Countdown to the Budget

LOAM · 22 Nov 2017 at 13:47

poosemon said:
how do they define first time buyer? If we sold a property so have no property to our name and then bought another property (sale->purchase were months apart) does that count as a first time buyer?

no, it means pretty much what is says on the tin. Its the first time you have bought a house. It wont make any difference though the nationals will just increase the price so that they get it and not the government.

I imagine the Cons are wondering how many of the proposed 300K new house a year they have promised will be consumed by FTB's.

Martynt74 · 22 Nov 2017 at 13:49

poosemon said:
how do they define first time buyer? If we sold a property so have no property to our name and then bought another property (sale->purchase were months apart) does that count as a first time buyer?

No because it's not your first house!

I'm wondering how it works if you buy it jointly and one is a FTB!

Rotty · 22 Nov 2017 at 13:49

Greebo said:
Really? No stamp duty up to £300k and minimal up to £500k? Thats just going to stoke up the housing market again. Houses are too expensive as it is.

an overall smaller increase would have been fairer but generally a very impressive budget

Greebo · 22 Nov 2017 at 13:50

Uther said:
Housebuilding company shares tumbling on news of a landbanking enquiry

And the landbanking enquiry will achieve nothing and possibly if it affects housebuilding companies share price, it might mean even less houses being built.

He should have allowed 5% of greenbelt land to be built on. The issue with land with planning permission is how much it has increased by as its in short supply. You can;t build affordable homes when the plot of land costs you £200k before you have even laid a brick.

Freakbro · 22 Nov 2017 at 13:50

Martini1991 said:
The 9 pound NLW by 2020's now behind schedule?

7.83 in 2018. So it's going to raise 1.17 in 2 years? Doubtful.

I was voicing my doubts it was going to get to £9 by 2020 after the last rise, though I know someone who has been to meetings with the low pay commission and they are still adamant it's happening.

Oh well, it's going to put the Nursery sector out of business unless they fundamentally make some changes to the EYFS rules, like ratios

chief barker · 22 Nov 2017 at 13:50

SDK^ said:
The chancellor announces he is abolishing the charge from today.

Yes I have been watching it all unfold, I was just wondering if he does because he is so close to moving in.

Martynt74 · 22 Nov 2017 at 13:52

Greebo said:
Really? No stamp duty up to £300k and minimal up to £500k? Thats just going to stoke up the housing market again. Houses are too expensive as it is.

I think only for first time buyers.

So

FTB buys £290k house = No Stamp Duty

FTB buys £450k house = Stamp Duty only on portion above £300k, what rate that would be at i'm not sure.

Greebo · 22 Nov 2017 at 13:52

chief barker said:
Yes I have been watching it all unfold, I was just wondering if he does because he is so close to moving in.

STamp duty is only payable on the day you exchange and pay your money so I would think he wont have to pay it.

Freakbro · 22 Nov 2017 at 13:52

LOAM said:
I imagine the Cons are wondering how many of the proposed 300K new house a year they have promised will be consumed by FTB's.

He's delayed the 300k new houses per year till the mid 2020's

Greebo · 22 Nov 2017 at 13:53

Marvt74 said:
I think only for first time buyers.

So

FTB buys £290k house = No Stamp Duty

FTB buys £450k house = Stamp Duty only on portion above £300k, what rate that would be at i'm not sure.

I know but still going to inflate prices. All these new first time buyers snapping up properties under £500k will mean those properties above that will rise accordingly.

Vonhelmet · 22 Nov 2017 at 13:53

Freakbro said:
He's delayed the 300k new houses per year till the mid 2020's

Jam tomorrow!

robgmun · 22 Nov 2017 at 13:54

Marvt74 said:
No because it's not your first house!

Freakbro said:
What do you think? Is it the first time you've bought a house?

LOAM said:
no, it means pretty much what is says on the tin. Its the first time you have bought a house.

All wrong i'm afraid, just bought a new house this year and i owned a flat before, because i sold it and no property in my name i was considered a FTB from everyone from solicitors to the Mortgage lenders.

Martini1991 · 22 Nov 2017 at 13:55

Freakbro said:
I was voicing my doubts it was going to get to £9 by 2020 after the last rise, though I know someone who has been to meetings with the low pay commission and they are still adamant it's happening.

Oh well, it's going to put the Nursery sector out of business unless they fundamentally make some changes to the EYFS rules, like ratios

I assumed that it'd go 7.90 in 2018, then 8.40 in 2019, then 9 in 2020.
Some thought 8.05 in 2018 then 8.50 in 2019 then 9 in 2020.

But 7.83. =/

Randomface74 · 22 Nov 2017 at 13:55

lol Corbyn looks like he's about to explode

Bazzards · 22 Nov 2017 at 13:55

Removal of Stamp Duty suits me, about to complete on my FTB £300,000 property.

Martynt74 · 22 Nov 2017 at 13:55

I don't get how that works then because surely everyone is a FTB then as when they buy a new house they do so with the proceeds of the old house.

robgmun · 22 Nov 2017 at 13:57

chief barker said:
My eldest son moves into his new flat in two weeks but hasn't paid anything yet, will he still have to pay the stamp duty?

I'm pretty sure he'll won't have to pay now, lucky bugger

Wouldn't have effected us anyway our house was £560K with £17K stamp duty. yeah....

MG42Maniac · 22 Nov 2017 at 14:00

We are looking to buy a over over 300K outside of London, presume this applies to us?

Rotty · 22 Nov 2017 at 14:01

billysielu said:
lol Corbyn looks like he's about to explode

he knows he's struggling to pick fault

doodah · 22 Nov 2017 at 14:01

Years away but think the stamp duty rule will help very nicely (at least in terms of the cash needed at point of purchase).

JC needs to respond well to this, it's probably the first Tory 'win' in weeks/months.