It’s an excellent time to buy a house in Manchester
With Gordon Brown’s one year stamp duty land tax holiday on properties costing £175,000 or less (up from £125,000), the differential between stamp duty on house purchases between the UK and Republic of Ireland is now even sharper. The zero rate in Ireland is only up to €125,000 and then goes to 7%, the highest UK rate being 4 percent. Now as Guido notes, the zero rate is unlikely to apply to one’s London pied-a-terre, but coupled with Sterling’s seemingly chronic weakness, a nice place somewhere in Britain or Northern Ireland is going to start to seem like a real bargain. Will we need to expand the scope of the so-called Ikea Effect to embrace the property market as well?