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Government & Post Election Discussion
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Old 21-02-2018, 22:31   #1171
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Re: Government & Post Election Discussion

208 Labour MP's voted against abolishing Stamp Duty for first time buyers tonight (That would help young people trying to get on the property ladder).

I thought Labour were suppose to be the party representing the young.... let that sink in...

What happened to the in the 'for the many, not the few.' Bloody cretins that Labour are.
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Old 22-02-2018, 02:12   #1172
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Re: Government & Post Election Discussion

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Originally Posted by Mick View Post
208 Labour MP's voted against abolishing Stamp Duty for first time buyers tonight (That would help young people trying to get on the property ladder).

I thought Labour were suppose to be the party representing the young.... let that sink in...

What happened to the in the 'for the many, not the few.' Bloody cretins that Labour are.
Except it wouldn't help them get on the ladder, let that sink in

There was a vote tonight?

Quote:
Former shadow cabinet member Rachel Reeves, who chairs the all-party Business Select Committee, told MPs the housing measures in the Budget were "the exact opposite from what we need if we want to ensure that more young people and more families can get on the housing ladder".
https://news.sky.com/story/hammond-f...ments-11139538
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Old 22-02-2018, 05:31   #1173
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Re: Government & Post Election Discussion

Rachel Reeves has not got a clue. Except it would help them. How can it not?

Stamp duty being abolished, if house prices are a certain price, is a big win for first time buyers...

£125,001-£250,000 @ 2% rate threshold between either £2,500 and £5,000 Stamp duty.

£5,000 is a lot of money saved that can be spent on new moving in costs, furniture etc.

On November 22nd 2017 the Chancellor announced in the Budget...

Abolishing stamp duty land tax (SDLT) on homes under £300,000 for first-time buyers from 22 November 95% of first-time buyers who pay stamp duty will benefit.

First-time buyers of homes worth between £300,000 and £500,000 will not pay stamp duty on the first £300,000. They will pay the normal rates of stamp duty on the price above that. This will save £1,660‎ on the average first-time buyer property.

80% of people buying their first home will pay no stamp duty.

There will be no relief for those buying properties over £500,000.

Those 208 Labour MPs were essentially opposing the above budget measures that were announced.
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Old 22-02-2018, 06:09   #1174
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Re: Government & Post Election Discussion

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Originally Posted by Mick View Post
Rachel Reeves has not got a clue. Except it would help them. How can it not?

Stamp duty being abolished, if house prices are a certain price, is a big win for first time buyers...

£125,001-£250,000 @ 2% rate threshold between either £2,500 and £5,000 Stamp duty.

£5,000 is a lot of money saved that can be spent on new moving in costs, furniture etc.

On November 22nd 2017 the Chancellor announced in the Budget...

Abolishing stamp duty land tax (SDLT) on homes under £300,000 for first-time buyers from 22 November 95% of first-time buyers who pay stamp duty will benefit.

First-time buyers of homes worth between £300,000 and £500,000 will not pay stamp duty on the first £300,000. They will pay the normal rates of stamp duty on the price above that. This will save £1,660‎ on the average first-time buyer property.

80% of people buying their first home will pay no stamp duty.

There will be no relief for those buying properties over £500,000.

Those 208 Labour MPs were essentially opposing the above budget measures that were announced.
What first time buyer is paying between 300k and 500k for their first home? The more I hear and think about it, the more i think they're right this is little more than a gimmick and I imagine it was a gimmick when Labour came up with it to and the best answer to the crisis was John Mann's imo at the end of the article

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"More affordable homes and decent, stable jobs to allow people to save for them are the way to tackle the housing crisis.
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Old 22-02-2018, 06:19   #1175
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Re: Government & Post Election Discussion

But having no Stamp Duty to pay, if buying a £150,000 house. Is still money in the first time buyers hand. Not a gimmick. Labour will have to tax folk to death to pay for their large borrowing needs. Thankfully, let’s hope they never get in power.
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Old 22-02-2018, 06:56   #1176
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Re: Government & Post Election Discussion

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But having no Stamp Duty to pay, if buying a £150,000 house. Is still money in the first time buyers hand. Not a gimmick. Labour will have to tax folk to death to pay for their large borrowing needs. Thankfully, letís hope they never get in power.
But if it puts the price up on a 150k home by 0.3% it's going to be taking money out of those very hands.
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Old 22-02-2018, 08:54   #1177
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Re: Government & Post Election Discussion

Quote:
Originally Posted by Mick View Post
But having no Stamp Duty to pay, if buying a £150,000 house. Is still money in the first time buyers hand. Not a gimmick. Labour will have to tax folk to death to pay for their large borrowing needs. Thankfully, letís hope they never get in power.
The problem is the lack of supply driving up house prices beyond what is affordable. The Stamp duty cut is good but it will quickly cause prices to rise so that the sellers get the benefit of the cut, not the buyers. The breathing room giving by the cut will only give people more money to bid a higher base price for the house.

The main impact of the cut will be to ensure the market keeps growing for a bit longer. If they didn't do that house prices would stall sooner. It's the same as all the other government schemes, they just allow people to get into more debt or get some money from the government to put into the housing market. None of it helps with the main issue.
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