less than paid 10-14 yrs ago. Interesting times.

[Houdini]

Another clutching at straws attempt to fix what is (for reasons unknown) a Daily Telegraph bugbear. 

In reality there is only 1 reason for the market inertia at the moment - nothing on the market is worth the price being asked for it and there are very few people in a position to pay the prices being asked.

Separately as spyguy commented the market is definitely different up north. There in many places prices are now the same as 2004 and still feel far too expensive. The best top end property is selling within days everything else is sticking round for months like a bad smell.. Down south prices have a very long way to fall (and believe me) at some point they will - nothing is propping up the current asking prices

[TheCountOfNowhere]

Sky reporting as stamp duty stopping economic growth

and

"The tax is stopping young families from moving to a larger home, a report says, and deterring older people from downsizing."

http://news.sky.com/story/stamp-duty-causing-bottleneck-in-housing-market-report-says-10980601

the problem with the Uk is that house price growth = economic growth.

Therein lies the problem

So they say:

"At the moment, stamp duty costs £143,000 on a £2m property or £20,000 on a £600,000 home."

Those 600K homes are worth £200K, so the stamp duty should approx fec all.

I see a solution to this problem.

Ever get the feeling these parasitical ****s just want the stamp duty removed so the rich/BTLers/Speculators can buy more stock ?

Edited August 9, 2017 by TheCountOfNowhere