Had an interesting (and refreshingly honest … in the end) conversation today with someone who has viewed a property we are selling.
Obviously, I’m not going to disclose which property it was, or give anything away about the person concerned, but the gist of the conversation was along these lines:
Potential Buyer: “I like the property, but the maximum I would offer would be £250,000. I mean, somebody worked out for me that the stamp duty alone would cost me £12,500!”
Me: “Oh well, in that case I think I have some good news for you. You see, the way stamp duty is now worked out was changed back in December. It’s now a lot cheaper. So… let’s see… (pressing buttons frantically on a calculator)… Hey presto! If you were buying a property for, let’s say, £275,000 before the stamp duty was changed, it would have actually cost you £8,250 (so I’m not sure how someone came to £12-and-a-half-grand). But now, under the new regime, it would only be £3,750! A saving of £4,500! Great news, huh?”
Potential Buyer: “I suppose… But I’d still only offer £250,000.
“Because that’s all I can afford…”<