New stamp duty rates just announced

[TechJinx]

completed 3 months ago - would have saved about £1.1k

our buyers would have saved £5k on the £7.5 and a bit they paid so I bet they're livid


Seller should still pay though - thats the real reform this needs

[barrydidit]

Stamp duty cut for homebuyers as Osborne kills off hated slab tax | This is Money

handy chart.

Buyers of £600,000 homes will also save £400,000

Really?

If £250k band had moved with house price inflation it would stand at £787k

^This. Why a mansion tax is a fecking stupid idea.

[fullyautomatix]

Stamp duty cut for homebuyers as Osborne kills off hated slab tax | This is Money

handy chart.

Not sure that chart is correct.

How will 275K pay only 3450 ?

[OwlHoot]

Although illogical, the old stamp duty "steps" were constraints (albeit artificial and not very substantial) on house price increases.

Despite the Government's stated aim of making property more affordable, eliminating those constraints may have been the intention so close to the election.

[TechJinx]

Although removing the old stamp duty "steps" seems the obvious thing to do, those steps were constraints (albeit artificial and not very substantial) on house price increases.

not true - it just meant that if you try to sell a house for £255-£270k you get chancers offering you motorbikes and £5k for your shed.....
(true story)

[Lewis]

Not sure that chart is correct.

How will 275K pay only 3450 ?

It says 3,750

0% of 125K = 0
2% of 125K = 2.5K
5% of 25K = 1.25K

Total = 3,750

rate only applied to amount in that band

[vetran]

oops

[fullyautomatix]

It says 3,750

0% of 125K = 0
2% of 125K = 2.5K
5% of 25K = 1.25K

Total = 3,750

rate only applied to amount in that band

Okay now makes sense.

That's a massive saving. This should push house prices up the stratosphere.

[TheCyclingProgrammer]

Good news then.

275K?

you aren't in the south East I suppose?

£301k, yes, South East.

Handy really. Our survey raised some issues, damp mostly but hopefully nothing too major. We were looking at anywhere from £1-2.5k to get the issues sorted and our vendor isn't willing to negotiate at all on price (we got it £9k under asking) so this will help us cover those costs with a few grand to spare.

Biggest hurdle for us is convincing them to break the chain and exchange next week in return for us continuing at our original offer price, we need to exchange by Jan.

[Lewis]

Okay now makes sense.

That's a massive saving. This should push house prices up the stratosphere.

Except over £937K it will cost more so I see it as squeezing prices - lower ones up, higher ones down