Upcoming changes to stamp duty will "motivate" first-time buyers to buy a property, according to the Halifax.
So, it's going down, and making houses more affordable? No, Reader. Quite the opposite...
The average price of a UK home ended 2024 close to the £300,000 mark, the UK's biggest mortgage broker said. Its calculations suggested UK house prices increased by 3.3% when comparing the end of the year to the start, although the average value dipped slightly in December. It means the average home now costs £297,166, it added. In April, house buyers in England and Northern Ireland will start paying stamp duty on properties over £125,000, instead of over £250,000 at the moment.
The only reason this might just 'spark first time buyers' is if they decide to buy now before it gets any higher - they will be those already intending (and able) to buy.
Housing experts expect sales to increase over the next few months, ahead of the stamp duty changes, before falling away afterwards. Alice Haine, analyst at Bestinvest, said: "This will deliver a particularly heavy hit to first-time buyers who will not only need to raise enough money for a deposit but also enough to cover the higher tax bill."
And once that small pool has run dry, what then?
8 comments:
"what then?"
Anything - anything at all - except build more houses, obviously.
Raising taxes seems to be the raison d'etre of
Rachel from Accounts. The latest wheeze of hers is to charge beneficiaries of service personnel capital gains tax on any death in service payment if the death occurs while they are off duty, but still serving. With a single strike of her pen, this stupid bitch has just destroyed the military recruitment programme.
Penseivat
Your electricity will be cheaper. You will still have a job. The farmers will not be raising their food prices. The really clever people will not kiss us goodbye. The rich guys at Davos will be queuing up to risk their money here. Our industries will thrive. Our newly arrived diversity, "youths" yearning to be architects, will be the saviours of our NHS, praises be upon it, and our care homes. Your old folk are safe in our hands. Paying the Danegeld to indispensable Union members will fix our public transport and NHS, PBUI. Our young folk, of whatever gender, will be queuing up to join our military services to kill and die, for King and TTKier, on some foreign field, possibly near Velyka Novosilka. (did not make that up)
Trust me. My daddy made tools. Have I ever misled you?
Eh?
You must be an extreme, far right, fascist bigot. Begone foul fiend.
Nah. We are Royally fucked.
Rachel is trying to be fair. Drive up house prices so that everyone is in the Inheritance Tax band.
God knows, in my area, they are building on every small plot they can. It's already getting harder to get a seat on the Tube in the morning, as the rest of the Third World floods in to occupy the new flats upstream of my station.
Doing her job of destroying or crippling every traditional organisation she can...
We are, and every day, it gets deeper and harder.
🤣
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