OV9

Some interesting “get people spending” stuff in there today, great Time for house buyers too...

Not just FTB - that stamp duty cut helps everyone.

Yeah, just tweaked that - no SDLT up to £500k. That would have saved me £15k!

I wonder what the 'participating restaurants' are for the 50% off, anyone seen it? Either way, the VAT reduction will be nice for a meal out too.

Rich B wrote: Wed Jul 08, 2020 1:17 pm Yeah, just tweaked that - no SDLT up to £500k. That would have saved me £15k!

Moved last September, would have saved us a fortune too.

Rich B wrote: Wed Jul 08, 2020 1:17 pm Yeah, just tweaked that - no SDLT up to £500k. That would have saved me £15k!

Word. It also makes sense to move now rather than extend for us now. Shame there's nothing decent on the local market, plus no confidence that prices won't taken a hammering over the next 18 months or so, making it better to wait it out for a bigger saving.

Its stamp duty on main residence only?

Haven't seen the detail but would've thought so.

Do you think sellers will just lump the money saved from stamp duty onto the asking price?

IT will certainly help move properties in the £249,999 to £275,000 range.

Which is where our's is positioned.

Rich B wrote: Wed Jul 08, 2020 1:17 pm Yeah, just tweaked that - no SDLT up to £500k. That would have saved me £15k!

Every time I buy a house they tweak the Stamp Duty regime shortly afterwards.

We still have single glazed bay windows in our victorian so if the green scheme allows us to claim 2/3rds off replacing one of those with double glazed timber (they'd be about 5k each) then happy days. I guess the proof will be in the pudding of who is an 'accredited supplier'. If its limited to Safestyle UK then perhaps not...

Tbf I did well out of the last big change. The 1% up to £250k (when it was 3% on the whole lot of you went above £250k) held so many houses back.

Ours was easily worth £265/270 but no one was going to pay that when it meant an extra £5k cash needed for SDLT. As soon as they removed it the houses like ours stuck at £250k shot up. Admittedly after lots of renovations we sold it for over £410k 3 years later.

Simon wrote: Wed Jul 08, 2020 1:38 pm Haven't seen the detail but would've thought so.

Deleted my entire post - while typing it the detail has become available:
https://www.gov.uk/guidance/stamp-duty- ... uced-rates

So it's not quite as stated in the policy paper, which was simply raising the nil-rate band to £500k. It does benefit second homes, buy to lets etc though; still with the 3% surcharge.

Just about to work out how much I'd have saved if I'd done all my transactions now rather than in July 2017...

I'd have saved 15k buying our house now rather than 2017 and the buyers of our old flat paid pretty much nothing I think whereas we had to pay 12,600 3 years earlier. Overall then pretty much 30k difference because of the vagaries of a fluctuating system

Realistically the next hypotehetical step up the ladder in london would result in a bill of around 80k in stamp duty or in other words half as much as the likely deposit we'll put down. Will delay us moving by several years to be able to afford losing that cash (given we've made negligable capital gains in the last 6/7 years). Madness really given it would be much more logical to tax an equivalent amount from the seller via a low capital gains tax - that way it reflects what has actually been gained in value from the property not the size of your mortgage!!

Wonder if our fellow nationalists over the border will follow suit

Trouble, with this apparent saving on duty, is your new house might go down and down if this really is the worst recession eva.

GG. wrote: Wed Jul 08, 2020 2:56 pm I'd have saved 15k buying our house now rather than 2017 and the buyers of our old flat paid pretty much nothing I think whereas we had to pay 12,600 3 years earlier. Overall then pretty much 30k difference because of the vagaries of a fluctuating system

Yeah... but buy a second home now while the SDLT's cheap. And an investment property.

How likely that these industries will just pocket the extra 15% and not change their pricing to reflect?

Nathan wrote: Wed Jul 08, 2020 4:19 pm How likely that these industries will just pocket the extra 15% and not change their pricing to reflect?

Looks like they have to apply for it after the fact, so I'm assuming they will have to prove that they've applied the discount. I'm sure like everything, some will abuse it.

Nathan wrote: Wed Jul 08, 2020 4:19 pm How likely that these industries will just pocket the extra 15% and not change their pricing to reflect?

I hope they do that - the idea is to support these industries, after all.