For future reference: note that in the States, prices nationally show a modest 1% increase this year -- even though the market is imploding in many areas. Using this argument, and even because they expect other tax revenues to fall due to the housing market collapse and job losses, municipalities and local governments across the board are increasing property taxes, some of them substantially. If you're a government rather than near bankrupt homeowner, it makes sense. Yet another factor to consider when the UK balloon bursts, the wave hits, the bubble pops -- however you want to put it. Yet another reason those riding the rising UK housing prices should have put their good fortune in the bank, not into property in Bulgaria. Add that to the big UH-OH factor.

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