• From The BBC:

    Anyone who is in a position to buy a home worth between £125,000 (the old starting point for stamp duty) and £175,000 (the new starting point) will be happy.
    The government’s move will save them £1,750 each and cost it £600 million in foregone tax.
    Perhaps the most interesting opportunity in the next year will be for buyers, with an eye on a home worth just over £175,000.
    They may be tempted to try to cajole their vendors into lowering the price so that the sale goes through – tax free for the buyer of course.
    But saving the odd couple of thousand pounds is not fundamental to the working of the property market at the moment.
    “A suspension for one year on stamp duty for properties up to £175,000 is absolutely not the answer to the problem,” said Ray Boulger of John Charcol.
    “It will help a small minority of people, but the issue lies more with mortgage lenders and their “shut up shop” attitude to lending above certain loan-to-values.”
    How many?
    According to estimates fro…

    Click to read the full article »

    Posted by Jon @ 11:25 am

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