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Houses subject to these taxes aren't the average house though either. They are ordinary houses that just happen to be marginally more expensive than the ones the Rachel Reeves and Keir Starmer each rent out. -
??? Average London house prices in 1970 (from land registry) = £5190, £72,000 in today's money. London houses were getting on for 5 times the national average wage in 1970, if we used that as a formula that would be around £200k for an average London house today. -
By Cyclemonkey · Posted
The average house in London was nothing like £68k in the sixties. I suspect our fictional hard done by ED pensioner probably paid something more like £6k. Also your interest calculations are abit dodgy. Our pensioner did not buy the house for £2m so would not be paying anything like that interest. As for more recent buyers, I doubt many purchasers of £2m houses are doing so with a 95% mortgage. @Ebenezer I agree with CGT on primary residences. There are a few ways to cut this bit the fact remains housing wealth has been massively undertaxed and it is a growing source of intergenerational inequality. -
Cost of Covid to government estimated at £400 billion Cost to the economy of leaving Europe estimated at £32 billion a year Cost to UK due to Russia invading Ukraine £100 Billion plus Some analyses suggest that by 2018/19, austerity had suppressed the economy by nearly £100 billion, equivalent to over £3,600 per household, and led to a 2% reduction in GDP by 2015. The long-term effects include a weaker economy, lower wages, and a failure to reduce the fiscal deficit as effectively as intended, partly because lower growth reduced tax revenues You can do the maths yourself
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