Thursday, August 14, 2008

Action needed

We need stamp duty reforms, not rumours

Many investors are said to be insanely anxious not “to miss the floor”, the point at which prices stop sliding; they could see the stamp duty holiday as that moment.

Posted by confused76 @ 07:56 AM (1009 views)
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7 thoughts on “Action needed

  • a fool and his money are easily parted (anon)

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  • If the Govt. do suspend or amend stamp duty(I doubt they will) then it will probably stop prices sliding temporarily but I can’t see it stopping the slide indefinitely. Contrary to popular belief I can see the BoE dropping rates some time this year in an attempt to boost the economy across the board and there will be no property specific measures other than a few snippets of Nu Labour spin pretending they are helping the FTB.

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  • Eternal Sceptic says:

    To equate a possible suspension of stamp duty with the floor would be rather like encountering splinters on a slide- a temporary loss of downward motion and much pain at the bottom.

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  • we are still at all time looney levels of 6 x average wage….what planet are these people on?

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  • @taffee

    7.8 times average wage in Scotland and still rising apparently.

    The floor? Not even in sight.

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  • Imminent_plunge says:

    Interesting reader comments – unanimously criticising the article and wanting significant falls in house prices. The most obvious point was that if first homes were less than £125k to start with, FTBs wouldn’t need to pay stamp duty anyway.

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  • “Investors are said to be”, i.e. Anne Ashworth herself said it and doesn’t want to give the source. Any investor who is insanely anxious about “missing the floor” doesn’t know any history. After 1989 house prices fell for 3.5 years then were stationary in nominal terms (i.e. still falling in real terms) for another three years. House prices don’t jump around like share prices, up one month and down the next. They have enormous momentum. Plenty of time in 2010-2014 to buy. Things are going to get much worse yet.

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