Every Cloud.....lot Of Unhappy Estate Agents...

[ToraToraTora]

https://news.sky.com/story/money-blog-buyers-pull-out-of-house-deals-in-minutes-after-chancellors-stamp-duty-hike-13040934

anyone in the process of buying/selling?

 

[smurfchops]

Does the hike apply if you are selling your own home and buying another home to live in, even if you own rental properties??

[smurfchops]

The words 'second home' is a bit confusing

[ToraToraTora]

yes over £250k it's £150k for non residential.

[ToraToraTora]

a 2 percentage point hike from 3% to 5% = 66% rise.

[barry1010]

It only applies to second home owners, not movers.

"Buyers must now pay a surcharge of five per cent on second homes and buy-to-let properties, announced Chancellor Rachel Reeves today in the Autumn Budget."

https://www.standard.co.uk/homesandproperty/buying-mortgages/stamp-duty-tax-what-is-sdlt-how-much-is-it-b1190846.html

[naomi24]

That link says first time buyers will be hit hardest.  

[naomi24]

I mean TTT's link, not yours Barry.

[ToraToraTora]

FTBs will be hit but they have a higher threshold of £450k so I don't see how they are worse off than anyone else hitting a threshold. 

[naomi24]

According to your link that's falling to £300,000 in line with everyone else - except first time buyers don't have the benefit of extra capital gained from the sale of property so it will be more of a struggle for them.

[ToraToraTora]

oh I see missed that bit, then yes they are indeed going to be worse off.

[naomi24]

Just as well they're planning to build thousands of homes to rent.  I won't hold my breath but I hope they do.   It's hard enough for young people to get on the property ladder - and less than £300,000 doesn't get you much these days.

[ToraToraTora]

Labour like people to be dependent on the state, they hate any kind of advancement, especially people buying their own home.

[douglas9401]

Does this mean sad-faced swarthy types with a 'portfolio' on Homes Under The Hammer from now on.

Good news for folk with no choice but to rent from slum landlords.

[THECORBYLOON]

As of August 2024, the average house price in the UK was £292,924.

[Old_Geezer]

It's a tax on moving. Answer is not to move. Until someone sane gets into government of course.

 

You could move and own 2 places but then the utter unspeakable scum will double or treble the domestic rates in order the steal from you without any justification whatsoever.  Of course, as government makes up the rules as they go along, they'll have the gall to pretend it isn't stealing because they can do whatever they like and you can just lump it.

[jourdain2]

Naomi @ 18.35    £300K would buy a very decent house here. Ours (3-bed semi with garage in lovely village - apart from no shop or transport) is worth about £230K. 

[naomi24]

What a shame averages don't apply nationwide.  

[jourdain2]

Indeed, geography is really disadvantaging people now.