Stamp Duty Holiday – Breaking News Post COVID 19
Wednesday could be a very interesting day for property investors.
The Government is talking about abolishing Stamp duty tax tomorrow on Wednesday for a certain period of time.
We don't know how long that's going to be maybe they'll abolish stamp duty tax
Just for six months or a couple of years no one knows exactly what's going to happen.
How is this going to affect buy to let investors?
I imagine they're going to abolish stamp duty tax all together unless you're going to buy a house that's 500,000 pounds half a million or above.
The Government is going to give people a break when buying houses and not charge stamp duty tax and you may ask why they are doing that.
What's that going to do for them?
Well if you remember, I did my prediction just a few weeks ago where I made 12 property predictions about the economy and one of the predictions that I made just was that the government are going to try and introduce ways for people to start spending more money and try reviving the economy up again.
My prediction was that they're going to try and get us to buy and spend more over the next three to six months because they want the economy to pick back up and when people are not making money, meaning people are not spending money, what happens is the government get less money as well because of taxes.
If I make some money right now by I charging you for my product, I use that money by spending it and in return, the government collects its revenue in form of tax.
When I’m not making money and I’m not spending money, the government is also not making money and if the government is not making money, no one in the government is happy hence begin encouraging you to spend.
Over half a million properties were frozen from selling during lockdown and now seems a good time for the government to encourage investors to buy and sell more properties because they don't want the economy to be damaged following on the coronavirus pandemic.
How is it going to affect you and how should you prepare for it?
Well what I’ll probably say is don't be one of those people that say I’m going to wait for properties to bottom out.
Don’t just wait and see what happens as you can't afford to just wait and see what happens.
I said this again two weeks ago, when property prices were like unsure and people say they're going to hold off, well don't do that. Don't be that person because I don't know what's going to happen tomorrow and I don't know what's going to be announced tomorrow but my advice is just to buy the right properties at the right prices and make sure that its cash flow is positive.
The only thing that would worry me a little bit would be if tomorrow and this wouldn't surprise me because I know how sometimes backward the government are with their announcements and stuff but if they bring in the Stamp duty holiday, but say that it's not going to start straight away, that it's going to start from October, in the autumn that'll be a really stupid move on the government's part.
I’m just going to put it out now and say it now because here's what will happen, if they say we're going to bring in a stamp duty holiday which starts in October, no one's going to want to buy before October as everyone's going to say oh well we'll wait until October then and that's going to cause a bigger problem because it's going to cause a massive freeze in the market just like we had two months ago when everything was everything was in lockdown.
Therefore, my suggestion to the government if they are reading this blog is if you're going to announce the stamp duty holiday, at least make it happen immediately otherwise don't announce it because the last thing we need right now is another freezing of house sales.
I’ve just sold some houses, I’ve got one or two more that I’m in the process of selling and I’m buying houses.
We don't want to be messed around like that so I hope that they don't do that and if they do that, there'll be some very sinister agenda behind it because that would be really damaging.
I’d love to know what you think though what do you think about the stamp duty holiday do you think it's going to happen?
How do you think it's going to happen? Do you think it's going to affect buy to let investors?
Do you think it's going to start immediately? Do you think they're going to make us wait till the autumn?
If they make us wait till the autumn do you agree with me that that's going to cause a massive freeze?
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