 |
 |
|
Jettison stamp duty for first-time buyers Posted on: Tuesday, July 01, 2008
Government must overhaul stamp duty land tax radically to create a fairer system for consumers, says RICS (Royal Institution of Chartered Surveyors). Proposing a system that would benefit 99 percent of home buyers, RICS called on the Government to find a way of implementing the policy, which the industry body claims will provide a boost to the economy and the faltering housing market. The proposal asks for the abolition of the existing ‘slab’ system, replacing it with a two tier marginal tax system. No one will pay stamp duty on the first £150,000 of a house price. Above this value a 2.5 percent marginal rate would be charged on every pound up to £250,000, with a 5 percent marginal rate applying to every pound thereafter. Everyone purchasing a home under £1 million will pay less stamp duty, benefiting 99 percent of all prospective homeowners. Currently, a buyer looking to purchase a £250,000 property will pay £7,500 in stamp duty. Under the proposal they would pay only £2,500, making the property market more accessible, especially for those first time buyers struggling to pull together the funds needed to get on the property ladder. With transaction levels plummeting first time buyers have been hardest hit seeing their home ownership dreams evaporate. With long-term house price rises outstripping wage inflation, food and fuel bills rising, and tighter lending criteria being applied by mortgage companies, the residential property market is becoming more inaccessible. Take a holiday from stamp duty RICS Director of External Affairs, Gillian Charlesworth: “After having mortgages pulled from beneath their feet from lenders facing the full brunt of the credit crunch, consumers are looking to the Government for help. HM Treasury needs to find a way to implement this policy or, if they can’t do this imminently, to introduce a stamp duty holiday that will get the market moving.” Initially the proposal will reduce Government revenue by up to 24 percent, but given the 40 percent rise in stamp duty revenue in recent years (up from £4.6 billion in 2005/06 to £6.45 billion in 2006/07) there is room for the Government to manoeuvre. The RICS proposal for Stamp duty land tax:
Other current news items Chiswick property prices remain steady Posted on: Wednesday, September 01, 2010 Women would forego their Chanel to live in Chiswick Posted on: Saturday, August 14, 2010 OliverFinn appoints residential sales manager Posted on: Friday, August 13, 2010 OliverFinn sponsors Chiswick teenagers Posted on: Tuesday, August 10, 2010 Free step-by-step guide to help first time buyers Posted on: Monday, August 09, 2010 Premium for Chiswick properties in catchment areas for good schools Posted on: Friday, August 06, 2010 Rob McPeake joins the lettings team at OliverFinn Posted on: Friday, July 23, 2010 Exercise caution when letting property in Chiswick Posted on: Thursday, July 22, 2010 How to buy a house or flat in Chiswick, W4 Posted on: Monday, July 19, 2010 Fix my Chiswick Street Posted on: Wednesday, July 07, 2010 A nice garden adds value to Chiswick property Posted on: Thursday, June 24, 2010 The impact of the budget on the property market Posted on: Wednesday, June 23, 2010 The things people forget on moving day Posted on: Wednesday, June 16, 2010 World Cup set to kick off Chiswick property market Posted on: Thursday, June 10, 2010 Chiswick property: No HIPs required Posted on: Friday, May 21, 2010 Save hundreds of pounds selling your Chiswick property Posted on: Friday, May 21, 2010 First time borrowers should take exam Posted on: Thursday, April 29, 2010 Chiswick householders guide to cost savings Posted on: Wednesday, April 28, 2010 Election effect on your property Posted on: Wednesday, April 14, 2010 Buyers want more space Posted on: Tuesday, April 13, 2010 Taxman using Land Registry to locate dodgers Posted on: Monday, March 29, 2010 How much council tax for your Chiswick property? Posted on: Friday, March 26, 2010 Budget 2010: Stamp duty scrapped for first time buyers Posted on: Friday, March 26, 2010 Six errors to avoid when selling your house or flat in Chiswick Posted on: Thursday, March 18, 2010 OFT ignores plea for estate agency regulation Posted on: Saturday, February 27, 2010 Citizens Advice warns of money transfer scam for 'phantom' flats Posted on: Monday, February 22, 2010 Steps to avoid frozen or burst pipes Posted on: Tuesday, January 05, 2010 Selling your Chiswick property Posted on: Monday, December 07, 2009 Latest league table for Chiswick primary schools Posted on: Friday, December 04, 2009 Good schools add value to Chiswick property Posted on: Wednesday, November 25, 2009 Exam success for Chiswick property professional Posted on: Wednesday, November 18, 2009 Cyclists and pedestrians should be seen and be safe Posted on: Friday, November 06, 2009 Who lives in Chiswick? Posted on: Friday, October 30, 2009 Mortgage market update Posted on: Friday, October 30, 2009 Lodgers help recession-proof Chiswick properties Posted on: Friday, October 30, 2009 Home sales hurt by undervaluing Posted on: Saturday, August 08, 2009 Shared ownership is the cheapest option for homehunters Posted on: Saturday, August 08, 2009 Househunters return to the market in force Posted on: Thursday, June 18, 2009 Budget 2009: a water pistol to put out a fire Posted on: Thursday, April 23, 2009 Convert your knowledge of Chiswick into cash Posted on: Saturday, April 04, 2009 More upfront facts could help sell a home Posted on: Friday, April 03, 2009 Save £1000's when buying your Chiswick property Posted on: Tuesday, March 31, 2009 Key changes to HIPs if you are buying or selling a home in Chiswick Posted on: Monday, March 30, 2009 Now everyone can see your Chiswick property on Street View Posted on: Thursday, March 19, 2009 Chiswick property market benefits from tax freeze Posted on: Thursday, March 05, 2009 Credit crunch forces homeowners to go green Posted on: Tuesday, February 17, 2009 How will your mortgage lender react if one of you loses your job? Posted on: Thursday, February 12, 2009 Boomerangers return to live with mum and dad Posted on: Monday, February 09, 2009 Is now the best time to buy another Chiswick property? Posted on: Friday, February 06, 2009 Protect your Chiswick property from the Arctic weather Posted on: Thursday, February 05, 2009 Euro bargain hunters target Chiswick properties Posted on: Monday, January 26, 2009 Thousands of mortgage holders overpay Posted on: Friday, January 23, 2009 Landlords ride out the credit crunch Posted on: Friday, January 23, 2009 Who is passing on the rate cut? Posted on: Thursday, January 08, 2009 Low cost homes near Chiswick Posted on: Tuesday, January 06, 2009 A little festive cheer for borrowers Posted on: Thursday, December 18, 2008 Homebuyers are less gloomy Posted on: Wednesday, December 17, 2008 Is there a Westfield effect on Chiswick property? Posted on: Wednesday, December 17, 2008 London house prices likely to stabilise Posted on: Tuesday, December 09, 2008 Interest rate cut to 2 per cent Posted on: Thursday, December 04, 2008 Christmas is a busy time for burglars Posted on: Monday, November 24, 2008 Best buy tracker mortgage Posted on: Tuesday, November 18, 2008 Spice up your garden to deter squirrels Posted on: Thursday, November 13, 2008 Now is a good time to move up the ladder Posted on: Wednesday, November 12, 2008 Rate cut makes it cheaper to buy than rent a Chiswick property Posted on: Friday, November 07, 2008 Interest rates slashed to three percent Posted on: Thursday, November 06, 2008 Halloween and Bonfire Night warning for homeowners Posted on: Thursday, October 30, 2008 Properties to let in Chiswick could benefit from a government shake up Posted on: Wednesday, October 29, 2008 Rental demand up by 50% Posted on: Thursday, October 23, 2008 Axe The Agent? Posted on: Wednesday, October 22, 2008 Selling your Chiswick property in a buyers market Posted on: Thursday, October 09, 2008 Bank of England rate cut Posted on: Wednesday, October 08, 2008 HIPs providers challenged by Trading Standards Posted on: Wednesday, October 08, 2008 Don't get a dodgy HIP Posted on: Friday, October 03, 2008 October 1 brings EPC deadline Posted on: Wednesday, October 01, 2008 Use your Chiswick property to earn £4,250 (tax free) Posted on: Friday, September 26, 2008 Price sensibly if you really want to sell Posted on: Thursday, September 18, 2008 Rental properties in W4 are taking up the slack Posted on: Wednesday, September 17, 2008 Fannie and Freddie bailout brings mortgage relief Posted on: Monday, September 08, 2008 Properties damaged due to unauthorised parties Posted on: Friday, August 29, 2008 Green properties sell faster and are worth more Posted on: Friday, August 29, 2008 Foxtons penalise Chiswick Posted on: Wednesday, August 13, 2008 Energy performance expert joins Oliver Finn Posted on: Friday, August 08, 2008 How to create more space Posted on: Tuesday, August 05, 2008 Who's got your keys? Posted on: Tuesday, August 05, 2008 Most mortgage advisers fail Which? test Posted on: Saturday, July 26, 2008 Oliver Finn launches West London HIPs Posted on: Thursday, July 24, 2008 W4 tops London's rental market Posted on: Thursday, July 17, 2008 Are you being greenwashed? Posted on: Tuesday, July 15, 2008 Sell-and-rent-back is not all it seems Posted on: Wednesday, July 09, 2008 The Unsellables Posted on: Wednesday, July 09, 2008 Price drops not a problem for most homeowners Posted on: Tuesday, July 08, 2008 2008 sees the final breakdown of traditional estate agents Posted on: Thursday, July 03, 2008 Journey to the centre of the earth Posted on: Wednesday, July 02, 2008 How to attract the perfect buyer Posted on: Tuesday, July 01, 2008 London property prices grow 6.9 per cent in May Posted on: Friday, June 27, 2008 OFT approves estate agents' redress scheme Posted on: Monday, June 23, 2008 Homeowners to compete to be green Posted on: Wednesday, June 18, 2008 Don't forget your pets on moving day Posted on: Tuesday, June 17, 2008 Home movers stay put on Friday 13th Posted on: Friday, June 13, 2008 Alastair Campbell's advice to the property industry Posted on: Thursday, June 12, 2008 Property values increase with DIY Posted on: Wednesday, June 04, 2008 Don't be a victim - protect your identity Posted on: Tuesday, June 03, 2008 Are you a property virgin? Posted on: Thursday, May 29, 2008 Property market stable but confidence is shaky Posted on: Wednesday, May 28, 2008 Seven million households are living with NERDs Posted on: Friday, May 23, 2008 How to deal with negative equity Posted on: Friday, May 23, 2008 Government gives first time buyers a helping hand Posted on: Thursday, May 15, 2008 Fall in house prices? No problem. Posted on: Wednesday, May 14, 2008 Throw a lifeline not a noose Posted on: Friday, May 09, 2008 Mortgages are still around if you know where to look Posted on: Thursday, May 08, 2008 Andy Shaw joins the team at Oliver Finn Posted on: Wednesday, May 07, 2008 Use your garden to extend your living space Posted on: Friday, April 25, 2008 Parents give children a leg up the property ladder Posted on: Tuesday, April 15, 2008 Bricks and mortar is safe as houses Posted on: Tuesday, April 08, 2008 Why this estate agent is firmly in favour of HIPs Posted on: Tuesday, April 01, 2008 What will happen to Chiswick house prices? Posted on: Thursday, March 27, 2008 Darling offers a prop to homeowners and buyers Posted on: Thursday, March 13, 2008 It's debt freedom day Posted on: Monday, March 10, 2008 Property is favourred over pensions for retirement Posted on: Thursday, March 06, 2008 Hounslow council tax set for zero increase Posted on: Thursday, March 06, 2008 Budget Day 2008 - time to revise stamp duty Posted on: Tuesday, March 04, 2008 Shall I develop up, out, down or move away? Posted on: Monday, November 19, 2007 Meet the owner of OliverFinn Posted on: Monday, November 19, 2007 Vendors abandon traditional Estate Agents in favour of flat fees Posted on: Monday, November 19, 2007 |
| ||||||||||||||||
News
| web site and contents copyright © OLIVERFINN Ltd 2009 |
|
  |
|
