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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 @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 -
£63,000 in 19698 is equivalent to nearly £1,400,000 today. Don't forget too that the way mortgages work, you pay almost the same amount in interest as you do for the property. So the actual cost to buy a £2m house over 25 years is closer to £4m. Buying a family home to live in wasn't a get rich quick scheme. -
@Cyclemonkey I get where you’re coming from, but I just don’t see this fixing anything.. It’ll just make whoever’s living there now a bit poorer, while the real issue gets ignored. In ED over the last 20 years, loads of pretty average terraces have gone up £500k–£1m without anyone doing anything. If we actually want to deal with unearned housing wealth, scrapping the CGT free pass on the main home would make a lot more sense (or at least cap it ...like in many countries)
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