My mate, whose kids have now flown the nest, sent me this: "We live in a 4 floor house, 2 floors we don't use, I haven't been to the top floor for about 5 years (seriously). We would love to move and downsize but makes no sense as the costs of buying a new house would use up all the gain on downsizing . IE We just end up with a smaller house."
Very interesting Dominic. I haven't lived in the UK for 28 years ever since moving to the Mtn's of Tipperary, spent a lot of time in London but tbh I'm glad to be out of all that especially now when londoners are in the minority even though doing building jobs for the rich and the rare was fun and lucrative. Still love the west country but that like here will doubtless change also, God bless the Kalergi plan which is well underway! 🙄
Funnily enough 'stab city' is the name for our local city of Limerick. Bring in law that mirrors the American 2nd amendment is what I say, it'd make life so much easier and actually safer, the idiots wouldn't last long. As my stodgy pompous father said to me once, "My goodness, I never would have imagined it but Huston, Texas is the most polite place I've ever been.!" I told him, "Well, you know why that is don't you? Everyone feels safe so they are relaxed and polite because everyone has a gun close at hand!"
Not surprising, most who don't grow up with guns simply see them as a liability and aught to be outlawed ... except for the cops and military under the guise of protection which personal private possession actually is anyway. Lol
Dominic, I, as someone in their 70s am looking for a bungalow due to health and mobility issues. I can't tell you the amount spent on surveys alone. Just paid out again to find out a list of serious jobs that would cost a great deal. I reduced my offer for the bungalow to take this work in to account. The woman selling her dead mother's bungalow wants the full asking price, and sent the message via the estate agent, that as she hadn't lived in the bungalow she did not know all this work was needed! Work that out if you will.
I live in Yorkshire so prices are not like London, but still bad enough, as you say this silly tax certainly bumps the costs up. The estate agent couldn't care less and said he thought the surveyor was perhaps being 'picky'! For 'picky', read, asbestos, faults with drains, needs new flat roof, ventilation and condensation problems, electrical wiring, garage needs supports fitting and so it went on.
So you can see how unreasonable I was being wanting to reduce my offer!
On a silly note, the roofing felt on the garden shed came off, so I climbed up on the ladders and nailed it back down. Then more wind and the felt came off and on to the ground but that I nailed stayed on! Today I have had to go and order a new garden shed and pay extra for the old one to be dismantled and taken away. I have rolls of new roofing felt in the shed, my husband would have seen to this with my help, sadly he died unexpectedly, and I can't do it.
Ah well as you say 'f*ck the government' They can take their tax and stick it where you wanted to put your ukelele.
Ain't life fun?
Good luck with the house hunting. B & Q here you come.
Wait until you get the survey report! They never resemble anything like the estate agent's blurb has said! I have wasted £3000 on surveys - unfortunately they don't do new build bungalows. Ah well back to the nightmare. You will be grey - that is for sure. See you at Crazy Coqs in September - I am staying at the Dilly again.
P.S. think how many gigs you have had to do to pay the stamp duty! Just trying to cheer you up.
Great article Dom as always. Just one correction though; Gordon Brown did not introduce stamp duty on property. I paid it 1990 when buying my first house.
Went to School at Gordonbrock. Walked across Hilly Fields from near Loampit Vale on my own from c. 6 yrs old onwards. Don't suppose many would do that now.
The other egregious side effect of the high stamp duties is that because no-one can afford to move everyone is building extensions, garden rooms etc, shrinking what little garden they may already have, annoying neighbours with building noise and mess for months on end, and often reducing natural light or views of the sky etc. It’s ruining the existing housing stock.
On the third floor of a grey government office block on a wet Tuesday a young man with floppy brown hair in his early twenties wearing a skinny grey suit with a bold pink shirt and pointy brown shoes deçides to step up.
Why not offer free stab vests with every house purchase? Or a rottweiler?
We could put a cardboard cutout of a policeman in his cardboard car?
Wow, I haven't owned a property in Britain for over 10 years. Having purchased in two other countries since then. I am amazed at the expense of buying there. Crazy stuff.
There must be a Laffer Curve effect that makes high stamp duty rates counterproductive. Especially if you account for all the secondary effects that come with restrictions on movement. I suppose politicians just like voters to think they’re just taxing rich people.
My mate, whose kids have now flown the nest, sent me this: "We live in a 4 floor house, 2 floors we don't use, I haven't been to the top floor for about 5 years (seriously). We would love to move and downsize but makes no sense as the costs of buying a new house would use up all the gain on downsizing . IE We just end up with a smaller house."
Very interesting Dominic. I haven't lived in the UK for 28 years ever since moving to the Mtn's of Tipperary, spent a lot of time in London but tbh I'm glad to be out of all that especially now when londoners are in the minority even though doing building jobs for the rich and the rare was fun and lucrative. Still love the west country but that like here will doubtless change also, God bless the Kalergi plan which is well underway! 🙄
Funnily enough 'stab city' is the name for our local city of Limerick. Bring in law that mirrors the American 2nd amendment is what I say, it'd make life so much easier and actually safer, the idiots wouldn't last long. As my stodgy pompous father said to me once, "My goodness, I never would have imagined it but Huston, Texas is the most polite place I've ever been.!" I told him, "Well, you know why that is don't you? Everyone feels safe so they are relaxed and polite because everyone has a gun close at hand!"
☘ blessings
I have a song about that coming soon :)
I made that same comment about polite Texans to a friend while I was back visiting up north a couple of weeks ago. He didn't get it.
Not surprising, most who don't grow up with guns simply see them as a liability and aught to be outlawed ... except for the cops and military under the guise of protection which personal private possession actually is anyway. Lol
"Up and coming in the body ventilation arena" would be the estate agent speak.
Dominic, I, as someone in their 70s am looking for a bungalow due to health and mobility issues. I can't tell you the amount spent on surveys alone. Just paid out again to find out a list of serious jobs that would cost a great deal. I reduced my offer for the bungalow to take this work in to account. The woman selling her dead mother's bungalow wants the full asking price, and sent the message via the estate agent, that as she hadn't lived in the bungalow she did not know all this work was needed! Work that out if you will.
I live in Yorkshire so prices are not like London, but still bad enough, as you say this silly tax certainly bumps the costs up. The estate agent couldn't care less and said he thought the surveyor was perhaps being 'picky'! For 'picky', read, asbestos, faults with drains, needs new flat roof, ventilation and condensation problems, electrical wiring, garage needs supports fitting and so it went on.
So you can see how unreasonable I was being wanting to reduce my offer!
On a silly note, the roofing felt on the garden shed came off, so I climbed up on the ladders and nailed it back down. Then more wind and the felt came off and on to the ground but that I nailed stayed on! Today I have had to go and order a new garden shed and pay extra for the old one to be dismantled and taken away. I have rolls of new roofing felt in the shed, my husband would have seen to this with my help, sadly he died unexpectedly, and I can't do it.
Ah well as you say 'f*ck the government' They can take their tax and stick it where you wanted to put your ukelele.
Ain't life fun?
Good luck with the house hunting. B & Q here you come.
Best wishes Kate
thanks Kate. Good luck with yours too! (Sounds like a nightmare)
Wait until you get the survey report! They never resemble anything like the estate agent's blurb has said! I have wasted £3000 on surveys - unfortunately they don't do new build bungalows. Ah well back to the nightmare. You will be grey - that is for sure. See you at Crazy Coqs in September - I am staying at the Dilly again.
P.S. think how many gigs you have had to do to pay the stamp duty! Just trying to cheer you up.
Stamp Duty Land Tax - is a tax on social mobility.
Indeed. On any mobility
Great article Dom as always. Just one correction though; Gordon Brown did not introduce stamp duty on property. I paid it 1990 when buying my first house.
Thanks Adrian. That's true. He brought in higher rates. Before him it was just 1% on all properties sold for £60,000 or more.
Went to School at Gordonbrock. Walked across Hilly Fields from near Loampit Vale on my own from c. 6 yrs old onwards. Don't suppose many would do that now.
Maybe not at six, but yes ... thanks Vernon
The other egregious side effect of the high stamp duties is that because no-one can afford to move everyone is building extensions, garden rooms etc, shrinking what little garden they may already have, annoying neighbours with building noise and mess for months on end, and often reducing natural light or views of the sky etc. It’s ruining the existing housing stock.
Yes very true, James. And the extensions never seem to look as good as the original house
On the third floor of a grey government office block on a wet Tuesday a young man with floppy brown hair in his early twenties wearing a skinny grey suit with a bold pink shirt and pointy brown shoes deçides to step up.
Why not offer free stab vests with every house purchase? Or a rottweiler?
We could put a cardboard cutout of a policeman in his cardboard car?
This may incentivise buyers who knows?
Much better than using a common sense approach?
Great info but how can I share this to my daughter who is currently re moly in property meltdown in stabby city
send her the link? There shoudl be a share button somewhere
Wow, I haven't owned a property in Britain for over 10 years. Having purchased in two other countries since then. I am amazed at the expense of buying there. Crazy stuff.
Mobility is essential for anyone and society. Otherwise, we all get stuck where we are! As usual, the government is preventing us from progressing!
Maybe some kind of of “swapperoo” could be developed that matches the downsizes with the upsizes but No legal transfer, some kind of rent ....
There must be a Laffer Curve effect that makes high stamp duty rates counterproductive. Especially if you account for all the secondary effects that come with restrictions on movement. I suppose politicians just like voters to think they’re just taxing rich people.