Story Edition - Mini-budget 2022: What a stamp duty cut means for NI's property market and first-time-buyers

 
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Wednesday, September 28, 2022

10:35:00 AM CEST

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Place : Northern Ireland
Geo Path : N Ireland,Britain
lat : 54.5   lon : -6.5

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Rich Horner added: "Among the range of policies, today's stamp duty cut would've been most welcomed by first-time buyers and those already in the process of moving. However, whether this is just a short-term fix to a longer-term problem isn't clear. "

newsnow-co-ukFriday, September 23, 2022 12:32:00 PM CEST

Richard Simpson said: “While boosting home ownership is a valid goal, there are millions of people for whom a rented home is their best option who shouldn’t be forgotten,”

bloombergquintFriday, September 23, 2022 9:10:00 PM CEST

Kwasi Kwarteng said: “support growth, increase confidence and help families aspiring to own their own home”

businesstelegraphFriday, September 23, 2022 7:11:00 PM CEST

Rich Horner said: “However, whether this is just a short-term fix to a longer-term problem isn’t clear,”

newsnow-co-ukFriday, September 23, 2022 4:38:00 PM CEST

Tim Bannister said: “Demand has been softening over the last few months but today’s announcement is likely to stimulate some more demand. "If it does lead to a big jump in prospective buyers competing for the constrained number of properties for sale then it could lead to some unseasonal price rises over the next few months. "But because the change is permanent, and because of gathering headwinds such as rising mortgage rates, we expect to see a more gradual increase in demand compared with the surge when the temporary stamp duty holiday was announced in 2020. Plus, buyers could save up to £15,000 during the temporary stamp duty holiday, while the savings are lower with this change. "The first-time buyer threshold change means we could see more first-time buyers who can afford it making a jump to a bigger home as their first move. "With more buyer demand we would also expect that the current trend of more properties coming to market will continue, offering more choice for buyers”

news-yahoo-ukFriday, September 23, 2022 2:44:00 PM CEST

Sarah Coles says: “Stimulating demand without addressing this just risks pushing prices higher. Higher prices coupled with higher mortgage rates are going to push properties further out of reach for millions of people, which could in itself end up scuppering sales. The property market is a delicate beast, and tinkering with tax incentives always risks producing a result you weren’t fully expecting,”

newsnow-co-ukFriday, September 23, 2022 1:21:00 PM CEST

Kwasi Kwarteng said: “First time buyers currently pay no stamp duty on the first £300,000. We are increasing that threshold to £425,000,”

news-yahoo-ukFriday, September 23, 2022 1:09:00 PM CEST

Neal Hudson said: “helps first time buyers in London and the south-east. But [the saving] is still fairly small given the big deposits they need. It might help some buy a bit quicker but it won’t help those with no bank of mum and dad,”

businesstelegraphFriday, September 23, 2022 7:11:00 PM CEST

Jeremy Leaf said (about Tom Bill): "The stamp duty cut should encourage those at the first rung of the housing ladder to take the plunge. He said that would be good not just for the market but for job and social mobility across the board, as well as the wider economy. But the benefit of the stamp duty cut will soon be outweighed by rising interest rates, which will mean more costly mortgages, said Tom Bill, head of UK residential research at Knight Frank. "

newsnow-co-ukFriday, September 23, 2022 12:00:00 PM CEST

Kwasi Kwarteng said: “Economic growth isn’t some academic term with no connection to the real world,”

newsnow-co-ukFriday, September 23, 2022 4:38:00 PM CEST

Kwasi Kwarteng said: “Today’s statement is about growth – home ownership is the most common route for people to own an asset, giving them a stake in the success of our economy and society so to support growth, increase confidence and help families aspiring to own their own home I can announce that we are cutting stamp duty,”

newsnow-co-ukFriday, September 23, 2022 11:42:00 AM CEST

Kwasi Kwarteng said: “That means a tax cut for over 31m people in just a few months’ time. That means we will have one of the most competitive and pro-growth income tax systems in the world”

expressFriday, September 23, 2022 12:50:00 PM CEST

Sarah Coles says: “The horrendous cost of buying a house just got cheaper – at least for now. The stamp duty cut will ease some of the pressure on buyers right now. It’s particularly welcome as house prices rocket and interest rates continue to climb. But in the medium-term, it risks making life even harder,”

newsnow-co-ukFriday, September 23, 2022 1:21:00 PM CEST

Sarah Coles adds: “Structural changes in stamp duty aren’t guaranteed to stimulate demand. When relief was introduced for first time buyers, the government assessed the impact the following year. It found that most of those who took advantage were going to buy anyway, so it only increased demand by around 1,000 transactions in the first 13 months. Given the costs involved, that worked out as a cost to the Treasury of around £160,000 per extra transaction. It was also calculated to have decreased the cost of buying by up to 0,5 percentage points, but increased prices by up to 0.7 percentage points – wiping out any cost saving for buyers,”

newsnow-co-ukFriday, September 23, 2022 1:21:00 PM CEST

Rachael Griffin said: "Stamp duty is one of those taxes, like inheritance tax, that everyone loathes. Older generations in particular will stay in homes that are too big for their needs just to avoid paying this despised tax. Stamp duty has, therefore, been blamed for glueing up the housing system by disincentivising movers. We only need to look back a matter of months to see what a transformational impact stamp duty holiday has on the market. "

newsnow-co-ukFriday, September 23, 2022 12:32:00 PM CEST

Kwasi Kwarteng added: "And we’re going to increase the value of the property on which first-time buyers can claim relief, from £500,000 to £625,000,"

newsnow-co-ukFriday, September 23, 2022 1:21:00 PM CEST

Sarah Coles said: “Higher mortgage rates and higher property prices form a toxic cocktail, that risks killing off demand. For buyers facing forking out thousands of pounds right now, it’s a welcome change. However, there’s every chance that the change doesn’t drain the toxic cocktail, it just remixes it. Structural changes in stamp duty aren’t guaranteed to stimulate demand,”

cityamFriday, September 23, 2022 11:50:00 AM CEST

Kwasi Kwarteng told: "Home ownership is the most common route for people to own an asset, giving them a stake in the success of our economy and society,"

newsnow-co-ukFriday, September 23, 2022 12:00:00 PM CEST

Kevin Hanley added: "When we take that into consideration, it's harder now more than ever for first time buyers to get on the ladder and with this announcement this morning, I think many residents in our area will benefit from the stamp duty increase. "

newsnow-co-ukFriday, September 23, 2022 3:47:00 PM CEST

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Subtitles

  • Will the stamp duty cut affect buy-to-let properties?
  • Chancellor Kwasi Kwarteng’s stamp duty cut: What does it mean?
  • 200,000 more people a year ‘will be lifted out of paying stamp duty’
  • What are the new Stamp Duty rates and when do the rules start? Stamp duty cuts explained
  • Chancellor announces stamp duty cut which could benefit 200,000 buyers
  • Mini-budget 2022: What Chancellor's announcement means for Northern Ireland
  • Two thirds of homes for sale now exempt from stamp duty for first-time buyers, says property website
  • Will cut to stamp duty do much to house prices and is it a good move?

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