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BBC: Stamp duty holiday deadline 'is making us nervous'


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Noticed in the article this....

Quote

...Finance ministers in Scotland and Wales have confirmed their plans to cancel the tax break at the end of March, giving people time to prepare, and there is still little sign of Mr Sunak doing things any differently at next month's Budget...

This makes it look like Sunak won't keep it going and if he does, it will only be  in England.

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35 minutes ago, moonriver said:

This makes it look like Sunak won't keep it going and if he does, it will only be  in England.

They've been very consistent with this message 

"Its time limited nature is what has encouraged people to take advantage of the scheme"

The deadline was announced at the beginning. Nothing has been 'sprung' on people. The government has given no hint or clue this will be extended. It's only the continuous stream of VI noise that is making people believe they'll extend it. 

Extend stamp duty holiday and don't extend the UC topup would send too strong a message that Labour would be all over. Also, there's really no reason to extend it. EAs and solicitors are open this time and the government needs the money.

The only thing i can see happening is exchanged sales given 3 months to complete. 

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1 hour ago, satsuma said:

I think people are pathetic, they are able to borrow several hundred thousand but are worried about 12k.  The same ones have a couple of Range Rovers in the drive and the kids in private school. 

Some people only look at the monthly cost of things not the total cost.

It explains a lot about today's problems

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1 hour ago, satsuma said:

I think people are pathetic, they are able to borrow several hundred thousand but are worried about 12k.  The same ones have a couple of Range Rovers in the drive and the kids in private school. 

When there's been a continual incentive to borrow this is the result, spend 500k on a house and they literally leave themselves with a few thousand of savings.

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51 minutes ago, iamnumerate said:

Some people only look at the monthly cost of things not the total cost.

It explains a lot about today's problems

It's "their money" rather than some borrowed imaginary money, and also the house isn't a 'bargain' anymore because they have to pay stamp duty - big psychological difference.

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1 minute ago, Freki said:

I am not going to lie, even if I am buying for 550k, I'd rather have an extra 15k on my bank account than in the Treasury's coffers. I would not pull out if I don't make it and don't need it to complete, but still

Surely in many instances the top of the chain sitting on 500k+ of hpi can drop 15k to get the sale through. Are people really this stupid?

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1 minute ago, sta100 said:

Surely in many instances the top of the chain sitting on 500k+ of hpi can drop 15k to get the sale through. Are people really this stupid?

Well when you are competing to purchase a house and there is literally nothing atm on the market that we would bother looking at, we don't get much bargaining power.

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Just now, Freki said:

Well when you are competing to purchase a house and there is literally nothing atm on the market that we would bother looking at, we don't get much bargaining power.

I totally understand this. However, you do have some when you've been in the chain for several months and about to miss the stamp duty deadline.

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7 minutes ago, Freki said:

Well when you are competing to purchase a house and there is literally nothing atm on the market that we would bother looking at, we don't get much bargaining power.

Also, I hope you're the first rung of the ladder otherwise your buyer has you over a barrel...

 

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Yes, no chain on both sides. I am not too worried, we have received all the legal documents from both sides so far, mortgage approved, waiting for the survey report and we should not be far from the finish line already, 3 weeks after putting our offer. 

The seller can move into their partner's place apparently. But still looking to buy, I guess it will be a cash purchase for them, HPI did it good for her. I will still hope there will be a crash in real term. I personally believe it will come from wage inflation so it would make my purchase not so bad. If it is a deflationary movement, well so be it, people are entitled to decent living conditions. 

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2 hours ago, satsuma said:

I think people are pathetic, they are able to borrow several hundred thousand but are worried about 12k.  The same ones have a couple of Range Rovers in the drive and the kids in private school. 

Speaking from my experience the complete opposite. The two Range Rovers crowd would rather send their kid to any school as long as it didn't impact on their two Range Rover, Dubai holiday, Rolex on the wrist lifestyle.

Certainly where my two went there were of course some nice cars but far less by proportion than the average state school in a reasonable area.

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6 hours ago, satsuma said:

I think people are pathetic, they are able to borrow several hundred thousand but are worried about 12k.  The same ones have a couple of Range Rovers in the drive and the kids in private school. 

The are happy to pay an extra  £50K in order to save £12K so long as it's added onto the mortgage.

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1 hour ago, TheCountOfNowhere said:

Why is this....now making them nervous ?

 

Image

Thought that graph was your signature for a minute. That nice upwards sloping line will be extrapolated to infinity. Punters, banks and government will to everything possible to make it so.

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"A petition, set up by a first-time buyer whose new home will not be built in time, is calling for a six-month extension to the stamp duty holiday. It has been signed by nearly 150,000 people."

...one useful idiot and 149,999 EAs, BTLers, others with invested interest in higher house prices.

Deposit on these new builds can be quite low...after the deadline they should pull out and renegotiate lower price...

Very few first time buyers will pay Stamp Duty anyway...this tax break benefits the wealthy.

 

 

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The whole farce arises because of this argument they must wait for the budget.

Same with business rates relief - firms in the retail and hospitality sector will only find out on 3 March if they have to start paying full rates 3 weeks later. And councils have been told to delay billing causing them cashflow concerns.

In Scotland they announced 3 weeks ago that the 100% relief for those sectors was being extended to the end of June. But HM Treasury have their date - and they don't care what inconvenience and chaos results for millions from their failure to confirm what is happening until 3 weeks before.

Don't support the stamp duty holiday - but just stop this speculation and confirm whether there is an extension or not. And the media can stop these endless daily sob stories.

Edited by MARTINX9
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