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Eddie_George

Easy Street: There Are 400,000 Property Millionaires In Britain. Why Don’T They Feel Rich?

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Analysis of Land Registry data and local authority records, by The Sunday Times and the property company Savills, shows that 400,000 families live in homes that are worth more than £1m. The total value of their bricks and mortar is £836bn, more than 10 times the value of the oil giant BP, or 44 times the size of supermarket Tesco. “The house price boom has created a mass of new millionaires, often in unlikely places,” says Lucian Cook, head of residential research at Savills.
The wealth gap between homeowners and wannabe homeowners has never been greater. First-time buyers in London have to pay up to nine times their annual salary to get on the property ladder. Only one in eight of those aged 22 to 39 can afford to buy. Nationwide, more than 3.3m 20- to 34-year-olds still live with their parents. Those who do manage to rent a flat or home are penalised, too, since rising house prices push up rents. On average, tenants across Britain say they would be prepared to pay up to 40% of gross income on rent — the highest figure on record.

Poor them. They can't join the dots even though their children are struggling.

http://www.thesundaytimes.co.uk/sto/Magazine/article1510105.ece

Edited by Eddie_George

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UKIP to the rescue:

Ukip has promised to exempt historic buildings from VAT at 20 per cent on building work, which would save wealthy owners of historic mansions and castles hundreds of thousands of pounds. It would be replaced with a rate of five per cent. However, critics have said the policy would potentially benefit some of Ukip’s biggest manor-house owning donors, though a party spokesman said none had known about it or had asked for the policy. He said the tax cut would help thatchers, stonemasons and carpenters, and many owners of listed properties are not wealthy.

http://www.shropshirestar.com/news/2014/12/11/ukip-stately-home-tax-aid-plan-announced-by-shropshire-candidate-william-cash/

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Better hope they feel rich soon because that and related policies are the assumed transmission mechanisms driving our economy. With equivalent assumptions about how 'rich' people spend, business expenditure and hiring. Unless of course they've got asset prices->economy the wrong way round.

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Last year my sister and her better half put their £1,100,000 three bed Peckham Rye house on the market and they had 1 viewing and no sale. They are NOT taking offers any less than £1.05 million and are currently increasing the size of the basement and no doubt listing price when works are completed in time for the spring surge. :D

Millionaires they are not!

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Red faced Ed Milliband altered the meaning of Millionaire.

Now you have to earn over a million a year to be a millionaire.

(The little Red Book: Milliband ISBN 666)

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"First-time buyers in London have to pay up to nine times their annual salary to get on the property ladder"

1) It's not a ladder, it's a pyramid.

2) Does that single statistic not send alarm bells ringing through every first time buyers head !!!

!!!!! WAKE UP !!!!!

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Last year my sister and her better half put their £1,100,000 three bed Peckham Rye house on the market and they had 1 viewing and no sale. They are NOT taking offers any less than £1.05 million and are currently increasing the size of the basement and no doubt listing price when works are completed in time for the spring surge. :D

Millionaires they are not!

Greedy c***s they are :P:P:P

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