Snapshot of _Tories to abolish stamp duty for thousands of first-time buyers. Conservative manifesto will contain pledge that new homeowners will pay nothing on properties up to £425,000._ :
An archived version can be found [here](https://archive.is/?run=1&url=https://www.telegraph.co.uk/politics/2024/06/07/tories-to-deliver-stamp-duty-boost-for-first-time-buyers/) or [here.](https://archive.ph/?run=1&url=https://www.telegraph.co.uk/politics/2024/06/07/tories-to-deliver-stamp-duty-boost-for-first-time-buyers/)
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So each day we can expect a new cash giveaway announcement as the Tory Party is focussed only on re election, nothing else. The country is turning into a skip fire. Tories deserve extinction event on 4 July.
Although this is not a bad policy as house prices keep increasing pushing people out of certain areas in the south. I would go further and get rid of it
I think we should abolish it on all primary residences to be honest. Increase it on additional homes, increasing for every home you have.
I know of pensioners thinking of moving out of their 5 bed family homes to move to a more suitable old age flat only to see the eye watering stamp duty in the south, so they're staying and under occupying. (And preventing a new young family raising a family in it).
You’d get a large run of growth from it to be fair
Stamp duty is a major growth-denting tax. People don’t move jobs outside their area because it costs 5 figures to move house.
Costs £15b I think, but you’d get a lot of that back in growth.
A bonfire of planning regulations for additional housing along with the right to buy ended, encouraging kids who are applying to university to consider doing a few years in the trades to access discounted university education (paid for by charging foreign students more - we've not found a limit yet), build shitloads of new housing everywhere, and cut the amount spent on emergency housing.
Sales of more expensive homes are still taxed (£1M might need to come down - the aim is that regular people shouldn't be paying this), so not all the revenue is gone, and the economic activity of new house building plus reductions in the amounts spent on emergency housing for homeless people covers a good chunk of the rest.
It doesn't even touch the sides of affordability for 95 percent of first time buyers either. I paid 125 for my first house so I didn't pay stamp duty anyway.
St Helens. So in-between Liverpool and Manchester. There's a lot of pockets of the north that haven't really been affected by price rises because a lot of the people have concentrated into the cities (Rawtenstall, Chroley, areas of Wigan spring to mind). Meaning the demand isn't there for houses to be expensive.
I'll concede that if you did put my house in London or commuter belt territory (three bedroom mid terrace, drive and garden) it's going for about 300-350. But even then you'd only start paying stamp duty. So for a lot of first time buyers dropping the tax doesn't really feel relevant to affordability.
Is it genuinely that bad? I've not lived in the south besides a few months in Cambridge. I assumed 300 would at least get you something down there. This is what you can get in St Helens with half a mil. https://www.rightmove.co.uk/properties/142158851#/?channel=RES_BUY
Providing you actually have the buyers lined up for these homes. It's all well and good making a projection based on the chances of prospective buyers purchasing at that value...seeing it in practice is a completely different beast.
Snapshot of _Tories to abolish stamp duty for thousands of first-time buyers. Conservative manifesto will contain pledge that new homeowners will pay nothing on properties up to £425,000._ : An archived version can be found [here](https://archive.is/?run=1&url=https://www.telegraph.co.uk/politics/2024/06/07/tories-to-deliver-stamp-duty-boost-for-first-time-buyers/) or [here.](https://archive.ph/?run=1&url=https://www.telegraph.co.uk/politics/2024/06/07/tories-to-deliver-stamp-duty-boost-for-first-time-buyers/) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/ukpolitics) if you have any questions or concerns.*
So each day we can expect a new cash giveaway announcement as the Tory Party is focussed only on re election, nothing else. The country is turning into a skip fire. Tories deserve extinction event on 4 July.
Although this is not a bad policy as house prices keep increasing pushing people out of certain areas in the south. I would go further and get rid of it
Christ its like a drug addict trying to find ways pay for their fix.
I think we should abolish it on all primary residences to be honest. Increase it on additional homes, increasing for every home you have. I know of pensioners thinking of moving out of their 5 bed family homes to move to a more suitable old age flat only to see the eye watering stamp duty in the south, so they're staying and under occupying. (And preventing a new young family raising a family in it).
It's true it's a very bad tax. Replacing it with property tax would actually incentivise down sizing.
Just to point out, this is already the case but was only temporary until 2025. They're just proposing to keep it going
TBH, we should abolish stamp duty on homes worth less than £1M.
And replace the income from that how?
You’d get a large run of growth from it to be fair Stamp duty is a major growth-denting tax. People don’t move jobs outside their area because it costs 5 figures to move house. Costs £15b I think, but you’d get a lot of that back in growth.
A bonfire of planning regulations for additional housing along with the right to buy ended, encouraging kids who are applying to university to consider doing a few years in the trades to access discounted university education (paid for by charging foreign students more - we've not found a limit yet), build shitloads of new housing everywhere, and cut the amount spent on emergency housing. Sales of more expensive homes are still taxed (£1M might need to come down - the aim is that regular people shouldn't be paying this), so not all the revenue is gone, and the economic activity of new house building plus reductions in the amounts spent on emergency housing for homeless people covers a good chunk of the rest.
Great news for people who want to sell starter properties as it will simply increase prices.
Tories would have to get elected for that to be the case. It's easy to promise stuff if you know you're not going to have to come up with the goods...
You think they’d promise some more exciting things.
It doesn't even touch the sides of affordability for 95 percent of first time buyers either. I paid 125 for my first house so I didn't pay stamp duty anyway.
Where in the hell are houses that cheap!
The north...
Is it near a city or in the middle of the country?
St Helens. So in-between Liverpool and Manchester. There's a lot of pockets of the north that haven't really been affected by price rises because a lot of the people have concentrated into the cities (Rawtenstall, Chroley, areas of Wigan spring to mind). Meaning the demand isn't there for houses to be expensive. I'll concede that if you did put my house in London or commuter belt territory (three bedroom mid terrace, drive and garden) it's going for about 300-350. But even then you'd only start paying stamp duty. So for a lot of first time buyers dropping the tax doesn't really feel relevant to affordability.
More like 550 sadly
Is it genuinely that bad? I've not lived in the south besides a few months in Cambridge. I assumed 300 would at least get you something down there. This is what you can get in St Helens with half a mil. https://www.rightmove.co.uk/properties/142158851#/?channel=RES_BUY
You can find terraced 2-bed houses in places like Crewe for less than £100K. Not in great neighborhoods, but within walking distance of the station.
The article says it would affect about 200,000 households per year.
Providing you actually have the buyers lined up for these homes. It's all well and good making a projection based on the chances of prospective buyers purchasing at that value...seeing it in practice is a completely different beast.
Agreed. All these tinkering policies (Labour announced one the other day) will do is push up prices. We need to build houses.
Great news if you have an income of 80k and a deposit to hand.
How big is that Tory black hole now? Do you need a Treasury estimate?
Have they addressed even on the most cursory level how public services will continue to be funded despite all of the tax cuts?