Friday, February 1, 2013

FTBs shoot themselves in the foot.

FTBs who lost out by trying to beat Stamp Duty deadline

A strange year for first-time buyers saw numbers hit 24,200 in March 2012 to beat the Stamp Duty deadline. The following month, however, numbers virtually halved to just 12,200. Ironically, those first-time buyers trying to save Stamp Duty on their purchases really paid for it: March’s average purchase price of £147,713 was the highest that first-time buyers paid all year. Had those first-time buyer waited another month and paid Stamp Duty, they could have been quids in, with the average price tumbling to £123,694

Posted by sibley's b'stard child @ 11:22 AM (1569 views)
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3 thoughts on “FTBs shoot themselves in the foot.

  • Is this not to be expected, as the houses on which FTBs would want to complete prior to the deadline would be the ones that are looking to purchase houses that would be affected by the change in the stamp duty rates i.e the more expensive ones? IIRC, the readjustment was from £175,000 down to £125,000 so if people are looking to buy houses in that range, then the closer the houses are to £175,000, the more likely they are to be purchased prior to the stamp duty change. After the stamp duty changes, those more expensive houses become less likely to be bought and there will be more activity in the market at the lower end. However, to say that waiting would have saved money doesn’t really ring true, as someone selling a £170,000 house isn’t suddenly going to drop it to £124,999 so that the purchaser doesn’t have to pay stamp duty.

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  • Evidence that stamp duty is borne by the seller even though the buyer writes the cheque

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  • crash bandicoot says:

    Another 36,400 brave souls trying to keep the ponzi going. Can’t the government find some (more) ways to support these selfless heroes?

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