The problem with the housing market is the price is only a guide price so you have buyers bidding against each over which courses the price to be over exaggerated there for the house ends up being sold for more than it’s actually worth bit like eBay when you have two buyers after the same thing it’s an auction where the one with the most money wins not fair really !! I mean you don’t go into a pub see the price for a beer is £5:50 on the wall and the bartender pulls you a pint places on the bar then shouts across he room to see if anyone want to pay more for it !?!!!!
Great video, very informative. I would also like to see more advice and tips for first time buyers as well. The competitive nature of the market at the moment, brought on by stamp duty relief and changes to lifestyle through remote working, has not served this group of buyers well. I hope more can be done to help mobilise this group in the market.
Won't an extension on the stamp duty holiday just make prices keep rising, and further out of reach of people like myself who are trying to get on the ladder
Does stamp duty holiday negatively effect first time buyers? As we already had no stamp duty under a certain price. Does it just increase competition for properties with those who are buying second+ homes?
SDLT holiday is a benefit for older wealthier home owners. They don't particularly need the help and it comes at the cost of the young who have already given up so much lately. Phil Spencer should be ashamed of himself chasing tax breaks for the wealthy while the world battles this pandemic
I'm not wealthy but it's going benefit my family, it will save us 11k so we're able to buy a big enough house for our family which we couldn't otherwise do. People need to remember average house prices in some areas are much higher so a 500k house could actually be an average family home in some places, in others it's a mansion.
@@gemmacrnshaw notice I said "home owners" Imagine an auction house where they announce at the beginning of the day that everyone that wins an auction gets given £11k, people would bid higher because they know that the free £11k will pay party of the total price, total cost to the bidders is largely the same but people selling that day would benefit greatly.
We hope they provide an extension but just for sales that are currently going through to help conveyancers as the whole process seems to be experiencing delays at every turn, partly due to the impact of Covid 19 but also the volume of transactions trying to beat the deadline. The Stamp duty holiday can't go on forever and may well need reform anyway, but the government could help existing transactions by offering them an extension for completion.
In the future do you think it would make more sense (transactions more stable) for sellers to pay stamp duty rather than buyers ? At the end of the day there is only one pot of money whether the buyers solicitor or sellers solicitor takes it to pay to HMRC. It would mean buyers would not have to have a big lump on top of a deposit saved to pay it and it could in effect be in their mortgage loan. Sellers tend to have more money than buyers i.e. they are in the bigger/any house . I suppose one problem might be if that house was in negative equity
Really useful chat. As someone trying to find somewhere trying to buy and having to travel to do it, the process is working well. Will be interesting to see what is announced at the budget in March!
Do you not like work then? If the SDLT tax stops abruptly the market may collapse especially as the furlough fiasco may come to an end with many people finding they haven't got a job anymore.
I run an office in South East London for a big agent and valuations have dropped off massively but what did we expect after such a busy Aug/Sep/Oct last year.... a lot of people who were going to move early this year have already moved due to the stamp duty holiday. It will be busier again in March/April.... TRUST ME!!
People have to remember that these are personal views and are based on a 'feeling'..the clue is when Mark Hayward says "I think" before sharing his opinions...
I think the SDH should be extended for people already in the system as there is already a huge back log, this will see many chains collapse if not. However I’ve always felt for the first time buyers. I have friends who want to get on the property ladder living in a one bed flat with two kids who desperately want to buy.
This government relies on rising asset prices hence all of the measures continuously being implemented to prop up the housing market. There was no need at all to introduce a SDLT holiday because we are already at years of record low interest rates. Inventory is low because many people don't want to move during covid. People are being paid furlough, which is allowing them to keep up their mortgage payments. If they are still struggling then they can get mortgage holidays.
The ending of the stamp duty holiday and tax increases, plus mortgage payment holidays eventually ending and unemployment after the furlough scheme, I think the housing market will collapse at the end of 2021.
There is to many people who want to buy for it to crash, as long as mortgages rates stay around 2% the market won’t collapse. Prices just wont increase much they will just stay around the same as they have been the last year
Stamp duty should only apply to the very rich 🤑 it’s so hard for people to pay out this sort of money when they need every penny they can earn to get a mortgage
Phil these interviews are so helpful! Good to hear from experts in the field.
Great to hear!
From an a sales agency point of view this was very helpful! Thank you
You're so welcome!
The problem with the housing market is the price is only a guide price so you have buyers bidding against each over which courses the price to be over exaggerated there for the house ends up being sold for more than it’s actually worth bit like eBay when you have two buyers after the same thing it’s an auction where the one with the most money wins not fair really !! I mean you don’t go into a pub see the price for a beer is £5:50 on the wall and the bartender pulls you a pint places on the bar then shouts across he room to see if anyone want to pay more for it !?!!!!
Useful interview, thanks Phil and Move iQ team
You are welcome.
Great video, very informative. I would also like to see more advice and tips for first time buyers as well. The competitive nature of the market at the moment, brought on by stamp duty relief and changes to lifestyle through remote working, has not served this group of buyers well. I hope more can be done to help mobilise this group in the market.
Noted!
Won't an extension on the stamp duty holiday just make prices keep rising, and further out of reach of people like myself who are trying to get on the ladder
Great to see people guiding us through this pandemic madness - thanks!
Our pleasure!
Thanks for the video ! really good stuff.
Glad you liked it!
Does stamp duty holiday negatively effect first time buyers? As we already had no stamp duty under a certain price. Does it just increase competition for properties with those who are buying second+ homes?
SDLT holiday is a benefit for older wealthier home owners. They don't particularly need the help and it comes at the cost of the young who have already given up so much lately. Phil Spencer should be ashamed of himself chasing tax breaks for the wealthy while the world battles this pandemic
Completly agree all the stamp duty holiday has done is raise prices
I'm not wealthy but it's going benefit my family, it will save us 11k so we're able to buy a big enough house for our family which we couldn't otherwise do. People need to remember average house prices in some areas are much higher so a 500k house could actually be an average family home in some places, in others it's a mansion.
@@gemmacrnshaw notice I said "home owners" Imagine an auction house where they announce at the beginning of the day that everyone that wins an auction gets given £11k, people would bid higher because they know that the free £11k will pay party of the total price, total cost to the bidders is largely the same but people selling that day would benefit greatly.
Do you think they might say if you exchange contracts by the 31st March then the existing stamp duty applies ?
We hope they provide an extension but just for sales that are currently going through to help conveyancers as the whole process seems to be experiencing delays at every turn, partly due to the impact of Covid 19 but also the volume of transactions trying to beat the deadline. The Stamp duty holiday can't go on forever and may well need reform anyway, but the government could help existing transactions by offering them an extension for completion.
In the future do you think it would make more sense (transactions more stable) for sellers to pay stamp duty rather than buyers ? At the end of the day there is only one pot of money whether the buyers solicitor or sellers solicitor takes it to pay to HMRC. It would mean buyers would not have to have a big lump on top of a deposit saved to pay it and it could in effect be in their mortgage loan. Sellers tend to have more money than buyers i.e. they are in the bigger/any house . I suppose one problem might be if that house was in negative equity
Really useful chat. As someone trying to find somewhere trying to buy and having to travel to do it, the process is working well. Will be interesting to see what is announced at the budget in March!
Glad it was helpful!
As someone who works within residential conveyancing, the prospect of the SDLT holiday being extended for a further year fills me with dread.
Do you not like work then? If the SDLT tax stops abruptly the market may collapse especially as the furlough fiasco may come to an end with many people finding they haven't got a job anymore.
Thanks for doing this. Definitely no stock at the moment. It's very depressing.
Sorry to hear that
As someone that has been trying to complete my purchase since February 2020 the inundation of buyers still has me trying to complete.
Phil, please can you help me find a place? Bidded on 10, no luck!
I run an office in South East London for a big agent and valuations have dropped off massively but what did we expect after such a busy Aug/Sep/Oct last year.... a lot of people who were going to move early this year have already moved due to the stamp duty holiday. It will be busier again in March/April.... TRUST ME!!
Thanks for making this video!
You're welcome. Hope you found it useful.
Great video, very informative. I hope the stamp duty holiday is extended. Keep them coming Phil.
Glad you thought so. Thanks for the feedback.
It would certainly help if the weather warmed up!
People have to remember that these are personal views and are based on a 'feeling'..the clue is when Mark Hayward says "I think" before sharing his opinions...
Indeed.
I think the SDH should be extended for people already in the system as there is already a huge back log, this will see many chains collapse if not.
However I’ve always felt for the first time buyers. I have friends who want to get on the property ladder living in a one bed flat with two kids who desperately want to buy.
This government relies on rising asset prices hence all of the measures continuously being implemented to prop up the housing market. There was no need at all to introduce a SDLT holiday because we are already at years of record low interest rates. Inventory is low because many people don't want to move during covid. People are being paid furlough, which is allowing them to keep up their mortgage payments. If they are still struggling then they can get mortgage holidays.
The ending of the stamp duty holiday and tax increases, plus mortgage payment holidays eventually ending and unemployment after the furlough scheme, I think the housing market will collapse at the end of 2021.
thanks for sharing.
There is to many people who want to buy for it to crash, as long as mortgages rates stay around 2% the market won’t collapse. Prices just wont increase much they will just stay around the same as they have been the last year
Stamp duty should only apply to the very rich 🤑 it’s so hard for people to pay out this sort of money when they need every penny they can earn to get a mortgage
Stamp duty is always a controversial subject 😬