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Phil and Kirsty have spoken


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https://www.express.co.uk/life-style/property/1382201/phil-spencer-stamp-duty-holiday-end-date-2021-property-warning/amp

“And given the housing market is generally driven by sentiment, I would have thought it should be dragging along the floor at the moment.

“I think that the buoyancy stems from a sort of delay. And if you didn't love your house before March you are not going to be loving it now.”

(So that's why the stamp duty holiday should be extended, apparently)

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Alternatively end the stamp duty holiday and use the up to £15,000 extra raised per sale to protect the NHS and save lives!

Well if we can somehow suggest that two women going out for a walk together while drinking a Starbucks coffee are putting lives at risk surely Kirsty and Phil deserve some scrutiny?!

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Express: House prices hit 'astounding' highs as Rishi Sunak is urged to extend stamp duty deadline.

https://www.express.co.uk/finance/personalfinance/1381445/house-prices-rishi-sunak-extend-stamp-duty-deadlin

Tldr:

Hurrah house prices are up!

People wanting more space are what done it. But ending the stamp duty holiday is wrong. This is not a contradiction.

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Petition Extend the Stamp Duty Holiday for an additional 6 months after 31st March 2021

Extending the Stamp Duty Holiday for an additional 6 months will assist many buyers who are looking to move to a property that they will not be able to afford otherwise.
This will help to stabilise the housing market

54,336 signatures

https://petition.parliament.uk/petitions/550545

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11 minutes ago, rantnrave said:

Petition Extend the Stamp Duty Holiday for an additional 6 months after 31st March 2021

Extending the Stamp Duty Holiday for an additional 6 months will assist many buyers who are looking to move to a property that they will not be able to afford otherwise.
This will help to stabilise the housing market

54,336 signatures

https://petition.parliament.uk/petitions/550545

"This will help to stabilise the housing market"

But I thought it was already stable owing to do this special covid demand??

Edited by Si1
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The govt's response at 10,000 sigs for those who haven't seen it:

This response was given on 10 December 2020

The SDLT holiday was designed to be a temporary relief to stimulate market activity and support jobs that rely on the property market. The Government does not plan to extend this temporary relief.

The COVID-19 pandemic and subsequent lockdown caused uncertainty for those buying and selling residential property and property transactions fell by as much as 50 per cent during the first national lockdown. To stimulate immediate momentum in the property market and to support the jobs of people whose employment relied on custom from the property industry, the Government decided to introduce a temporary Stamp Duty Land Tax (SDLT) relief. This relief increased the starting threshold of residential SDLT from £125,000 to £500,000 from the 8 July 2020 until 31 March 2021. Since the relief was introduced, transactions have increased and seasonally adjusted data shows that in October 2020, transactions were 8% higher than October 2019.

As the relief was to provide an immediate stimulus to the property market, the Government does not plan to extend this relief. SDLT is an important source of government revenue, raising several billion pounds each year to help pay for the essential services the Government provides.

The Government is committed to supporting home ownership and helping people get on and move up the housing ladder. When the SDLT Holiday ends, the Government will maintain a SDLT relief for first time buyers which increases the starting threshold of residential SDLT to £300,000 for first-time buyers that purchase a property below £500,000. In addition, a new Help to Buy scheme will be introduced from 1 April 2021. This scheme will run until March 2023.

All tax policy is kept under review and the Government considers the views it receives carefully as part of that process.

HM Treasury

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24 minutes ago, rantnrave said:

The govt's response at 10,000 sigs for those who haven't seen it:

This response was given on 10 December 2020

The SDLT holiday was designed to be a temporary relief to stimulate market activity and support jobs that rely on the property market. The Government does not plan to extend this temporary relief.

The COVID-19 pandemic and subsequent lockdown caused uncertainty for those buying and selling residential property and property transactions fell by as much as 50 per cent during the first national lockdown. To stimulate immediate momentum in the property market and to support the jobs of people whose employment relied on custom from the property industry, the Government decided to introduce a temporary Stamp Duty Land Tax (SDLT) relief. This relief increased the starting threshold of residential SDLT from £125,000 to £500,000 from the 8 July 2020 until 31 March 2021. Since the relief was introduced, transactions have increased and seasonally adjusted data shows that in October 2020, transactions were 8% higher than October 2019.

As the relief was to provide an immediate stimulus to the property market, the Government does not plan to extend this relief. SDLT is an important source of government revenue, raising several billion pounds each year to help pay for the essential services the Government provides.

The Government is committed to supporting home ownership and helping people get on and move up the housing ladder. When the SDLT Holiday ends, the Government will maintain a SDLT relief for first time buyers which increases the starting threshold of residential SDLT to £300,000 for first-time buyers that purchase a property below £500,000. In addition, a new Help to Buy scheme will be introduced from 1 April 2021. This scheme will run until March 2023.

All tax policy is kept under review and the Government considers the views it receives carefully as part of that process.

HM Treasury

"helping people get on and move up the housing ladder."

So it's not about actually helping house people then?

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9 hours ago, MARTINX9 said:

Alternatively end the stamp duty holiday and use the up to £15,000 extra raised per sale to protect the NHS and save lives!

Well if we can somehow suggest that two women going out for a walk together while drinking a Starbucks coffee are putting lives at risk surely Kirsty and Phil deserve some scrutiny?!

Krusty is high risk.

 

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9 hours ago, MARTINX9 said:

Alternatively end the stamp duty holiday and use the up to £15,000 extra raised per sale to protect the NHS and save lives!

Well if we can somehow suggest that two women going out for a walk together while drinking a Starbucks coffee are putting lives at risk surely Kirsty and Phil deserve some scrutiny?!

the UK economy is the housing market, so protecting it is paramount...estate agents are the most key of key workers...

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That statement is just a blatant lie about their intentions. There was, and still is, a perfectly good furlough scheme to support jobs. That scheme has of course been costing billions, so you might think that scrapping any kind of duty that brings money into the treasury during a global pandemic should most certainly be retained.

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2 minutes ago, GeneCernan said:

That statement is just a blatant lie about their intentions. There was, and still is, a perfectly good furlough scheme to support jobs. That scheme has of course been costing billions, so you might think that scrapping any kind of duty that brings money into the treasury during a global pandemic should most certainly be retained.

Based on sales in the pipeline and average house prices, it's about £1,000,000,000 of foregone tax revenue - assuming no extension

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11 hours ago, Si1 said:

https://www.express.co.uk/life-style/property/1382201/phil-spencer-stamp-duty-holiday-end-date-2021-property-warning/amp

“And given the housing market is generally driven by sentiment, I would have thought it should be dragging along the floor at the moment.

“I think that the buoyancy stems from a sort of delay. And if you didn't love your house before March you are not going to be loving it now.”

(So that's why the stamp duty holiday should be extended, apparently)

The only floor is dragging along is the floor of an airplane who's lost an engine and the other is has flames coming out.

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Just now, TheCountOfNowhere said:

The only floor is dragging along is the floor of an airplane who's lost an engine and the other is has flames coming out.

No dude it's because of a sort of delay.

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7 hours ago, andrewwk said:

the UK economy is the housing market, so protecting it is paramount...estate agents are the most key of key workers...

It beggars belief....

 

although perhaps the government would less inclined with their ridiculous props now that the housing market does still appear to be moving despite this new lockdown. Although that’s wishful thinking right? 
 

if the market was shut, VIs cries for assistance would be far more louder than what they are now 

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The bleating is well and truly underway, the number of pleading VI articles in the past few days has been telling, clearly some sweating and whispering in the treasury's ear going on.

There was the Daily Fail article this week which reported Sunak was going to stick to his guns on re-introducing stamp duty, I have everything crossed that's true but if you put a gun to my head and forced me to put my life savings on it, I sadly think they'll extend.

It's all starting to feel a little HTB like, they know they can't unwind the trade without market impact. Look where their priorities lie: special treatment for EAs during pandemic, first out of lockdown, mortgage holidays, they'll fight tooth and nail for their precious property prices, don't put anything past them.

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57 minutes ago, CityLAD88888 said:

The bleating is well and truly underway, the number of pleading VI articles in the past few days has been telling, clearly some sweating and whispering in the treasury's ear going on.

There was the Daily Fail article this week which reported Sunak was going to stick to his guns on re-introducing stamp duty, I have everything crossed that's true but if you put a gun to my head and forced me to put my life savings on it, I sadly think they'll extend.

It's all starting to feel a little HTB like, they know they can't unwind the trade without market impact. Look where their priorities lie: special treatment for EAs during pandemic, first out of lockdown, mortgage holidays, they'll fight tooth and nail for their precious property prices, don't put anything past them.

I'm wondering if the BoE will introduce more accommodative monetary measures to offset the end of stamp duty holiday?

Edited by Si1
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2 hours ago, CityLAD88888 said:

It's all starting to feel a little HTB like, they know they can't unwind the trade without market impact. Look where their priorities lie: special treatment for EAs during pandemic, first out of lockdown, mortgage holidays, they'll fight tooth and nail for their precious property prices, don't put anything past them.

You wait until April then, when the new HTB is introduced. The housing ponzi scheme is our economy. They’ve put the whole of the country’s eggs in one basket. I’ve said it countless times but; if a global pandemic and leaving a 40 year old trading relationship doesn't make prices drop, nothing will.

This year, we will know.....

Edited by ForGreatLager...
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4 minutes ago, ForGreatLager... said:

You wait until April then, when the new HTB is introduced. The housing ponzi scheme is our economy. They’ve put the whole of the country’s eggs in one basket. I’ve said it countless times but; if a global pandemic and leaving a 40 year old trading relationship doesn't make prices drop, nothing will.

This year, we will know.....

I think if the nucleus of the earth exploded and demolished every house they would still try to value the rubble as opportunity

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11 minutes ago, ForGreatLager... said:

You wait until April then, when the new HTB is introduced. The housing ponzi scheme is our economy. They’ve put the whole of the country’s eggs in one basket. I’ve said it countless times but; if a global pandemic and leaving a 40 year old trading relationship doesn't make prices drop, nothing will.

This year, we will know.....

Agreed, this year feels a bit of a ponzi stress test. I've lost a lot of faith in there ever being a HPC during the pandemic tbh, the worse a crisis is/longer it goes on, be that crisis economic (2008/9) or a global pandemic, the larger the size of the stimulus and pumping to keep the plates spinning, the QE genie is out of the bottle.

I thought covid might be the black swan but (famous last words) it seems to have gone completely the other way. Madness, but there's little to no broad interest in a HPC in the UK and far too many vested interests. Everyone's in too deep now and politicians know a) most of Joe/Jane public's wealth is in housing and b) making people feel richer, even if on paper, makes people feel good.

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6 hours ago, CityLAD88888 said:

The bleating is well and truly underway, the number of pleading VI articles in the past few days has been telling, clearly some sweating and whispering in the treasury's ear going on.

There was the Daily Fail article this week which reported Sunak was going to stick to his guns on re-introducing stamp duty, I have everything crossed that's true but if you put a gun to my head and forced me to put my life savings on it, I sadly think they'll extend.

It's all starting to feel a little HTB like, they know they can't unwind the trade without market impact. Look where their priorities lie: special treatment for EAs during pandemic, first out of lockdown, mortgage holidays, they'll fight tooth and nail for their precious property prices, don't put anything past them.

https://www.telegraph.co.uk/property/buy-to-let/next-big-threat-facing-buy-to-let-landlords/?li_source=LI&li_medium=liftigniter-rhr

 

https://www.telegraph.co.uk/property/abroad/does-much-worse-second-wave-coronavirus-mean-house-prices-germany/?li_source=LI&li_medium=liftigniter-rhr

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