Comments on: Stamp Duty Holiday for Depressed Housing Market http://www.mortgageguideuk.co.uk/blog/uk-housing-market/stamp-duty-holiday-for-depressed-housing-market/ Simplifying Finance, Housing and debt Tue, 20 Jul 2010 15:45:59 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Adverse Mortgage Specialist http://www.mortgageguideuk.co.uk/blog/uk-housing-market/stamp-duty-holiday-for-depressed-housing-market/comment-page-1/#comment-1726 Adverse Mortgage Specialist Sat, 27 Sep 2008 02:20:34 +0000 http://www.mortgageguideuk.co.uk/blog/?p=329#comment-1726 Whether an attempt to help the housing market or Mr Browns publicity it was something, which is better than nothing one would guess - however I don’t think I have heard anyone mention that stamp duty was ever a problem facing the housing markets current crisis. What I mean is people are being turned down for mortgage applications because the mortgage institutions have no money to lend not because they can’t afford stamp duty! I am sure the reduction in stamp duty will help a small percentage of people but until the government can tell the lending institutions to relax their underwriting criteria (which will never happen) there's not a lot they can do other than trying to boost consumer confidence (which is what I think was intended by the increase in stamp duty threshold), that and a vague attempt to make it look like the government was actually doing something! So whilst it was good to hear something is being done, I doubt it will have any impact in real terms on the market as a whole. Reducing stamp duty is no good if people are not getting mortgages approved in the first place. Whether an attempt to help the housing market or Mr Browns publicity it was something, which is better than nothing one would guess – however I don’t think I have heard anyone mention that stamp duty was ever a problem facing the housing markets current crisis.

What I mean is people are being turned down for mortgage applications because the mortgage institutions have no money to lend not because they can’t afford stamp duty!

I am sure the reduction in stamp duty will help a small percentage of people but until the government can tell the lending institutions to relax their underwriting criteria (which will never happen) there’s not a lot they can do other than trying to boost consumer confidence (which is what I think was intended by the increase in stamp duty threshold), that and a vague attempt to make it look like the government was actually doing something!

So whilst it was good to hear something is being done, I doubt it will have any impact in real terms on the market as a whole. Reducing stamp duty is no good if people are not getting mortgages approved in the first place.

]]> By: House Price Forecast 2009 | Finance Blog http://www.mortgageguideuk.co.uk/blog/uk-housing-market/stamp-duty-holiday-for-depressed-housing-market/comment-page-1/#comment-1681 House Price Forecast 2009 | Finance Blog Fri, 05 Sep 2008 09:03:04 +0000 http://www.mortgageguideuk.co.uk/blog/?p=329#comment-1681 [...] especially with the ongoing problems in the credit markets. Even half hearted measures like a freeze on stamp duty will do little to change the sentiments of the market. Therefore, I feel house prices will continue [...] [...] especially with the ongoing problems in the credit markets. Even half hearted measures like a freeze on stamp duty will do little to change the sentiments of the market. Therefore, I feel house prices will continue [...]

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