Sunday, March 9, 2008
Stamp duty has again become an issue for first-time buyers because the stamp duty thresholds have not kept pace with house price inflation,”
First timers' stamp-duty up 82%
The average stamp duty bill for first-time buyers has almost doubled over the last five years, says a report from mortgage lender Halifax. The average bill in 2007 was £1,751 compared with £960 in 2002. In the South East, South West and East almost all first-time buyers paid stamp duty, while in Northern regions only 42% were liable, the report said.
Posted by jack c @ 11:12 AM (1034 views)
9 thoughts on “Stamp duty has again become an issue for first-time buyers because the stamp duty thresholds have not kept pace with house price inflation,””
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hpwatcher says:
FTB are effectively shut out of the housing market, and have been for quite some time.
Buyatthebottom says:
Once again the VI brigade are focusing on the wrong part of the equation and in doing attempting to further increase house prices! If house prices come down, stamp duty comes down and hey presto the housing market stabalises! Only problem being less profits for mortgage lenders, estate agents, etc. Great!
paul says:
This has and will continue to be much less of an issue, as house prices continue to plummet.
However we shouldn’t forget that this fact alone positions the government as having a very heavy vested interest in a rising housing market.
Singlespeed says:
With property prices in reverse more houses/flats will escape the stamp burden this could, and should, act as an incentive to both parties
in the buying/selling process however,it will hit the A.Darling’s buds of march tax year 2008/2009 .
5lab says:
to be fair, i don’t think it really makes a big difference any way – in most cases you can just bung it on the mortgage with the rest of your fees. if you can afford a 200k house, what difference will an extra 2k make? yes, its a pain, but i don’t think its a big deal in terms of affordability for ftb’s
enuii says:
The biggest scandal is the building of flats on a massive scale instead of the type of house people actually want to live in.
It has been proven time and time again that terraced housing is the ideal form of high density housing.
This is however not in the builders or governments interest due to a) profit and b) tax raising potential of selling houses that people will want to move out of after a couple of years.
renting2 says:
Stamp duty has been the only force that has kept any sort of brake on house prices. If stamp duty had been raised, prices would be even higher than now, or the crash would have happened earlier.
Cannycat says:
True FTBs are completely shut out of the housing market, unless they have rich relatives or come into a lottery win. Those who have sold a house, are currently renting and are sitting on a huge pot of money ready for a whopping deposit are also counted as FTBs when they buy again though, because they’re not in the chain, and also qualifying for any special FTB deals that might still be about. Deliberate distortion of figures by our beloved, ethical government?! No, surely not!!
deepak says:
Are these the boom years under Gordon’s Labour?