Budget

[Ric.ror]

When is the next budget and what are the chances stamp duty will be reduced?
I cannot decide whether to buy now or wait

[R1Geezer]

wait, prices are falling. Forget the stamp duty, they'll never do owt about that.

[buildersmate]

Though not impossible, it is really most unlikely that the Chancellor will create a Stamp Duty 'holiday' that permanently removes the need to pay the infernal tax for a period of time. If it were to happen, it will probably merely defer payment for, say, up to 5 years.
Think of the furore that happened over the 10% income tax fiasco. The same would happen from those crying 'foul' having just bought.
My bet is the Chancellor is regretting he ever opened his mouth on the subject .

[Ric.ror]

I have a max of �200K to spend. Should I wait another six months

[R1Geezer]

yes wait in fact wait at least 18 months. The prices need to correct by 30%, only 10% gone at the moment. So I would say 2 years to rock bottom, 5 years, along the bottom, back to were we where 1 year ago will take about 10 years in total, just like last time.

Still one good thing, all those leech estate agents out of work, hopefully with big mortgages so they'll get hoisted by there own petard!

[buildersmate]

Well obviously my answer has been overtaken by events today (no stamp duty on purchases up to �175k for 12 months).
So I got that wrong.
But this measure saves up to �1750. Still chicken-feed if prices are falling by 10% pa. Keep watching your local market.

[R1Geezer]

This won't make much difference because with prices in freefall first tim buyers etc wil just wait a while and save the dosh anyway.