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31 minutes ago, Dorkins said:

So the main housing announcement (SDLT cut) is just another HPI booster. Predictable, but still sad.

If I was a 2010/2015 intake Tory MP I'd be getting twitchy. It looks like the Tory party leadership are not fussed about Tory electoral prospects in the 2020s. May and Hammond have both been in Parliament for over 20 years, if 2022 is their time to leave politics they won't be especially upset.

I think this looks true. They're looking at politically surviving (internal Tory party VIs) until the next election, not surviving the election itself.

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1 hour ago, Maynardgravy said:

But 300k is the ceiling?

The £300k applies on houses up to £500k:

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So, with effect from today, for all first-time buyer purchases up to £300,000, I am abolishing stamp duty altogether.

To ensure that this relief also helps first time buyers in very high price areas like London, it will also be available on the first £300,000 of the purchase price of properties up to £500,000.

https://www.gov.uk/government/speeches/autumn-budget-2017-philip-hammonds-speech

 

 

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The tabloids seem to like it. It might be enough of a bone to sell it as good for the yoof.

It's brazen that it helps London/South East FTBs more than other parts of the queendom.

How and when are we going to get the political reset? Feel that UK politics is evolving pretty quickly, US too, EU being dragged along reluctantly.

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Budget measure, announced during speech around 1pm:

Corporate indexation allowance frozen from 1 January 2018.  No relief available for inflation accruing after this date in calculating chargeable gains made by companies.

BTLegraph story, published online 3.20pm:

http://www.telegraph.co.uk/money/consumer-affairs/budget-2017-buy-to-let-investors-face-higher-taxes-capital-gains/

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The Tory party know they're dead in the water. They're stuck with delivering a Brexit they didn't want, a lot of rich people are going to loose a lot of money in the process and so while they're stuck in power they're trying to butter up their paymasters and secure their investments as best as possible. 

The question really is if they can hold the housing bubble together while their friends liquidate or if they get caught out and lose their trousers....and their nice cushy directorships.

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3 hours ago, Bruce Banner said:

What is a first time buyer?

Quite.....what if a FTBer buys with a second, third or forth time buyer or a no longer own but used to own many months/moons ago.....or my company owns it not I.......tax avoidance or evasion?;)

 

Edited by winkie
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24 minutes ago, Maynardgravy said:

Oh shit. They really are insane aren't they.

And who can actually afford a £400k house? Does a govt gift of a few thousand quid, in the longer run, when htb has been tapered away, change that much?

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How does he get away with this?

Quote

 

We’ve increased the supply of homes by more than 1.1 million since 2010.

Including nearly 350,000 affordable homes.

https://www.gov.uk/government/speeches/autumn-budget-2017-philip-hammonds-speech

 

The headline tomorrow should be 

"Governbankment built over 750,000 unaffordable homes"

The first phase of Help to Buy helped the governbankment build over 750,000 unaffordable homes, will phase 2 enable the governbankment to break their record and build a 1,000,000 unaffordable homes?

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5 minutes ago, Democorruptcy said:

How does he get away with this?

The headline tomorrow should be 

"Governbankment built over 750,000 unaffordable homes"

The first phase of Help to Buy helped the governbankment build over 750,000 unaffordable homes, will phase 2 enable the governbankment to break their record and build a 1,000,000 unaffordable homes?

Be glad you weren't the greater fool then.

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42 minutes ago, Dyson Fury said:

Budget measure, announced during speech around 1pm:

Corporate indexation allowance frozen from 1 January 2018.  No relief available for inflation accruing after this date in calculating chargeable gains made by companies.

BTLegraph story, published online 3.20pm:

http://www.telegraph.co.uk/money/consumer-affairs/budget-2017-buy-to-let-investors-face-higher-taxes-capital-gains/

It's incredible timing, isn't it. I hadn't realise this would hit landlords because it was met with cheers of approval on both sides of the House as far as I can see. From the article, it doesn't seem to be a major gotcha though.

Quote

Genevieve Moore, of accountants Blick Rothenberg, said: “The proposed freezing of indexation allowance for companies is not unexpected and will have most impact on companies that own properties which they have owned for many years.

"Although this is a proposal for freezing indexation allowance, businesses should be prepared for an eventual abolition of the relief in the future and plan accordingly."

Quote

From April this year buy-to-let investors who own their properties directly start to lose have started, it's happened, to lose the ability to offset mortgage interest from their profits before calculating their tax liability.

The reduction in relief is being phased in between now and 2020 and will be replaced by a 20pc tax credit.

From this year landlords can offset only 75pc of their mortgage interest against their profits. This falls to 50pc next year, 25pc in 2019 and zero in 2020.

Buy-to-let investors who own their properties outside a company were given a small reprieve elsewhere in the Budget.

Plans to make investors pay Capital Gains Tax within 30 days of selling a property were deferred until April 2020. Currently buy-to-let investors have until their next tax return to pay the tax due but this was due to change from April 2019.

^^^^ Deferring that change (WHY?????) to CGT is really bad news, and helps BTLers. Not mentioned in the coverage I've seen so far :(

 

 

Edited by mrtickle
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I think was a great result for the HPC crowd. With interest hikes looming and the real fallout of S24 coming in spring he really really needed to pull out all the stops in order to arrest the falls and that was his best shot. Clearly they are out of ammo, as said elsewhere in this thread a stamp duty freeze will just grease the gears on a seized up market and allow the falls to filter through faster. Many houses will be brought down to below £300k/£500k by this especially in the south east and London. And the media have immediately jumped on it as no real help.

 

All in all they clearly have no polical or financial powder left to stop the inevitable now.

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35 minutes ago, Parkwell said:

That was it? :huh:

A feeble promise to build houses sometime in the next 8 years, after failing on their last promise. And a stamp duty cut that everyone says will make prices rise.

Guaranteed Labour Government incoming.

 

And the massive downgrade to growth forecasts. A few bad jokes. We’re ******ed

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47 minutes ago, LetsBuild said:

I think was a great result for the HPC crowd. With interest hikes looming and the real fallout of S24 coming in spring he really really needed to pull out all the stops in order to arrest the falls and that was his best shot. Clearly they are out of ammo, as said elsewhere in this thread a stamp duty freeze will just grease the gears on a seized up market and allow the falls to filter through faster. Many houses will be brought down to below £300k/£500k by this especially in the south east and London. And the media have immediately jumped on it as no real help.

 

All in all they clearly have no polical or financial powder left to stop the inevitable now.

+1

Tories are clearly out of ammo. It's really hard to abolish this FTB SDLT in the near future. They shot themselves in the foot. 

Now BTLers offloading due to S24 on the current prices will see themselves reaching the floor quickly. For example a 12k p.a rental income property has to be priced at 200k and will be attractive only to the mugs who has 50k cash + SDLT at additional rate under the new PRA ICR test.

For the FTBs the initial deposit is still a hurdle. Whoever is rushing to buy a property now will be the last wave of victims (approximately 3,500) and then what?

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On reflection, the sub-2% growth into the 2020s is a stunner. They usually try to boost it using some chicanery, not even trying now. Permanent gloom/low growth and what's come to be known as austerity - desperate attempts to reduce the bloated public sector/welfare bill. And JC can't save us, there's no going back to the boom Brown years of fresh credit and Labour have no more vision than the Tories - the goose is cooked.

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3 minutes ago, thehowler said:

On reflection, the sub-2% growth into the 2020s is a stunner. They usually try to boost it using some chicanery, not even trying now. Permanent gloom/low growth and what's come to be known as austerity - desperate attempts to reduce the bloated public sector/welfare bill. And JC can't save us, there's no going back to the boom Brown years of fresh credit and Labour have no more vision than the Tories - the goose is cooked.

i am sure they have done well out of the last 20 years 

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And what to make of this new "corridor of opportunity" between Ox and Cambridge? Last I read up on it, they'll have to demolish thousands of homes that have been built on the old railway land that was there to link the cities. Ai, driverless cars and biotech - the great mythic hopes of a new industrial revolution, while millions languish on state-supported low-skilled low pay.

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