If you've got a £50k deposit and are buying a flat worth £300k, then the stamp duty cut will save you a vast £20ish a month on your mortgage. So that's the housing crisis over, then.
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Sure, but that only makes a difference if you are spending literally everything you have and already borrowing literally everything you can.
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How did you buy your first house Hugo? Because you just described what most people do.
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I did exactly that, too. But if stamp duty had been £5k more I'd have bought somewhere £5k cheaper.
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So Hammond would have given you £5,000 of the value of your first home. Utterly meaningless, of course.
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It's not meaningless at all. It just won't help anybody who can't afford to buy already.
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It will, by removing a £5,000 (or whatever) hurdle to doing so. You can either afford a house, or you can't. And stamp duty might easily be the difference.
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It's not a £5k hurdle. It's a £5k hurdle to a £300k property. And less if it costs less.
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It's a £5k hurdle to the up front costs of a £300k house. Assume a 10% deposit - it's the difference between a £250k house and a £300k house.
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Ah 300k flats. I presume the budget only applies in the south east around the London area.
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It's the maximum, and thus the maximum you can save, which is why I used the figure.
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Who should we trust? What’s your best suggestion?
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It's a massive cost to buying a house
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It means nothing to low paid & most public sector workers ,most haven't got a deposit ,what was lacking was social housing program & rental market controls
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Julia Hartley-Brewer again with another hot take. We all know you pay it up front- we all SHOULD know policy will just raise house prices further & just place already limited stock further away from FTBs
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its a massive blocker on people struggling to buy first time...good news that its scrapped...not a fan of Hammond at all, but churlish to talk it down tbh
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Eyes wide shut!
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Yes but the stamp duty will come out of the money you have saved so if it's smaller it reduces the amount you need to borrow. Surely even right wing journalists can see that
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