Stamp Duty Talk Causes Confusion

[JohnnyB]

http://news.bbc.co.uk/1/hi/business/7547264.stm

Some guy has already had his sale put on hold while the buyer waits for stamp duty confirmation. Darling and Brown have really ****ed up this time.

After having his property on the market for several months, Richard Bell was due to exchange contracts on his Windsor home on Friday.

But after reports appeared in the media of a possible stamp duty holiday, his buyer has asked to delay completion until the stamp duty situation is clarified.

He is angry at the way the government has handled the situation.

"Their crumb of comfort has backfired," Mr Bell told BBC News. "It has stopped the sale in its tracks."

"They really haven't thought about the implications," he said.

[PotNoodle]

http://news.bbc.co.uk/1/hi/business/7547264.stm

Some guy has already had his sale put on hold while the buyer waits for stamp duty confirmation. Darling and Brown have really ****ed up this time.

I doubt if a single chain in the country will proceed, now.

[interestrateripoff]

Another great move by Darling/Brown.

Lets hint at doing something wait to see that the polls indicate we are still fooked, meanwhile we have complete chaos.

[patprimer74]

Some guy has already had his sale put on hold while the buyer waits for stamp duty confirmation. Darling and Brown have really ****ed up this time.

I thought 99% of us on this HPC board wanted prices to drop and deals to collapse - anything, in fact, to cause mayhem and confusion in the market! So, what are people moaning about? Exactly what we wanted to happen is happening. Be grateful.

p

[JohnnyB]

I thought 99% of us on this HPC board wanted prices to drop and deals to collapse - anything, in fact, to cause mayhem and confusion in the market! So, what are people moaning about? Exactly what we wanted to happen is happening. Be grateful.

p

I'm not moaning, I just find it amusing that this pathetic attempt to 'kick start' the market has already backfired. I never expected it to work, since it didn't work in the 1990s either, but it's amusing that the BBC is already showing what a load of crap this is after just two days, a real indication of how media sentiment has changed.

[Justice]

If they do this then they should have done it on the day this was leaked.

My guess is the mejia will anounce houses are flying out the EA's windows the day this comes into law but wait and see what the months result looks like before swallowing this state sponsored propaganda.

Edited August 7, 2008 by Justice

[BTB]

As I said on another thread.

I can see a couple of months of bad MOM figures being written off as the "stamp duty fiasco" the same as they did with HIPs when that was brought in.

Just gives VIs something more to spin with.

[Nicholas Cage]

Good time to freeze the market with transactions half the previous year levels. But with the worst deficet

since the second world war, I expected nothing less from Labour.

I also like the way the Treasury say it's all just mindless speculation, but when asked Darling would not rule it out.

Other cabinet members are happy to include it in statements to the press. Same as the "general election" Brown

bottled. The Treasury are getting thier own back after he screwed them over , replaced civil servant positions with

external consultants, the clapping farewell on his way to No.10 enforced by PR under pain of death was the saddest

sight in years.

The clever ones got out fast as Brown approached, never having run a corner shop let alone 9,000 people.

http://findarticles.com/p/articles/mi_qa37...802/ai_n8796874

1998

Into government this Chancellor's [Gordon Brown] homeworkers brought, as I noted, the techniques of the water-gardener -- selective

leaking and planting with a liberal topdressing of manure. If the Treasury had been a company, they would have been

hauled up to the top floor of the Stock Exchange tower by now, to be called, stammering, to account for their handling

of price-sensitive information. This Chancellor likes to proclaim his belief in transparency and accountability, and has

applied them (for instance) to the gold reserves, where the Bank of England is no longer asked to fudge the figures.

In his own department he finds these virtues harder to achieve.

HE has not always made it easy for himself. He inherited a chief economic adviser (and Second Permanent Secretary)

who was known as the Treasury's conscience. This was Sir Alan Budd. He stood down in the autumn and has found a

retirement career at the Bank, where he votes for higher interest rates. At the Treasury his place has not been filled.

Gus O'Donnell, who was John Major's press secretary, has been put in charge of economics, but he is also the Treasury's

man in Washington and has been trying to match up two jobs in two continents. In his absence, and no doubt at other

times, the Chancellor relies on Ed Balls, the victim of Michael Heseltine's pleasantry: `It isn't Brown's, it's Balls!' This

promising leader writer from the Financial Times did much of Mr Brown's economic homework and is now in all but name

his chef de cabinet. Most decisions go through his office and some of them get stuck there.

In theory Sir Terence could sit it out to collect his inflation-proofed pension in 2004, but I imagine that by then he will

have entered the welcoming lodgegates of some Oxbridge college.

BY THEN, too, the next crisis will have come to knock Chancellor and Treasury, homeworkers and all, off their perches.

That is not so much a forecast as a matter of actuarial observation. I have seen it happen to so many chancellors. One

moment they are bowling happily along like P.G. Wodehouse's Constable Oates, a policeman with nothing on his mind

but his helmet. The next moment a terrier nips them, and they are off their wheels and in the ditch, upside-down and

ooking for someone to blame. That is no time to grumble that they are misjudged by the financial markets or misunderstood

in the financial press. Before it happens to this Chancellor he needs to get his machine into gear. Humiliating as the

thought must be, he could have something to learn from the men in grey suits and from Margaret Beckett.

Copyright Spectator Feb 28, 1998

[evictee]

I don't understand why the government don't sort this mess out in a stroke by announcing that although there are no plans to reduce stamp duty, any reductions that are made in the next two years will be back dated to today.

But what I really don't get is, when prices are clearly falling at over 1% a month with some momentum, why aren't vendors just offering to pay the stamp duty for any dithering buyers.

[juvenal]

I thought 99% of us on this HPC board wanted prices to drop and deals to collapse - anything, in fact, to cause mayhem and confusion in the market! So, what are people moaning about? Exactly what we wanted to happen is happening. Be grateful.

We are grateful, but that doesn't mean we'll forego the pleasure of putting the boot in.

[Realistbear]

At this stage of the crash with 20% down this year in propsect a 1% discount via a stamp duty "holiday" will have zero impact.

On a 200k house no stamp duty will be 2k "saved" as the house in question drops another 10k, at least, by Christmas.

IMO, it is the government conspiring to lose people a great deal of money. And they are on the people's side? Hah!

Edited August 7, 2008 by Realistbear

[Bloo Loo]

I don't understand why the government don't sort this mess out in a stroke by announcing that although there are no plans to reduce stamp duty, any reductions that are made in the next two years will be back dated to today.

But what I really don't get is, when prices are clearly falling at over 1% a month with some momentum, why aren't vendors just offering to pay the stamp duty for any dithering buyers.

they have. on about 3PM radio 2 downing street have confirmed the rumours about a stamp duty holiday for buyers is totally false.

[Nationalist]

The crash in the ROI was triggered by an impending change of government when everyone thought the new government would suspend stamp duty so held off their transactions. This govt of ours clearly learns nothing from other people's mistakes.

[Jason]

The Treasury is denying it now:

http://news.bbc.co.uk/1/hi/uk_politics/7547584.stm

Although they still haven't quashed the speculation. They need to say they won't be doing this at all (or just do it).

[evictee]

But the Treasury has now said the story had been "speculation" and a "number of options" were being looked at.

Oh phew, that clears that up.

[Matt Bear]

they have. on about 3PM radio 2 downing street have confirmed the rumours about a stamp duty holiday for buyers is totally false.

The quote from the BBC is

But in a statement, the Treasury said: "Recent news stories suggesting the government has put forward a proposal on stamp duty are simply wrong. These stories are based on speculation.

"As has been said on many previous occasions, the government has made clear that there are a number of options we will need to consider to help businesses and people get through what is undoubtedly a difficult time."

Which seems to do no more than re-affirm what AD said.

[redwing]

An anecdotal.

I was chatting to a friend last night who is in the process of trying to sell his house. He called the agent yesterday and was told that already that morning two buyers had withdrawn their offers to 'wait and see' what the stamp duty outcome might be. And my friend was the fourth seller to phone in to find out what the score was.

[Leonard Hatred]

Oh, how hilarious it was to see EAs on the 6 o'clock news looking into the camera and begging!

To be fair to Darling, I hadn't heard him on the Today programme and having now heard the clip, the question was a bit of a trap - I would have probably reacted in the same way, and been doomed no matter what I said.

[patprimer74]

To be fair to Darling, I hadn't heard him on the Today programme and having now heard the clip, the question was a bit of a trap - I would have probably reacted in the same way, and been doomed no matter what I said.

Looks to me as if he's been deliberately set up. First, get a newspaper to claim the government is thinking along these lines. Then, interview the Chancellor and ask him to deny or confirm it. Chancellors never announce policies on the hoof - the H of Commons would jump up and down for a start. So, he says, quite accurately, 'I can't rule anything out' because we know that the Treasury are always looking at different policies, many of which never see the light of day. Desperate VI's jump on the bandwaggon and try to force the policy into being. Meanwhile, the whole thing is just one newspaper's story. It's August, the Silly Season, the media have nothing to fill their pages and on it goes. Next week, when the Olympics start, the press will be off the subject.

If people are stupid enough to fall for it, that's their look-out.

In the meantime, we HPC'ers watch more nervous buyers sitting back. Prices weaken further. We're happy as Larry (or should be).

p

[Paddles]

Looks to me as if he's been deliberately set up. First, get a newspaper to claim the government is thinking along these lines. Then, interview the Chancellor and ask him to deny or confirm it. Chancellors never announce policies on the hoof - the H of Commons would jump up and down for a start. So, he says, quite accurately, 'I can't rule anything out' because we know that the Treasury are always looking at different policies, many of which never see the light of day. Desperate VI's jump on the bandwaggon and try to force the policy into being. Meanwhile, the whole thing is just one newspaper's story. It's August, the Silly Season, the media have nothing to fill their pages and on it goes. Next week, when the Olympics start, the press will be off the subject.

If people are stupid enough to fall for it, that's their look-out.

In the meantime, we HPC'ers watch more nervous buyers sitting back. Prices weaken further. We're happy as Larry (or should be).

p

Riiiiiiiiite. And the newspaper article wasn't prompted by an off the record briefing at all, was it?

Come on, a "politcal troll" should know how these things work.

Edited August 7, 2008 by Paddles

[Guest Daddy Bear]

Riiiiiiiiite. And the newspaper article wasn't prompted by an off the record briefing at all, was it?

Come on, a "politcal troll" should know how these things work.

Have none of you lot considered the alternative?

Gordon and Darling WANT the market to collapse as quickly as possible !!!

This is a very shrewd move. It will take another additional 5% off the market asap over the next three months.

Any of you lot remember the accidental "10% fall at best this year" comment on the top of some ministers notes - accidentally seen by the media and put on the front page of most newspapers?

They knew it is was an unstoppable beast at the beginning of this year - the sooner it troughs to the bottom the better - what is the bottom ?? Maybe 30 - 40% average fall - getting there by the end of 2009 and then a levelling out with no more nominal falls (it will of course continue to fall in real terms a few % a year give or take for a number of years after....but nominally prices will rise)...anyway this is not about a forecast this is about GOVERNMENT MANIPULATION.

Mark my words the government will try to spped up this crash as quickly as possible. Otherwise they are fooked for the next election if still in middle of nominal HPC.

DB

[patprimer74]

Come on, a "politcal troll" should know how these things work.

You shouldn't believe all you read, Paddles. It's not my choice to have the description "political troll" attached to my name with all the petty little conditions that are added. It's there because I consistently refused to obey the "slag off Nu Labour on every occasion" requirement that some feel they must insist on. I must admit, though, that's it has achieved its desired effect - any reader of my post automatically assumes it comes straight from Labour Central Office. How wrong they could be!

p

[Bloo Loo]

Have none of you lot considered the alternative?

Gordon and Darling WANT the market to collapse as quickly as possible !!!

This is a very shrewd move. It will take another additional 5% off the market asap over the next three months.

Any of you lot remember the accidental "10% fall at best this year" comment on the top of some ministers notes - accidentally seen by the media and put on the front page of most newspapers?

They knew it is was an unstoppable beast at the beginning of this year - the sooner it troughs to the bottom the better - what is the bottom ?? Maybe 30 - 40% average fall - getting there by the end of 2009 and then a levelling out with no more nominal falls (it will of course continue to fall in real terms a few % a year give or take for a number of years after....but nominally prices will rise)...anyway this is not about a forecast this is about GOVERNMENT MANIPULATION.

Mark my words the government will try to spped up this crash as quickly as possible. Otherwise they are fooked for the next election if still in middle of nominal HPC.

DB

A government speed up a crash? I dont think there was a time in HISTORY when a government didnt try to prop up an economy, why would this one do the thing that is required in the best interests of its people, all of a sudden.

Crashes are always unstoppable, unless you stop booms forming in the first place. Governments always encourage growth, they predict it, they breath it, and any talk of non growth is avoided like the word of Death.

[Landagan]

Have none of you lot considered the alternative?

Gordon and Darling WANT the market to collapse as quickly as possible !!!

This is a very shrewd move. It will take another additional 5% off the market asap over the next three months.

Any of you lot remember the accidental "10% fall at best this year" comment on the top of some ministers notes - accidentally seen by the media and put on the front page of most newspapers?

They knew it is was an unstoppable beast at the beginning of this year - the sooner it troughs to the bottom the better - what is the bottom ?? Maybe 30 - 40% average fall - getting there by the end of 2009 and then a levelling out with no more nominal falls (it will of course continue to fall in real terms a few % a year give or take for a number of years after....but nominally prices will rise)...anyway this is not about a forecast this is about GOVERNMENT MANIPULATION.

Mark my words the government will try to spped up this crash as quickly as possible. Otherwise they are fooked for the next election if still in middle of nominal HPC.

DB

I must say, this is my line of thought also.

The Election is not lost only if they can prove the economy is in recovery during 2010, and they have seen us through the Global Crunch.

Short term pain for long term gain. Don't underestimate them.

Cameron knows this and would prefer a slow death. Things may look a lot different in 2 years if the speed of this continues unabated.

[Leonard Hatred]

Short term pain for long term gain. Don't underestimate them.

They don't have anywhere near the intelligence to pull that off, not to mention either competence or money!