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Stamp duty axed below £175k
Tuesday 2nd September 2008, 9:54AM BST.
Stamp duty is to be axed for a year on properties costing less than £175,000 as part of a package of measures being unveiled to help the housing market.
The level at which the 1% purchase tax has to be paid is to be increased from £125,000, from Wednesday morning.
The move – which applies to residential property – would save someone buying a £175,000 property £1,750.
Other measures aimed at boosting the market include “free” loans of up to 30% for first time buyers in England.
Households earning less than £60,000 will be offered loans free of charge for five years on new properties, co-funded by the state and developers.
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Another crazy idea from an outdated, stale Government.
It is madness to encourage people to get into debt when house prices are declining. The market is in need of a major correction and prices will drop further by another 30-40%.
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Too little, to late..the typical house price where I live is £200,000 – and that is just for an average house in a slum. Now compare that with what you can get abroad..
This government created this mess – this is not a solution it is an excuse. You vote them in..you get the government you deserve.
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The only STAMP duty there should be and that’s On BROWNS HEAD!!!!!!!
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Hmmm….the one thing I would recommend people to do is not to buy a property while prices are dropping.
So these measures help those who MUST buy, a little.
Though a loan just delays debt.
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The costs of houses is ridiculous, how first time buyers are expected to buy a house costing upwards of £125,000 is beyond me, and without first time buyers, the market is only going to get worse.
In Wolverhampton alone a house that would have cost you £65,000 in 2003 now costs £135,000….Madness.
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Fanny, I take it you don’t own a house then?
House prices go up and down. The trend is generally up. No-one can say for certain what any house is worth outside the market – and within the housing market its worth exactly what someone will pay for it.
Much cheaper at the moment to rent. House purchase is a method of both saving and wealth creation – even now.
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Martin, yes I own my own home – thank you.
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Pointless waste of time. House prices have rocketed because of easy lending by the banks who have caused this mess. We have now reached a situation where this country in for one hell of a rude awakening. Debt has reached to obscene levels to the extent that we now have the second largest debt in the world after the US. House prices are falling and will continue to do so for the forseeable future. We have already seen falls this year and by 2009 house prices will have fallen by 35%. Do not touch the market until 2010 at the earliest.
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