Monday, Jun 14, 2010
Solid foundations
Daily Express: HOUSING RECOVERY WILL BE 'RUINED BY TAX HIKE'
RAISING capital gains tax on homes will devastate the “entire housing market”, the boss of Britain’s largest estate agency warned yesterday.
Prices will dive as landlords flood the market with properties, and the private rented sector will collapse if the government presses ahead with plans to raise CGT, according to Simon Embley, chief executive of Your Move.
Posted by little professor @ 12:41 AM (1948 views) Add Comment
12 Comments
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1. dead spider said...
"The number of buyers will tumble and rents will soar out of reach of everyone but the wealthiest tenants" , according to Simon Embley, chief executive of LSL, which owns Your Move, the largest single estate agency chain in the UK."
:-)))))
Clueless ahole .
Lol , what a dik :-))))
2. Andy said...
A ridiculous argument. The total number of houses available does not change.
If a landlord sells a house.
Either:
1. Another landlord buys it - No change.
2. A first time buyer buys it reducing rental demand.
3. An upgrader buys it. Releasing another house.
3. d'oh said...
Agreed. The guy is clueless.
Prices will dive...oh dear, what a disaster!
4. brickormortis said...
Shameless tosh. When we look back in decades to come and this period in our history, we will be very angry about newspapers and the media in general and, in particular, ridiculous publications like the express which we currently laugh at. But the seriousness of what these things do to the minds of the masses can not be taken lightly yet it is accepted. And the wonderful irony is our "free" press suppresses freedom of thought and represents only the freedom of the VIs to boom out their property ramping. It is scandalous. It truly is and it makes me a little sad, in truth. Our country is in deep poo poo!
ReCaptcha: brownier (yes our country is and it works on many levels)
5. Anouska said...
Add your comment to the website and let off some steam, I already have I was so incensed. The Daily Express have presented a totally onesided view of the market, a child could work out that for every gainer and profit maker there will be another section of society who lose out.
6. righttoleech said...
And Sir Fred Goodwin will be pauperised so that I can buy his £3.5m home for ten shillings.........yeah.
7. fjcruiser said...
"Although profitability is determined by both rental income and capital gains, a quarter of landlords said they consider only the latter when buying a property"
So the government cannot hike the CGT in order to protect 25% morons.I am sure the majority who went into BTLs in the last few years were those mentioned above. And now the taxpayer has to bail them out.....
8. mark wadsworth said...
Take this guy out and shoot him.
"the private rented sector will collapse"
1. No it won't. Many existing landlords will now choose not to sell, so all things being equal, the number of properties to let will remain constact.
2. Even if the claim were true (which it isn't), seeing as the Lib-Cons have more or less shut down the construction industry, there is a fixed supply of houses available. These will either be owner-occupied or rented. So if in an 'age of aspiration' we want more people to 'realise the dream of homeownership', then a reduction in the number of rented homes is inevitable.
That's Home-Owner-Ists for you, they want your cake and to eat it. Oh ... that's what they're doing.
9. Richk said...
House prices reflect the governments attempts over decades to inflate house prices.
Quite clearly, if it takes lifetime of labour just to have a 2 up 2 down house, cheap, tied, reliable lifetime workers will be available in abundance for the rich/powerful to employ. People with children will slave to keep a roof over their heads.
In civilised countries like German and France, people can expect shelter to be bought at approaching a tenth of the price of a house in the Southern Counties of England.
Ironically, the quality of construction is much higher in those countries, for equivalent cost.
The creation of any false market is damaging to our economy. Those guilty should be arrested, tried and sentenced under appropriate laws which protect us from fraud, exploitation and slavery.
House prices should be in the £50,000 to £60,000 mark. However, the Planning Laws and structure plans must be revised so as not to prevent house-building, and so inflate house prices.
Unfortunately, no UK government is going to let house prices fall at present, as the banks value is still closely pinned to the UK and EEC-wide house price bubble.
Therefore, the sins of the previous governments are visited on the Lib-Tory government.
I am still waiting for bankers, credit-rating agency people and insurers to be arrested and incarcerated for fraud.
I have little hope previous ministers acting in bad faith and deluding the public will every be brought to justice.
10. Terry Knight said...
Noticed a slightly ominous news item yesterday (where was it now?) that although raising CGT was a Liberal manifesto commitment it was not a Conservative one. Is that why Captain Dave chose that moment to have the DT torpedo Denis Laws so he could replace him with amiable softy Peter Crouch? Or someone..
11. Jones87 said...
"according to Simon Embley, chief executive of LSL, which owns Your Move, the largest single estate agency chain in the UK."
Shame on you Simon, how embarrassing for you, to scaremonger the public into believing CGT increase in line with income tax is a bad thing. Please do not listen to this man, he has a vested interest (obviously!)
12. charlie brooker said...
"Raising capital gains tax on homes will devastate the “entire housing market”
Yep, thats the plans (Strokes fluffy white cat).