Corona property prices

[Christian]

The vendors solicitor, now thats another story - they got a deal with the EA for discounted services if they went for a particular solicitor - we all know how that ends.

Sometimes it's a blessing if the other side go for an estate agents mortgage broker/solicitor. It's in the estate agents interest to complete the sale.

At the end of the day it can be pot luck...all conveyancers work to capacity and will be balancing a huge workload because of the stamp duty holiday.

[julian2002]

Our last solicitor / conveyancer was useless, a shame as they handled my parents as well as myself for many years. Unfortunately the small firm we used to deal with has been bought out a number of times and now they are just part of a national 'chain'.
They were hard to reach, told us work had been done and then told us they were waiting for said work, the final insults were, one, on moving day there was a computer failure at the local government which stopped some paperwork (we had already been told had been done) going through at the last minute. We sat at our new estates site office with our worldly possessions in removal vans for 4 hours wondering if we would have somewhere to live and when we did when we could rearrange the moving company. This left a bitter taste in our mouths but not as bitter as 3 months later, just before xmas, receiving a demand for an extra £££ because they'd bollixed up our final bill. That put the final nail in the coffin for the Highly Contentious Berks solicitors.

[tommyzzj]

With all the searches, having to deal with management companies for LPE1, leasehold stuff...you generally need to factor 12-weeks for a flat sale to reach completion. You could get there quicker just hope that the buyer hasn't just opted to use the cheapest solicitor he can find. No matter how good your solicitor is, you have real problems if the other side is slow. I assume your conveyancer is telling you this because he will have no control over the buyers solicitor other than hassling. A good tip...this is where a decent estate agent is worth their weight in gold. They will be the ones keeping the process on track.

Thanks Christian... yeah that’s exactly what I’ve been told - I went with a solicitor that I’ve dealt with a few times, but no clue what the other party’s done. I’m not too concerned tbh as I’d imagine the buyer’s more desperate re Stamp Duty holiday- but we ll see:)

Cheers


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[murkeywaters]

Interesting reading, especially on how much people are leaning on the SDLT.

I would hazard a guess that 90% of deals that are agreed under this tax break are costing the buyer more than had there been no stamp duty break at all, its well pointed out that property has increased month on month and been turbo charged by the SDLT, looking at the graph below for average UK property prices you can see the jump since May when the first lockdown was being eased, up to Oct 2020 the average house price went up £14K.

My experience with houses is that peoples money mindset is completely different to anything else they would buy, they might haggle a car to an inch of its life, but when it comes to a house multiple thousands become a lot less of a problem.

If house prices inch back 3% when the break ends then that will cover in most cases the current SDLT money being saved.

https://propertydata.co.uk/charts/house-prices

Rates from 1 April 2021
These rates also apply if you bought a property before 8 July 2020.

You can also use this table to work out the SDLT for the purchase price of a lease (the ‘lease premium’).

Property or lease premium or transfer value SDLT rate
Up to £125,000 Zero
The next £125,000 (the portion from £125,001 to £250,000) 2%
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%

Example
In May 2021 you buy a house for £275,000. The SDLT you owe will be calculated as follows:
0% on the first £125,000 = £0
2% on the next £125,000 = £2,500
5% on the final £25,000 = £1,250
total SDLT = £3,750

[blackal]

Interesting figures, and you are correct - for a lot of sales, the saving is not worth jumping onboard for.

But - plenty of sales will have been for (say) £500k-£1m)

If you had £500k in the final band of SDLT then you would have a tax of £25k for that top band.

But as has been highlighted - sellers have adjusted expectations to suit, negating half of that at least.

[thegreatdogwood]

It's the British culture of loving a bargain.

Take the way Mike Ashley sells products as an example. Big signs saying "Up to 50% off" and the masses pile in, notwithstanding the actual item is only discounted by 10%. Take the theme further and it's basically saying nothing is discounted by more than 50% (it could mean nothing is discounted - zero saving is still less than 50!), yet most view that approach as a green light versus a shop that simply says "sale" and may actually have 75% savings.

It's a mindset thing, a lot of buyers have no clue as to what actual SDLT is, merely that they are saving "thousands" by buying now. Fast forward and two things will happen; 1) if a buyer does not complete before the deadline, in most cases they will expect to see a price reduction 2) the market will slow when SDLT returns as there is no longer a proverbial "sale" on to dictate a timescale.

As you move up the scale, it does have a greater impact;

£250k purchase = £2,500 SDLT
£350k purchase = £7,500 SDLT
£450k purchase = £12,500 SDLT

Hopefully first time buyers will stand a chance again as they will still benefit from the prescribed SDLT relief of zero up to £300k and with the 5% band kicking in at £300k and not £250k. That's the equivalent of a £5k saving on a £300k purchase, assuming of course the first time buyer can afford £300k!

[Estoril-5]

a lot of buyers have no clue as to what actual SDLT is, merely that they are saving "thousands" by buying now. Fast forward and two things will happen; 1) if a buyer does not complete before the deadline, in most cases they will expect to see a price reduction 2) the market will slow when SDLT returns as there is no longer a proverbial "sale" on to dictate a timescale.

I think youre not giving enough credit to homeowners, they all know what Stamp Duty is, its basically a tax, they dont need to know the ins and outs just like they dont need to know about the intricacies of Council Tax or Road Tax - they just need to know if it is a cost they have to pay or not.

That being said someone who was buying a £450k house in March, will not pay any Stamp Duty, but push that to April they will, the big question is will they have £12,500 knocking around to cover that. I doubt it very much and the buyers who have priced sensibly (and not inflated due to this holiday) will have to make a decision.

Like i said previously i'd like to see where we are in 14 months time

[thegreatdogwood]

I think youre not giving enough credit to homeowners, they all know what Stamp Duty is, its basically a tax, they dont need to know the ins and outs just like they dont need to know about the intricacies of Council Tax or Road Tax - they just need to know if it is a cost they have to pay or not.

That being said someone who was buying a £450k house in March, will not pay any Stamp Duty, but push that to April they will, the big question is will they have £12,500 knocking around to cover that. I doubt it very much and the buyers who have priced sensibly (and not inflated due to this holiday) will have to make a decision.

Like i said previously i'd like to see where we are in 14 months time

World of difference between knowing that SDLT exists and what it actually costs, which is my point. Spot on that finding another £12.5k out of equity would really test a buyers resolve.

Yep roll on 14 months, I'm still in the bear camp that prices will be lower, not a market collapse, but certainly 5%+ realistically across many situations

[Middo]

What about people buying a second property. Big savings were to be had for some with SDLT if you complete before April

[Estoril-5]

Noticed something odd today, house popped up as newly listed but its been for sale for a long time already, then i noticed it it had the tag 'reduced today' and hence why it flagged as newly listed. I could have sworn previously the house was listed at £415k, and then today it had a price tag of OIEO £425k. So not reduced but an increase - i guess rightmove doesnt have an 'increased today' tag lol.

[wileeeeeey]

Noticed something odd today, house popped up as newly listed but its been for sale for a long time already, then i noticed it it had the tag 'reduced today' and hence why it flagged as newly listed. I could have sworn previously the house was listed at £415k, and then today it had a price tag of OIEO £425k. So not reduced but an increase - i guess rightmove doesnt have an 'increased today' tag lol.

They might have changed agents.

Rules are the property has to be off the market for 6 months before being advertised as a new listing again. Or different owners. This is why some people change agent or go multi.

If the agent is a bit of a cowboy they can give it a different unique ID in their system and upload it again without the door number or as "1a TZ Ave" instead of "1 TZ Ave" etc to get round it.

[Dave+63]

Interesting figures, and you are correct - for a lot of sales, the saving is not worth jumping onboard for.

But - plenty of sales will have been for (say) £500k-£1m)

If you had £500k in the final band of SDLT then you would have a tax of £25k for that top band.

But as has been highlighted - sellers have adjusted expectations to suit, negating half of that at least.

The exemption was only on the first £500k so the maximum saving could only ever be £15k.

I’m sure that’s peanuts to people spending £1.5m on a house.

[Estoril-5]

They might have changed agents.

Rules are the property has to be off the market for 6 months before being advertised as a new listing again. Or different owners. This is why some people change agent or go multi.

If the agent is a bit of a cowboy they can give it a different unique ID in their system and upload it again without the door number or as "1a TZ Ave" instead of "1 TZ Ave" etc to get round it.

Apologies what i meant was i sorted the listings as 'newly listed' rather than 'highest priced' and it came up as the first listing, and i believe the reason it did is because the price had changed, but rather than reduced it had gone up! I cant remember if its the same agent.

[Dave+63]

What about people buying a second property. Big savings were to be had for some with SDLT if you complete before April

There was still the 3% loading to pay so there’s still a maximum of £15k saving.

Eg. Paying £500k for a second home incurs 0% standard SDLT but £15k second property SDLT.

[wileeeeeey]

Apologies what i meant was i sorted the listings as 'newly listed' rather than 'highest priced' and it came up as the first listing, and i believe the reason it did is because the price had changed, but rather than reduced it had gone up! I cant remember if its the same agent.

Oh on Rightmove they do that. "Newest" isn't actually newest property it's most recent status so is a mix of newest properties along with status changes which are mostly (only?) reductions. When I was at Zoopla agents used to always ask "what's the minimum amount or percentage I need to reduce something by for you to put it back to the top?" Seems to be a game they play. Can see why.

[Estoril-5]

Oh on Rightmove they do that. "Newest" isn't actually newest property it's most recent status so is a mix of newest properties along with status changes which are mostly (only?) reductions. When I was at Zoopla agents used to always ask "what's the minimum amount or percentage I need to reduce something by for you to put it back to the top?" Seems to be a game they play. Can see why.

Yes, this ones a reversal, its at the top but a price increase! Might be in line with having to find the SDLT for their next property if they believe they cant complete in time.

[Wolfie]

Well…. We’re in

Went as well as it could have done yesterday

Removal men attempted to rip me off, but other than that it was relatively pain free!

And we are now in an area that has Deliveroo (quite the revelation!!!) and we had a takeaway Grounded Kitchen Buddha bowl…

Sky being installed this morning (footy tomorrow) and will be able to walk to the ground eventually!

The house is lovely, everything we could have hoped for and a bit more…. It’s got a real warmth and charm…. We have work to do on it, but, we’ll be very comfortable until all of that can kick off…

This is my favourite bit…. I do love a good front door and old floor tiles!

Ps…. Thanks for the £15k Rishi - much obliged!

[deepreddave]

Well…. We’re in...

Good luck and looks nice. You'll have to post before and after pictures for the extension and conversion as they're always good to see.

[Estoril-5]

Well…. We’re in

Went as well as it could have done yesterday

Removal men attempted to rip me off,

Good news! welcome to a new chapter!

What did the removal men do????

[tommyzzj]

Well…. We’re in

Went as well as it could have done yesterday

Removal men attempted to rip me off, but other than that it was relatively pain free!

And we are now in an area that has Deliveroo (quite the revelation!!!) and we had a takeaway Grounded Kitchen Buddha bowl…

Sky being installed this morning (footy tomorrow) and will be able to walk to the ground eventually!

The house is lovely, everything we could have hoped for and a bit more…. It’s got a real warmth and charm…. We have work to do on it, but, we’ll be very comfortable until all of that can kick off…

This is my favourite bit…. I do love a good front door and old floor tiles!

Ps…. Thanks for the £15k Rishi - much obliged!

Congrats on the move!

[wileeeeeey]

Congrats on the move Wolfie. I love a nice front door and tiled floor, especially if the path to the front door is with the same tiles. That's exactly what we wanted in our move but very hard to find where we're looking. Enjoy!

[redmonaco]

This country has grown on its ever spiraling property prices. Any government intervention the recent governments have done in an attempt to "help people" (keep the oven going!!) has only helped to increase prices further. Government help to buy loans were a godsend to developers as they could increase prices and FTBs could still afford to move in. SD holiday has enabled sellers to either increase the price accordingly. No-one has "saved" any money. I only know of one country that bothered to stabilise their property market over the years, Germany. They kept the market over heating by increasing mortgage rates when necessary. And the reason behind it was to ensure housing was affordable to the majority and not an investment vehicle.

Future of property market? In the next couple of years I think it will go down quite a bit, maybe 30% or so. Then it will bounce back up and continue. A few "haves" will continue to benefit, while UK society as a whole will slide further into a resentful, unhappy, and fractured mess.

[Middo]

Congrats on getting in Wolfe.

[David_D]

This country has grown on its ever spiraling property prices. Any government intervention the recent governments have done in an attempt to "help people" (keep the oven going!!) has only helped to increase prices further. Government help to buy loans were a godsend to developers as they could increase prices and FTBs could still afford to move in. SD holiday has enabled sellers to either increase the price accordingly. No-one has "saved" any money.

Correct. Things like "Help to buy" are a ludicrous and probably wilfully stupid response to the problem which is inadequate supply. House builders are one of teh few sectors that gets an absolutely free pass in terms of meaningful Government intervention.

The Telegraph reported this morning that the UK population has fallen by 1.3 million in the last year including 700,000 in London. That must have some impact on property demand.

I only know of one country that bothered to stabilise their property market over the years, Germany. They kept the market over heating by increasing mortgage rates when necessary. And the reason behind it was to ensure housing was affordable to the majority and not an investment vehicle.

Only 51.4% of dwellings in Germany are owner-occupied so there is a huge "investment" market. The investment case in the UK has been driven by massive undersupply. In a properly functioning market, there wouldn't be "super profits" on residential property.

[wileeeeeey]

The Telegraph reported this morning that the UK population has fallen by 1.3 million in the last year including 700,000 in London. That must have some impact on property demand.

You would think but it depends on the price bracket maybe. Migut be some impact re demand for 1-2 bed flats or help to buy/first time buyers but for houses in London it's like there's an extra 700,000 buyers.

[Wolfie]

Good luck and looks nice. You'll have to post before and after pictures for the extension and conversion as they're always good to see.

Ta…. Need to get an architect, planning permission and a builder lined up first!

Good news! welcome to a new chapter!

What did the removal men do????

Because they didn’t bring a 7.5 ton they wanted to charge me for going back for the garden and garage stuff…. He called me and became quite nobish about wanting more cash…. Gave him half…. He was generally being sharp and was after waiting money for anything past half one for completion…. Really poor experience and me and my son ended up moving quite a bit in a hired transit…. They’d probably have earned it, but, he was so unpleasant and was a chancer basically…. Plus they managed to unload stuff that wasn’t ours in our garage and he won’t respond to messages asking him to come and pick it up…

Congrats on the move!

Ta

Congrats on the move Wolfie. I love a nice front door and tiled floor, especially if the path to the front door is with the same tiles. That's exactly what we wanted in our move but very hard to find where we're looking. Enjoy!

I have a nice front path but no tiles on it

Minton tiles are so lovey…. Makes me happy happy to move round the hall…. It feels ‘grand’ !!!

Congrats on getting in Wolfe.

Ta!

[Estoril-5]

https://www.todaysconveyancer.co.uk/...entary-debate/

[wileeeeeey]

What are the government doing for all those who exchanged before lockdown and failed to complete due to lockdowns, losing their deposits?

It would be simple to extend the stamp duty holiday in a sensible way. Anyone with a solicitor instructed and searches applied for before 1st Feb 2021 has until the end of April or the second week of May to either exchange or complete. Would keep transactions from falling apart and ensure the largest amount of people are looked after. After that, all bets are off.

[blackal]

What are the government doing for all those who exchanged before lockdown and failed to complete due to lockdowns, losing their deposits?

It would be simple to extend the stamp duty holiday in a sensible way. Anyone with a solicitor instructed and searches applied for before 1st Feb 2021 has until the end of April or the second week of May to either exchange or complete. Would keep transactions from falling apart and ensure the largest amount of people are looked after. After that, all bets are off.

Not seeing that as any sort of sensible policy. Plenty of notice to get it completed in time, and as has been illustrated earlier in this thread - the sums aren't that severe in reality (for each individual transaction).

[wileeeeeey]

Not seeing that as any sort of sensible policy. Plenty of notice to get it completed in time, and as has been illustrated earlier in this thread - the sums aren't that severe in reality (for each individual transaction).

The problem is searches. Hackney aren't offering searches at all, some boroughs are quoting six months. Nationwide were allowing an exchange with searches insurance but then went back on that and pulled it. Unless you're cash you need searches to exchange.

Our searches are estimated to be back by 12th March and they were applied for before Christmas.

Everyone has had enough time he's but if it means two thirds of chains crumble that helps no one. Personally I can't wait until the holiday is over for prices to come down but you have to think about what's actually blocking people from exchanging and if it's within their control.

[blackal]

The problem is searches. Hackney aren't offering searches at all, some boroughs are quoting six months. Nationwide were allowing an exchange with searches insurance but then went back on that and pulled it. Unless you're cash you need searches to exchange.

Our searches are estimated to be back by 12th March and they were applied for before Christmas.

Everyone has had enough time he's but if it means two thirds of chains crumble that helps no one. Personally I can't wait until the holiday is over for prices to come down but you have to think about what's actually blocking people from exchanging and if it's within their control.

My BIL (building surveyor in Hampshire) told me back in November, that he doubted if many purchases commenced then - would complete in time. I thought he was crazy at the time (I'm used to the Scottish system).

If you didn't have a personal interest in the rules being changed - how would you see it?

[wileeeeeey]

My BIL (building surveyor in Hampshire) told me back in November, that he doubted if many purchases commenced then - would complete in time. I thought he was crazy at the time (I'm used to the Scottish system).

If you didn't have a personal interest in the rules being changed - how would you see it?

To be honest I don't really care if I save the £15k or not. It's the difference between being able to change the windows or the driveway and in the grand scheme of things it won't stop me from buying the house I hope to be in for the next 30 years or make me drop into a different LTV.

There is a strong possibility IMO that the end of the stamp duty holiday will mean a drop in house prices anyway so what you've lost in stamp you'll gain (perhaps somewhat) in a reduced price.

I think the stamp duty holiday was quite a dumb scheme to begin with but for the sake of people's chains falling apart and keeping everything going they could give those who were under offer with searches applied for an extension provided the price does not change (fixtures and fittings to one side) but after that it's over and no one can say you didn't have a good chance to save some money.

[Estoril-5]

Agree with that Wileeeeey. Its such a headache purchasing a house and all potential ways of it falling through, i would be happy to pay the inflated price or the stamp duty, which ever way you look at it, its money out of your pocket.

a house that i have seen for a while, not really interested in but comes up on the rightmove listing, dropped by £35k from £425k to £390k, guess theyre desperate to complete before the SDLT holiday is over, thing is, the house next door (which is a bigger plot and an extra bedroom) went at auction for around £300k plus fees.

Good luck with that one!

[Wolfie]

To be honest I don't really care if I save the £15k or not. It's the difference between being able to change the windows or the driveway and in the grand scheme of things it won't stop me from buying the house I hope to be in for the next 30 years or make me drop into a different LTV.

There is a strong possibility IMO that the end of the stamp duty holiday will mean a drop in house prices anyway so what you've lost in stamp you'll gain (perhaps somewhat) in a reduced price.

I think the stamp duty holiday was quite a dumb scheme to begin with but for the sake of people's chains falling apart and keeping everything going they could give those who were under offer with searches applied for an extension provided the price does not change (fixtures and fittings to one side) but after that it's over and no one can say you didn't have a good chance to save some money.

A tough one in reality…. Doesn’t seem particularly fair when searches aren’t coming back…

It would be reasonable to extend for anyone who applied for searches before Jan 1 21 up to mid year maybe?

Will they do it? I doubt it, as the risk of the property market creaking has already been strongly mitigated…

[Middo]

We applied for searches in November, some still outstanding. They are swamped at the mo. We will benefit from SDLT, that said I would rather pay a less inflated price for the house all ends up the same in the end.

[Middo]

Agree with that Wileeeeey. Its such a headache purchasing a house and all potential ways of it falling through, i would be happy to pay the inflated price or the stamp duty, which ever way you look at it, its money out of your pocket.

a house that i have seen for a while, not really interested in but comes up on the rightmove listing, dropped by £35k from £425k to £390k, guess theyre desperate to complete before the SDLT holiday is over, thing is, the house next door (which is a bigger plot and an extra bedroom) went at auction for around £300k plus fees.

Good luck with that one!

From out searches, people have just been changing their arm with unrealistic pricing.

[Estoril-5]

From out searches, people have just been changing their arm with unrealistic pricing.

the ones that are still availble months agree, the smart cookies are the ones who kept it in line with market expectations or just a smidgen more, and they have been STC within weeks.

- - - Updated - - -

From out searches, people have just been changing their arm with unrealistic pricing.

the ones that are still available months agree, the smart cookies are the ones who kept it in line with market expectations or just a smidgen more, and they have been STC within weeks.

[redmonaco]

Correct. Things like "Help to buy" are a ludicrous and probably wilfully stupid response to the problem which is inadequate supply. House builders are one of teh few sectors that gets an absolutely free pass in terms of meaningful Government intervention.

The Telegraph reported this morning that the UK population has fallen by 1.3 million in the last year including 700,000 in London. That must have some impact on property demand.



Only 51.4% of dwellings in Germany are owner-occupied so there is a huge "investment" market. The investment case in the UK has been driven by massive undersupply. In a properly functioning market, there wouldn't be "super profits" on residential property.

hear! hear!

[Estoril-5]

https://news.sky.com/story/house-pri...nears-12206310

Sent from my moto g(8) power lite using Tapatalk

[blackal]

To be honest I don't really care if I save the £15k or not. It's the difference between being able to change the windows or the driveway and in the grand scheme of things it won't stop me from buying the house I hope to be in for the next 30 years or make me drop into a different LTV.

There is a strong possibility IMO that the end of the stamp duty holiday will mean a drop in house prices anyway so what you've lost in stamp you'll gain (perhaps somewhat) in a reduced price.

I think the stamp duty holiday was quite a dumb scheme to begin with but for the sake of people's chains falling apart and keeping everything going they could give those who were under offer with searches applied for an extension provided the price does not change (fixtures and fittings to one side) but after that it's over and no one can say you didn't have a good chance to save some money.

I have to admit, if a similar scheme was available in Scotland - I would have been 'in like Flynn'

BUT

In Scotland there were strict to conditions to the holiday, which did not favour/pander to the people buying 'expensive' property.

I have to say, that the Scottish system (of SDLT holiday) had more integrity and could never be criticised as being a 'license for the rich to get richer'

If your chain falls through due to lack of appreciation of the timeline - I don't have a lot of sympathy.

And in reality - have collapsed chains in the final 3 months of the scheme (in England) - had an adverse effect on the initiative?

Have the following lost significant financial support (as it was intended)?

• Estate agents
• Builders
• Solicitors
• Removal companies (An easy one for me to guess - as 'yes')

Don't forget though, that there was furlough support for some of the employees of the above - if there was a downturn.

[wileeeeeey]

I have to admit, if a similar scheme was available in Scotland - I would have been 'in like Flynn'

BUT

In Scotland there were strict to conditions to the holiday, which did not favour/pander to the people buying 'expensive' property.

I have to say, that the Scottish system (of SDLT holiday) had more integrity and could never be criticised as being a 'license for the rich to get richer'

If your chain falls through due to lack of appreciation of the timeline - I don't have a lot of sympathy.

And in reality - have collapsed chains in the final 3 months of the scheme (in England) - had an adverse effect on the initiative?

Have the following lost significant financial support (as it was intended)?

• Estate agents
• Builders
• Solicitors
• Removal companies (An easy one for me to guess - as 'yes')

Don't forget though, that there was furlough support for some of the employees of the above - if there was a downturn.

I agree, but on the subject of agents, they seem to have gotten very lucky with Covid and the stamp duty holiday. They are cleaning up. I worked as an estate agent for two years in one of my first 'real' jobs. The basic was £10k and I wouldn't want to be earning 100% of that let alone 80%. Even with the comission it wasn't worth the junior Dr level hours.

I'm not clued up on the Scottish scheme at all but judging by the fact Scotland banned car clamping years ago, pay and display car parks in hospitals, and how the buying system doesn't favour chancers I'd guess the scheme up there was a lot more thought out than the one down here.

[blackal]

I agree, but on the subject of agents, they seem to have gotten very lucky with Covid and the stamp duty holiday. They are cleaning up. I worked as an estate agent for two years in one of my first 'real' jobs. The basic was £10k and I wouldn't want to be earning 100% of that let alone 80%. Even with the comission it wasn't worth the junior Dr level hours.

I'm not clued up on the Scottish scheme at all but judging by the fact Scotland banned car clamping years ago, pay and display car parks in hospitals, and how the buying system doesn't favour chancers I'd guess the scheme up there was a lot more thought out than the one down here.

I think the Scottish SDLT was, from its inception - heavily weighted towards benefitting lower priced house purchases, so it wasn't a huge fiscal cost to mirror that with the holiday.

I wouldn't want to be earning 100% estate agent employee wages either, but that is neither here nor there, as the SDLT holiday will have kept most if not all - in full time employment (which is what they are used to).

I dare say that the holiday favoured the new-build sector more, where searches are simpler. That was probably the government's target for help, and the knock-on effect (discounting any £millions saved by their cronies with London mansions to buy)

[Passenger]

I'm beginning to think Rishi might extend the Stamp duty holiday as the pressure to extend furlough appears to be increasing, why...well otherwise it's massive Job losses, and IF he continues support in one area does it make sense to withdraw it in another...extend and pretend aka kick the can..., perhaps.
Btw I'm not saying it'd be a 'good' thing.

[Estoril-5]

I'm beginning to think Rishi might extend the Stamp duty holiday as the pressure to extend furlough appears to be increasing, why...well otherwise it's massive Job losses, and IF he continues support in one area does it make sense to withdraw it in another...extend and pretend aka kick the can..., perhaps.
Btw I'm not saying it'd be a 'good' thing.

I dont think they will extend it, however if they do it will just delay the inevitable. With 10% mortgages now available it might push prices up even more.

[Middo]

Funny enough our purchase is also being held up by poor (free) conveyancer team provided by wainhomes on the vendors new property.

[Passenger]

I dont think they will extend it, however if they do it will just delay the inevitable. With 10% mortgages now available it might push prices up even more.

Shouldn't that be 90 per cent mortgages available, thus only a 10 per cent deposit requirement, but I got your gist I think.

[Estoril-5]

Shouldn't that be 90 per cent mortgages available, thus only a 10 per cent deposit requirement, but I got your gist I think.

apologies, yes, 10% deposit mortgages

[Estoril-5]

https://www.bbc.co.uk/news/business-55948538

[David_D]

https://www.bbc.co.uk/news/business-55948538

Seems only the Government that doesn't understand the consequences of creating market distortions by having time limited incentives. The big house builders must be laughing all the way to the bank.

[Estoril-5]

Seems only the Government that doesn't understand the consequences of creating market distortions by having time limited incentives. The big house builders must be laughing all the way to the bank.

I beg to differ, they absolutely know the consequences, and their donors (mates) are thinking their return on investment (donation) has been a good punt!

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