Reply With QuoteMy experience is different to yours, although the agents I talk to say the market is quite stagnant. Who knows when prices are increasing like you have suggestedOriginally Posted by WJ99mobile
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Houses in a street I've been looking at have jumped 5-10% in around 6 months.
Transactions at a massive high.
My experience is different to yours, although the agents I talk to say the market is quite stagnant. Who knows when prices are increasing like you have suggested
The suspension of Stamp Duty must be temporarily boosting sales but it ending in March of next year and the fact that unemployment is rising to Covid-19 and, with it, the subsequent dip in economic activity all points in one direction.
suspension of stamp duty doesn't apply here, and from what I've seen houses are selling very quickly at the moment.
Well offers are being accepted very quickly, then houses are selling in the inexplicably slow manner that they always seem to.
Land Transaction Tax is paid in Wales, not SDLT, and its considerably more expensive.
A substantial chunck of our economy depends on the buying and selling of houses
Its not good
Leaving the well being of the country to the ups and downs of the market place is very dodgy
that depends on the price of the property
The starting band is lower in Wales and the starting rate is higher. I'd be very surprised if there's more than a handful of properties where LTT is less than SDLT
I meant the "considerably more expensive"
For most people it won't be that noticeable.
Well it applies here
Again, LTT is higher
Is it that house sales that would normally have taken place earlier in the year are now being squeezed into a shorter timeframe, thus giving the impression of a buoyant market.
that's what I think, also, with SDLT being reduced in England we're seeing a bull market as buyers look to acquire before the uplift in tax. We're not seeing that in Wales as we've not really got the discounted LTT.
You can get a pretty good picture of what is going on in the housing market here:
https://landregistry.data.gov.uk/app/ukhpi
It is reporting up to August '20 at the moment.
Generally the market is up across GB since the beginning of the year but the strength of the price growth is mixed. For instance, detached properties in Ceredigion were up around 10% in August (yoy) and terraced properties in RCT were up by 2.6% (yoy).
There is a feeding frenzy around rural properties in Wales at the moment with the majority of buyers currently from England. LTT in Wales has definitely not put off English buyers despite the disparity between the former and the English equivalent. Drakeford may have played a blinder because a great deal of LTT take is coming from English buyers.
Not true, Feedy. Check the actual data before erroneous prognosticating.
Buy a house for £260k, which is a fairly large lump of house for most people, and the difference between LTT and stamp duty is £500.
or about 0.2%
I guess a more open approach to working from home by a lot of employers has made a move to the countryside more realistic for a lot of people
Wales
The portion up to and including £250,000 0%
The portion over £250,000 up to and including £400,000 5%
The portion over £400,000 up to and including £750,000 7.5%
The portion over £750,000 up to and including £1,500,000 10%
The portion over £1,500,000 12%
England
Up to £500,000 Zero
The next £425,000 (the portion from £500,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%
there you go
you agree, on average, LTT is more.
I can buy a house in England for £500k and pay nothing, whereas in Wales I'd have to pay £12.5k.
My figures are the same as you've just posted for a £260k house, you might want to check your calculations.
I never said the LTT wasn't more, what I was disagreeing with you was that you'd said that it would be "considerably more expensive".
To me an increase of £500 on a £260k house is not that considerable.
Presumably the English cut the taxes to encourage house moves as they thought they'd fall away during the virus.
Wales didn't and the market has remained strong.
I've already explained that at £500k the difference is £12.5k. At £950k the difference is £32k.
Quite staggering really.
Have never understood the obsession with house prices. Unless you have a second property that you need to sell at a specific time, then property prices are largely irrelevant.
If you only own one house and are not looking to move, then it's value is irrelevant.
You own a house but want to move upwards, if prices are rising, then you get more for the property you are selling, but pay somewhat more for the one you are buying. Vice verca if you are trading down.
For most people, a house is where they live, not an investment. It really doesn't matter for them whether prices are rising or falling.
Is it? it's a 2.5 or a 3.2% increase.
If you had the choice between spunking £950k for a house in Bristol or £950k including the additional tax in south wales you're still going to get a lot more house this side of the border.
But what about along the border - Saltney and Chester for example
if you've got 950k for a house then you can afford the tax IMO
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