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#Budget2017 key points:
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Personally I'm not too bothered by the stamp duty stuff though. It's all a bit meh.
I don't generally like transaction taxes - IMO, it would be much better to charge an annual lvt, or a proper council/property tax which would stop freehold land/residential property in the UK (particularly SE England) being used as a store of tax-free wealth/viable mechanism for IHT avoidance.
The rise is linear between.
Would I take a £75 increase in up front deposit cost for a £2,500 reduction in up front taxes? Yes, yes I would.
Not only that but for the first time buyer their £2,500 in taxes is dead money that is gone. The increase in house price may cost £75 more up front but the asset they've purchased is worth more too.
When I got my first the rule at the time was 1% on the full value of the house if the house was worth more than £125k but less than some other figure. So my house was purchased for £124,500.
It helps people not on the property ladder buy properties they couldn't previously afford.
https://www.instagram.com/p/BbqjolSjRtP/
As a general policy, the government should be encouraging owner occupier-ship and making it as easy as possible for those who want to move from renting to owning to be able to do so.
The Budget.
The reaction of most people to first time buyers wanting a half a million quid home will be so ****ing what.
The talk about saving money assumes there is no change in people's behaviour now they have to take a smaller chunk out of their deposit for tax/no competition for houses. Ten seconds of thought shows that behaviour won't be static.
It may well happen, but the reduction in stamp is not the problem some people are trying to make it.
Imagine the response had he put stamp up, and then tell me that a reduction is a bad idea. Trouble is everyone clings to the status quo like it's an unalloyed good, which it often (mostly) isn't.
2017/18 deficit revised down from £58.3bn to £49.9bn.
BBC shows revision upwards (16.28)
http://www.bbc.co.uk/news/live/business-42026814
https://twitter.com/gompertz/status/933363472842264576?ref_src=twsrc^tfw&ref_url=http://www.bbc.co.uk/news/live/business-42026814
Sale of a home worth £300,000:
Purchased by first time buyer: stamp duty = 0
Purchased by someone moving up property ladder: stamp duty = £5,000
Purchased by Buy to Let landlord: £14,000
First time buyers now have a massive stamp duty advantage on those buying to let. Good.
I actually think Kezia will stand down from all politics at the first opportunity and find something more useful to do with her life. It would be a surprise if she went to the SNP.
"FTB aren't just going to offer the money they are saving on stamp duty as extra on the house."
FTBs aren't going to offer money saved on stamp duty.
"FTBs who can already afford the deposit now have even more mortgage money to our bid competitors with."
FTBs are going to offer money saved on stamp duty.
That's top tier snark
Main Budget report on BBC website and the first "Budget in Charts" is completely wrong.
Always a worry in that it shows whoever is doing it doesn't actually understand the numbers.
This is the amount he was wrong by
https://twitter.com/MathesonMichael/status/933360999238897665
Sure it helps them out against BTL landlords which is good but it also helps them out against other FTBs. It's a reward for the richest FTBs. It doesn't help people struggling to get a deposit together.
Looks a great decision now!
Not convinced that 5k on a 300k purchase makes an enormous amount of difference - but still good news for first time buyers.
There's never enough money. No matter how much you give more could always be used.
Faisal Islam is one of the worst for it. They are all busting for a 'gotcha' headline.
None of the dxcitable, group-thinky young journos get out of the bubble enough*.
Pasty Tax and Dementia Tax headlines worked because they were taxes. I can't see this Stamp Duty stuff creating negative headlines because the govt is getting rid of a tax.
Hammond is still boring though. Too cautious and managerial for me.
*This is why I think Matthew Parris is a great read. His vehement anti-Brexit stance is effective because a) he's a Tory, b) he is worldly and c) he has a principled history of swimming against the tide.
For those at the bottom of the ladder just unable to get a deposit together this could be significant enough to get them over the line.
At worst I don't see how all first time buyers being helped is bad news for a policy designed to help first time buyers! First time buyers are not only competing against other first time buyers, but the fact they're potentially £14,000 better off in UP FRONT unmortgageable costs than buy to let landlords is an incredible saving.
"Saving thousands in up front costs won't help you save for a deposit" has to be the dumbest attack line against a budget I've ever seen.