Seat68 Posted July 8, 2020 Share Posted July 8, 2020 1 minute ago, KenjiOgiwara said: Yes that's my impression as well. So not covid related? Link to comment Share on other sites More sharing options...
chrisp65 Posted July 8, 2020 Share Posted July 8, 2020 Slightly confused, I thought we were trying to stop businesses crashing 3,000,000 people on to unemployment. So we’ve knocked stamp duty off buying a house? Is that just an unconnected thing, or am I missing something massive about people threatened with redundancy wanting to buy houses? 3 Link to comment Share on other sites More sharing options...
Genie Posted July 8, 2020 Author Share Posted July 8, 2020 9 minutes ago, chrisp65 said: Slightly confused, I thought we were trying to stop businesses crashing 3,000,000 people on to unemployment. So we’ve knocked stamp duty off buying a house? Is that just an unconnected thing, or am I missing something massive about people threatened with redundancy wanting to buy houses? It stops house builders going bust because people have stopped buying new houses Link to comment Share on other sites More sharing options...
HanoiVillan Posted July 8, 2020 Share Posted July 8, 2020 Reducing or eliminating stamp duty benefits existing homeowners, as it inflates the market and leads to increased prices. Link to comment Share on other sites More sharing options...
Seat68 Posted July 8, 2020 Share Posted July 8, 2020 In all fairness I tap figures etc into right move, if prices are inflated I won’t see them. If a 150,000 house looks like a 125,000, then I won’t buy it. Its good news for me as a buyer. Link to comment Share on other sites More sharing options...
snowychap Posted July 8, 2020 Share Posted July 8, 2020 24 minutes ago, chrisp65 said: Slightly confused, I thought we were trying to stop businesses crashing 3,000,000 people on to unemployment. So we’ve knocked stamp duty off buying a house? Is that just an unconnected thing, or am I missing something massive about people threatened with redundancy wanting to buy houses? It's pretty much a standard, go-to policy area. If in doubt, do something to prop up the housing market. 1 Link to comment Share on other sites More sharing options...
Genie Posted July 8, 2020 Author Share Posted July 8, 2020 1 minute ago, snowychap said: It's pretty much a standard, go-to policy area. If in doubt, do something to prop up the housing market. Its more to stop builders going bust. Link to comment Share on other sites More sharing options...
chrisp65 Posted July 8, 2020 Share Posted July 8, 2020 But if I thought my job was in jeopardy, I’m not convinced £5,000 discount on a £250,000 house would settle my nerves? But then I suppose a pizza voucher wouldn’t either, so perhaps I’m just not the target market. Link to comment Share on other sites More sharing options...
LondonLax Posted July 8, 2020 Share Posted July 8, 2020 12 minutes ago, Seat68 said: In all fairness I tap figures etc into right move, if prices are inflated I won’t see them. If a 150,000 house looks like a 125,000, then I won’t buy it. Its good news for me as a buyer. It’s good news for sellers not buyers. Buyers who had a budget of 150000 can now give it all to the seller in any bidding war, instead of giving some of it to the government. These sorts of incentives always end up driving prices up. Link to comment Share on other sites More sharing options...
HanoiVillan Posted July 8, 2020 Share Posted July 8, 2020 3 minutes ago, Genie said: Its more to stop builders going bust. 'Housebuilders' and 'homeowners in the south-east of England' are just two different Conservative constituencies, albeit often in conflict with one another. It's nice for them to be able to find a policy that pleases both for a change. Link to comment Share on other sites More sharing options...
KenjiOgiwara Posted July 8, 2020 Share Posted July 8, 2020 25 minutes ago, Seat68 said: So not covid related? Not sure about that. The financials have been cooked for a while, and there's been rumours about shady accounting for a long time, but financial reports during covid had has put pressure on companies to clarify liquidity and deleveraging in general. At least that's my impression. Maybe it's completely unrelated, but either way I don't think it's the last big company to fall this year. How is hertz these days btw? I'm still waiting on a huge oil service bankruptcy. It's hard to imagine it won't happen. Or car carriers. Wouldn't be surprised of a major player threw their cards here. Link to comment Share on other sites More sharing options...
Genie Posted July 8, 2020 Author Share Posted July 8, 2020 4 minutes ago, chrisp65 said: But if I thought my job was in jeopardy, I’m not convinced £5,000 discount on a £250,000 house would settle my nerves? This is classic VT, its the if I lived in this street I can only go to the park but the next street can drive to lands end if they want. It will suit some people's situations which is good for them. For others it'll make no difference. Doesn't mean its a waste of time. Link to comment Share on other sites More sharing options...
snowychap Posted July 8, 2020 Share Posted July 8, 2020 4 minutes ago, Genie said: Its more to stop builders going bust. Propping up the housing market may mean that some builders don't go bust. It's still just reaching in to the bag marked 'unimaginative' and pulling out something to do with the housing market as this government and pretty much all before them have done over the past few decades. Link to comment Share on other sites More sharing options...
Seat68 Posted July 8, 2020 Share Posted July 8, 2020 6 minutes ago, LondonLax said: It’s good news for sellers not buyers. Buyers who had a budget of 150000 can now give it all to the seller in any bidding war, instead of giving some of it to the government. These sorts of incentives always end up driving prices up. Is that really how it works? I can get a mortgage for x and I will cut my cloth accordingly. If I don’t have to borrow more then I won’t. Thats me others might be differently, this is Stafford in the end and every area has pretty defined ceiling prices. Link to comment Share on other sites More sharing options...
tom_avfc Posted July 8, 2020 Share Posted July 8, 2020 1 minute ago, Genie said: This is classic VT, its the if I lived in this street I can only go to the park but the next street can drive to lands end if they want. It will suit some people's situations which is good for them. For others it'll make no difference. Doesn't mean its a waste of time. I'd argue that if you're in a position to put £500,000 into buying a house that there's people in worse positions who could do with assistance a bit more in the current climate. I know its one of a number of measures being put in place but given we could be going into a period of mass unemployment couldn't we bit a bit cleverer and more imaginative with economic policies to ensure that help gets where its needed most. The one of a kind Monday to Wednesday "eat out to help out" scheme doesn't feel like its going to go too far in ensuring struggling sectors don't collapse. I guess I'd call the whole announcement pretty half arsed and I'm not sure it achieves what it was supposedly aiming to do. I get it that if I was looking to buy (or more importantly maybe sell) a house I'd love the extra money this is going to give but I'd question whether enough is being done for those who are going to be impacted most by the fallout of the coronavirus pandemic. Link to comment Share on other sites More sharing options...
Genie Posted July 8, 2020 Author Share Posted July 8, 2020 4 minutes ago, snowychap said: Propping up the housing market may mean that some builders don't go bust. It's still just reaching in to the bag marked 'unimaginative' and pulling out something to do with the housing market as this government and pretty much all before them have done over the past few decades. Maybe its a good idea then if they're all doing it for decades Link to comment Share on other sites More sharing options...
Genie Posted July 8, 2020 Author Share Posted July 8, 2020 1 minute ago, tom_avfc said: I'd argue that if you're in a position to put £500,000 into buying a house that there's people in worse positions who could do with assistance a bit more in the current climate Again, that's just the upper limit. It doesn't mean only wealthy people will be benefitting from the scheme. There's lots of people who still want to move in this economy and this is an incentive It helps support the construction industry too. Then there's the mortgage lenders, surveyors, estate agencies, solicitors, removal companies etc. Its one idea that benefits a lot of people. Because doesn't benefit everyone in the country, or those hardest hit doesn't mean it shouldn't happen. Link to comment Share on other sites More sharing options...
HanoiVillan Posted July 8, 2020 Share Posted July 8, 2020 5 minutes ago, Genie said: Maybe its a good idea then if they're all doing it for decades Sure, if you don't worry about any downstream political consequences for people being increasingly unable to get onto the housing ladder until middle age, it's a good idea. 1 Link to comment Share on other sites More sharing options...
Genie Posted July 8, 2020 Author Share Posted July 8, 2020 1 minute ago, HanoiVillan said: Sure, if you don't worry about any downstream political consequences for people being increasingly unable to get onto the housing ladder until middle age, it's a good idea. Affordable housing schemes and right to buy council house schemes are still around (not perfect, but opportunities). Link to comment Share on other sites More sharing options...
HanoiVillan Posted July 8, 2020 Share Posted July 8, 2020 2 minutes ago, Genie said: Affordable housing schemes and right to buy council house schemes are still around (not perfect, but opportunities). The data is clear that the average age of first-time buyers is getting older Link to comment Share on other sites More sharing options...
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