Friday, Aug 29, 2008
The second-most costly four words in the English language
MoneyWeek: The second-most costly four words in the English language
The cry of 'something must be done' about the property crash is ringing out around the country. But why subsidise those who want to buy or sell a house? What we should really do, says John Stepek, is help people pay off debt and build up their savings, not bail out the housing market. And that means cutting taxes.
Posted by damien @ 11:33 AM (988 views) Add Comment
11 Comments
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1. mark wadsworth said...
Yes, 'something must be done'. How about taking measures to speed up the crash?
2. renting2 said...
How about help for tenants who are in danger of losing a roof over their heads cos their l-lord is being repossessed. And I don't mean achieving it by propping up the btl brigade!!
If taxes are lowered the first thing the sheeple would be encouraged to do is .... buy a house now as you've got spare cash every month for more mortgage debt!
3. Mark Wadsworth said...
R2, what you are suggesting is that tenants be given better security of tenure, which is fine in principle, but you have to think through the unintended consequences (there may or may not be any, I dunno).
4. denzil said...
I've no interest in subsidising property VI's.
Bovis, EAs, lenders etc were all happy to blindly ignore a huge property bubble that was forming. The incestuous relationship of all those groups in ignoring their most important customers, whilst pampering to the needs of BTL has destroyed the fundamentals of their markets and thus their livelihoods.
Sadly, the market correction is well overdue and should be allowed to naturally run its course. However, I do believe that Gordon Brown, in attempt to bolster his own pointless political ambition will announce a package of measures that will further enhance Labour's ineptitude at managing the economy.
5. nooneo said...
Let's get this straight. The single most expensive words ever uttered in the english language are:
WILL YOU MARRY ME.
No contest.
6. bystander said...
I agree and disagree nooneo, surely ' I'm pregnant' rank up there with the most expensive, followed by "I'm pregnant again" etc. etc..
7. nooneo said...
Bystander...
The reference was to 4 words..
8. harold said...
4-word solution: "Leave the markets alone", or "no more government taxes".
9. drewster said...
renting2 and mark w,
There should be some protection for tenants when the landlord defaults on their BTL mortgage. As it stands, if you're three months into your 12-month assured shorthold tenancy, the bank can kick you out as soon as possible. That's particularly troublesome if you're a full-time student in a small town where all the student lettings are filled by July each year.
It seems only fair that the landlord and/or bank should be required to honour your tenancy, with the losses falling on either the landlord or the bank. The number of cases is small; and the financial loss is typically no more than 12 months' rent/mortgage payments. The tenants would still have to pay the agreed rent, so the total losses would be minimal (just the gap between rent and mortgage payments). There's no obvious way to cheat the system or defraud the banks. This would simply be fairer to all concerned.
10. bystander said...
absolutely nooneo, missed that bit, too tired I guess.
11. nooneo said...
It's understandable, it is friday after all bystander