Unbelievable Jeff

Fair enough, we'll see soon enough if Labour get into power. One of my friends owns a house that is worth 1.6m in Clapham, they paid £500k for it in 2006. However, I know they will struggle to pay a £10k bill per year to live there if their property hits the threshold.

There has already been massive fall in property purchase of houses over the 2 million threshold, so much so it has contributed to a much lower price increase in London compared to the capitals average. http://www.cityam.com/213957/uk-house-prices-hit-new-high-growth-slows-its-lowest-fro-16-months-london-feels-effects-stamp

We're not talking a few hundred quid, we're talking tens of thousands of pounds. The market will massively compress between 300k and 2 million, pulling up the prices of lower priced property. A lot of people lucked into their 2 million pound homes just by riding the bubble, and a lot of these would be unsustainable for the owners, pushing them down the ladder. "He also pointed out that even a banding system would be problematic as average values for properties at £2 million plus have risen much faster than the national average in recent years. The introduction of mansion tax would have a disastrous effect on the entire London property market, not just those over £2million, according to Edo Mapelli Mozzi, founder of Banda Property. ‘Whilst I welcome the suggestion of a tiered system, and also any means to protect people, such as the elderly, who may inhabit large properties yet have a relatively small income, I still believe the introduction of such a tax will not just hit the wealthy, but will affect thousands of home owners, negatively impacting the entire London housing market,’ he said. ‘I believe that as a result of these tax changes, investors will pull out of the £2 million plus market to avoid their yields being crippled. Without significant disposable income to allocate to the new tax, they are likely to downsize to properties of around £300,000 to £1.35 million, either smaller in size or in a less pricey area. Any properties with a higher value that this will bring with it a risk of moving into the mansion tax bracket with capital growth,’ he explained. ‘Furthermore, similarly to the situation at the lower end of the market when responding to stamp duty thresholds, we anticipate householders whose property is in danger of approaching the £2 million mark, will be less likely to want to invest in home improvements for fear of reaching the threshold. This won’t just affect the property market but the wider economy. If home owners are not investing in improvements and upgrades to their home, the building trade will suffer,’ he added." http://www.propertywire.com/news/europe/uk-property-mansion-tax-201406259285.html

Ah, apologies. Clue wasn't in the title.

It's all Hear'say, Pure and Simple.

Edit.

Edit

Just watched the Lego Movie. Really a very funny film, was massively surprised even with all the good reviews.

Because I'm going to give it to my daughter (in fact it's already in her name) so she has someone to live when she's older. Struggling first time buyers would probably be unable to afford it. I would sell it to you, but I assume as you can't get the pennies together to pay for a full membership that's probably not on.

The only 'fair' thing to do is make everyone pay the same tax rate. It's mad to think that someone on £30k per year will pay £3800 tax, yet someone on £300k per year will pay £121k in tax.

Is anyone else just sick of seeing links from The Guardian, The Times, The Telegraph, The Mail and The Mirror? As soon as I see anything posted by any of them now I tend to ignore them as biased drivel. Guess that's why I only read The Independent now.

Hahaha, in conclusion, yep.

A reduction as there will be less demand for houses over the 2 million bracket, or could attract that in a few years. That would be, generally, any 4 or 5 bed houses built in the capital. It would push down the demand onto cheaper housing, hence increasing their prices and creating a plateau of houses at a higher cost, pushing the poorest out.

I think we'd see a reduction in house building around London, it would have a very bad effect on the poorest down here as people would buy cheaper properties, pushing the lowest paid completely out of London and the surrounding areas.

I thought it was more around the number of millionaires that were created by going to private school. Looking at my peers, and I'm by no means rich, but I dont think it makes as much of a difference as you think. There are tons of people from different backgrounds etc. The unifying factor was that we all went to University.

Anyone know how the mansion tax is going to work, how they'll value the houses etc? Are they going to value every house in the country?

But you are talking about a small percentage of the population (millionaires who went to private school essentially). If we were talking about a decent proportion of society then fair enough, but only 0.5% of the population are millionaire's, and not sure how many of those went to private school.

Give a man a fish, he'll eat for a day, etc etc etc If we were on the left we'd just give everyone fish everyday, until, of course, they ran out.

I think he's being facetious (to a degree).

Apparently so!

Anyone else given any thoughts to emigrating in the past, based on political party in charge?

It depends what he calls rich, are we talking £100k income of £1m income, and how much is he going to increase their taxes by?

It would be utter madness to do that.

Where are you based? Thorpe Park are hiring for Summer jobs and I'm sure you get some 'seated' jobs there.

Priceless isn't it?