Budget special - Great news for First time buyers

[Gazwag]

Re: Re: Budget special - Great news for First time buyers

He quoted fags and wine increases in line with inflation .. i dont smoke but i didnt know they cost twice the amount of a bottle of wine !

Thats the increase in tax, therefore fags are taxed twice as much as wine, it doesnt matter what they actually cost in the shops

 

[Highfields Seagull]

The increase means a lot more to people in the north who can still buy a three bedroom house and not pay stamp duty.

Perhaps in Grimsby, but not the case in many areas of the north.

 

[Barnet Seagull]

Why doesn't he just abolish stamp duty for first time buyers?

This would truely help the young get on the ladder. It would also stop house prices rising to meet he threshold as current home owners would still have to pay the tax. He could then set a 25% stamp duty on all second homes. This would free up more of the more affordable houses for those that actually need them to live in rather than profit from. Simple really.

Not the answer. You'd just perpetuate bridging.

 

[Barrel of Fun]

Alot of the new schemes - part ownership - or affordable houses, stamp duty is irrelevant or paid already. Whether that is passed on in the price remains to be seen.

 

[Lammy]

Not the answer. You'd just perpetuate bridging.

What's bridging when it's at home?

 

[Napper]

when doe this stamp duty come into play, so i can now buy a property fro 124 k without stamp duty

good old gordon

 

[The Clown of Pevensey Bay]

Everyone's forgotten that in the last budget, the stamp duty threshold was DOUBLED from 60K to 120K.

Which was a bit of a pisser after I'd given the exchequer one per cent of my house's value around ten months beforehand.

This rise is just in line with inflation.

 

[Barrel of Fun]

Everyone's forgotten that in the last budget, the stamp duty threshold was DOUBLED from 60K to 120K.

Which was a bit of a pisser after I'd given the exchequer one per cent of my house's value around ten months beforehand.

This rise is just in line with inflation.

But it is still not enough. It might well be in line with inflation this year, but it was stationary for a long long time. Besides, house prices have not been rising on a par with inflation!

 

[Napper]

is this from immeadiate effect ?

im loving this potentially £1200 Gordon has just given me to

 

[Barrel of Fun]

is this from immeadiate effect ?

im loving this potentially £1200 Gordon has just given me to

Yes I think it is from immediate effect.

 

[caz99]

yes would help me out too if this comes in now.

 

[Storer68]

A spokesman for the bank said: "For the first time, at £257,120, the average price of a residential property in London is now above the £250,000 threshold at which stamp duty is paid at 3pc of purchase price.

This means the average homebuyer in London pays stamp duty of £7,714, compared with £1,535 five years ago."

Homebuyers across Britain now pay three times as much stamp duty as they did five years ago; revenue has soared from £1.8bn in 2000 to £5.5bn in the tax year which ended last April.

Two thirds of all this tax is derived from homebuyers in the South of England. But, according to Halifax, the average detached house price exceeds the threshold for 3pc stamp duty in six regions; the North-West, West Midlands, East of England, South-East, South-West and London.

Five years ago, only London had an average detached house price above this threshold.

By last year, the average detached house price in London had exceeded £500,000 or the threshold above which stamp duty is applied at 4pc - which means buyers of a typical detached home in London now pay more than £20,000 tax for doing so.

Peter Bolton King, of the National Association of Estate Agents, said: "When stamp duty was first brought in it only affected the minority, but now, after house price rises, the majority of buyers have to pay."

 

[1066gull]

f*** sake.

Do the actually expect us to have a social life. I won't be able to afford to, games etc.

 

[dwayne]

f*** sake.

Do the actually expect us to have a social life. I won't be able to afford to, games etc.

why?

 

[e77]

I think people miss the point with the economics behind the budget. Public services are either paid through taxation or government borrowing, so unless you want to mortgage your kids future to pay for now (which I will take a stab some people on here will be entirely comfortable with) the tax burden has to be paid somehow.

I found the diesel demonstrations amusing a few years back. Even if they had got tax on fuel reduced do they really think it wouldn't have to be clawed back somewhere else?

 

[chip]

Isn't the thing about this budget (and previous ones) that it is doing just that? By increasing the PSB requirement the future has been mortgaged. Similarly, the pensions dividend tax credit that was introduced 8 years ago stole from those who saved for their future.

You also assume that the government is better at spending your money than you are. That I find funny as no government ever has been, has it?