Business & Finance

Budget

When is the next budget and what are the chances stamp duty will be reduced?
I cannot decide whether to buy now or wait

Ric.ror Mon 01/09/08 11:10

<< Previous

Next >>

Subscribe to question

Post an Answer

Important Notice
The information provided by The AnswerBank does not constitute financial, investment or tax advice. You are advised to discuss your specific requirements with an independent financial advisor prior to entering into any binding contracts. The AnswerBank terms and conditions of use apply.

R1Geezer
Mon 01/09/08
12:45

wait, prices are falling. Forget the stamp duty, they'll never do owt about that.

buildersmate
Mon 01/09/08
12:54

Though not impossible, it is really most unlikely that the Chancellor will create a Stamp Duty 'holiday' that permanently removes the need to pay the infernal tax for a period of time. If it were to happen, it will probably merely defer payment for, say, up to 5 years.
Think of the furore that happened over the 10% income tax fiasco. The same would happen from those crying 'foul' having just bought.
My bet is the Chancellor is regretting he ever opened his mouth on the subject .

Ric.ror
Tue 02/09/08
10:20

Question Author

I have a max of £200K to spend. Should I wait another six months

R1Geezer
Tue 02/09/08
10:41

yes wait in fact wait at least 18 months. The prices need to correct by 30%, only 10% gone at the moment. So I would say 2 years to rock bottom, 5 years, along the bottom, back to were we where 1 year ago will take about 10 years in total, just like last time.

Still one good thing, all those leech estate agents out of work, hopefully with big mortgages so they'll get hoisted by there own petard!

buildersmate
Tue 02/09/08
17:30

Well obviously my answer has been overtaken by events today (no stamp duty on purchases up to £175k for 12 months).
So I got that wrong.
But this measure saves up to £1750. Still chicken-feed if prices are falling by 10% pa. Keep watching your local market.

R1Geezer
Tue 02/09/08
17:49

This won't make much difference because with prices in freefall first tim buyers etc wil just wait a while and save the dosh anyway.

Post an Answer

Submit the above question and answers

add to del.icio.us	add to digg	add to furl
add to reddit	add to Technorati	add to Blinklist
add to StumbleUpon	add to squidoo	add to ma.gnolia
add to Cocomment	add to Netscape	add to Fark