Just a thought…
One of the latest revelations made by the warring political parties, in the run-up to next week’s General Election, is Labour’s promise to eradicate stamp duty on properties up to £300,000 bought by first time buyers.
Fantastic! That’ll save those buyers a lot of money.
Oh. But hang on a mo. Maybe I’m being a little cynical here, but won’t vendors think to themselves “so you want to buy my property, you’re a first time buyer, and you’re not going to have to pay stamp duty … I think I’ll hang out for a higher price”?
So buyers save money on stamp duty, but have to pay more to secure the property. And the Treasury loses out.
Not quite a win, win, is it?
What do you think?<