Tuesday, June 22, 2010

Budget tax rises will hit property market, warns CML

Budget tax rises will hit property market, warns CML

The VAT hike risks further weakening house-buyer confidence and putting pressure on residential property prices, the Council of Mortgage Lenders’ has warned. ‘In the short term pain is likely, as the effect of tax rises on household finances dampens the already fragile recovery in house-buyers' confidence, house-building is affected, and support for housing costs across all tenures is curtailed,’ Director General Michael Coogan said.

Posted by wanderinman @ 07:42 PM (1412 views)
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5 thoughts on “Budget tax rises will hit property market, warns CML

  • gone-to-colombia says:

    Sounds good to me!

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  • Let ’em squeal!

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  • mark wadsworth says:

    Ho hum. VAT is the worst and most damaging tax of all; taxes on land and buildings might be unpopular (wild understatement) but they are honest and not economically damaging.

    So if you were Chancellor and genuinely wanted to dampen property price bubble and credit bubble; while getting the economy going, would you hike VAT and cut Council Tax or vice versa?

    OK, let me rephrase that – if you were a Home-Owner-Ist Chancellor and didn’t give a hoot about the economy and only cared about keeping the house price bubble going, would you hike VAT and cut Council Tax or vice versa?

    As one of my LVT chums said, the British aren’t really worth the effort. They are either brainwashed, evil or stupid. Or possibly all three.

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  • happy mondays says:

    @ MW – As one of my LVT chums said, the British aren’t really worth the effort. They are either brainwashed, evil or stupid. Or possibly all three. I like your chum !
    “Two things are infinite: the universe and human stupidity; and I’m not sure about the the universe.” Albert Einstein

    redeemed

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  • I am sorry but every time I read anything from Micheal Coogan my blood boils… This is the baffoon who ran Bradford and Bingley to the wall. Who would want to listen to any advice from him. He should be ashamed that all our tax payers money has had to bail his old company out and we are all going to suffer for years to come while he still wants to be in the limelight, please do us all a favour Mr Coogan and dissapear form the public domain.

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