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Fivefold increase in home buyers paying stamp duty
http://www.x404.co.uk/forum/viewtopic.php?f=19&t=13057		 Page 1 of 1
Author:  Amnesia10 [ Thu Mar 17, 2011 10:00 am ]
Post subject:  Fivefold increase in home buyers paying stamp duty
http://www.telegraph.co.uk/finance/pers ... -duty.html

Quote:
The proportion of property sales over the £250,000 threshold has climbed from just 5 per cent to 26 per cent during the past decade.
Buyers pay a stamp duty rate of 3 per cent on properties valued between £250,000 and £500,000 and a rate of 4 cent on properties above £500,000. A new rate of 5 per cent on properties worth more than £1 million is being introduced next month.
Melanie Bien, of mortgage brokers Private Finance, said: “Tens of thousands more home owners have been forced to pay stamp duty because the government has failed to link thresholds to soaring house prices. These findings will underline calls for a root and branch reform of the controversial tax, replacing the slab system with a much fairer tiered model.”

It is clear that the mortgage brokers clearly do not understand the problems. If they scrapped this tax or reduced it, we would get an even bigger property bubble and greater problems when it imploded. :roll:
Author:  belchingmatt [ Thu Mar 17, 2011 10:43 am ]
Post subject:  Re: Fivefold increase in home buyers paying stamp duty
Quote:
Melanie Bien, of mortgage brokers Private Finance, said: “Tens of thousands more home owners have been forced to pay stamp duty because the government has failed to link thresholds to soaring house prices.


Forced seems a bit incorrect as house buying is generally a choice. Of course people are influenced by things such as work, education and healthcare, but I doubt these represent every sale.
Author:  dogbert10 [ Thu Mar 17, 2011 12:01 pm ]
Post subject:  Re: Fivefold increase in home buyers paying stamp duty
So what she's saying is that the boom in house prices was nothing to do with mortgage lenders giving people ridiculously massive mortgages without checking whether they could afford them or not?
Author:  Amnesia10 [ Thu Mar 17, 2011 12:58 pm ]
Post subject:  Re: Fivefold increase in home buyers paying stamp duty
dogbert10 wrote:
So what she's saying is that the boom in house prices was nothing to do with mortgage lenders giving people ridiculously massive mortgages without checking whether they could afford them or not?

Also if this tax was abolished all that would happen is that the sellers would ask for more and the brokers and estate agents would earn more fees. So probably not much left for the buyer to benefit anyway.
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