Ridiculously entitled baby-boomer complains that she can't sell her £1m home

No surprise the OP complaining about someone complaining over an over inflated price for a property :rolleyes:

Still holding out for a Brexit crash so you can buy a property cheap.....
 
High stamp duty artificially affects the market value because it's dead money. If everyone added £40k to their asking price then, assuming at least a zero or above price rise in future, buyers know they would get this money back again when they sold the property themselves in the future. But tax is money thrown down the drain to a seller. They will never get it back. So they are less likely to be prepared to pay it.
 
Just reading it, how has she still got a mortgage at 67? That seems like very poor planning, also if you want to downsize to a cheaper area and you only paid £500 odd grand, just drop the price to 900k and take whatevers offered.
 
She has 'sold' it twice for offers she has found acceptable it's just when the buyers have realised stamp duty needs adding they have dropped out so what she is moaning about is that her house is correctly priced but stamp duty artificially increases that price to an unacceptable amount.

Why should she foot the stamp duty bill, she was happy to take a hit on £10k of that for the 2nd offer but not the £50k the buyer wanted her to take.

As mentioned the faux outrage at her feeling stamp duty is costing her house sales is laughable, and also she has nowhere demanded it sells for the 'magic' £1m as she has accepted 2 yes 2 offers below that.
 
theone8181 said:
Just reading it, how has she still got a mortgage at 67? That seems like very poor planning, also if you want to downsize to a cheaper area and you only paid £500 odd grand, just drop the price to 900k and take whatevers offered.
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67 is the retirement age for most people in the future.
 
Just a nothing article with a fairly naive letter as the foundation. She makes a point though, not necessarily related to her own situation, that the current stamp duty framework does reduce liquidity in the housing market.

theone8181 said:
Just reading it, how has she still got a mortgage at 67? That seems like very poor planning
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It is actually pretty good planning. She can clearly afford the repayments, has already used the cash to help her daughters and has probably mitigated her IHT bill.
 
It is pretty accurate. in this case, a sale price for £100,000 less is just a deviation for 10%, not uncommon for a housing transaction.
 
Mad, she complains its a ridiculously pricey area. Then reduce your price FFS, then it will be a not so pricey area.

There are less buyers at the moment due to Brexit, only people that have to move really are doing so.
 
The_Abyss said:
It is pretty accurate. in this case, a sale price for £100,000 less is just a deviation for 10%, not uncommon for a housing transaction.
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Precisely.

We bought our house significantly below what it was valued at. The sellers wanted a quick sale and we were in a position to move in in short order. The valuation was largely meaningless.
 
I think it's mental two people/couples who have that kind of money put offers in without realising stamp duty was a thing, unless they were just chancing it that she'd knock it off the sale.

I lost a significant amount to it on my first home as I'm down on the mortgage for another property, just suck it up and get on with it like everyone else has to or in the sellers case just drop the price if you're that desperate to move.
 
Pringle W said:
No surprise the OP complaining about someone complaining over an over inflated price for a property :rolleyes:

Still holding out for a Brexit crash so you can buy a property cheap.....
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Yep! :)

ttaskmaster said:
Half of that increase has come about from the general area being tarted up from the dump it used to be, to subsequently attract higher-paying London commuters, though. Once they started moving in, the prices went right up.
Nothing (much) to do with the general housing market.
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I can't be bothered to do the maths to work out the %age increase but I'd imagine it's completely indicative of the 'general housing market' actually. At least in the SE.

Sasahara said:
Mad, she complains its a ridiculously pricey area. Then reduce your price FFS, then it will be a not so pricey area.
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lol exactly.

Ayahuasca said:
I think it's mental two people/couples who have that kind of money put offers in without realising stamp duty was a thing, unless they were just chancing it that she'd knock it off the sale.
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Yep. Sounds like she's just been unlucky to be honest. If she'd have had zero interest, with no offers than she'd sooner have realised it's time to simply reduce the asking price.
 
Maundie said:
So the point of this thread is to moan that someone feels entitled to sell their house at market value, my god what next people expected to pay the marked rrp on goods in shops.

It doesn't matter how much she paid for her house or when, what matters is the current market value of the property.
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Indeed, she probably could drop the price a little more, though as she's nearly gone through with two sales it seems like she's in the ball park re: price.

There is a reasonable point that if you ramp up stamp duty too much it can affect liquidity. Though to be fair the way stamp duty used to apply was rather silly and was in need of reform, previously a single rate used to apply to the entire purchase price and so you'd essentially fall off a cliff at the start of each band which distorted prices a bit at those levels.

As for the OP, he does seem to have a chip on his shoulder about property and regularly moans about it.
 
Stamp duty like inheritance tax suffered from Gordon Brown's fiscal drag where he increased the thresholds more slowly than inflation to increase the take. It has now become so lucrative no Chancellor will get rid of it. Bloody stupid idea to tax mobility.
 
I think inheritance tax is fair game, its not like people (at least in most situations) can decide not to die etc.. Of course there are tools to minimise or avoid it but they exist already.

Frankly I think student loans ought to not be wiped out and instead the remaining balance should be deducted from people's estates where possible.
 
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