I was interested to read last week’s leader headlined ’Less rhetoric, more action’, in particular the line – ’And if getting people onto the property ladder is not a priority, where are the tax breaks and other measures to encourage landlords and institutional investors to provide affordable rental accommodation?’.
The priority the government has for housing is to extract as much wealth as possible, and rightly so. Labour spent recklessly and enriched the private sector. Most of this money ended up in housing equity. And now the coalition wants it back to pay off the national debt.
The Capital Gains Tax hike is just the start because we can’t afford housing wealth to be frittered away on retirements for the ’my property is my pension’ brigade, landlords and downsizers.
The equity is about to disappear and it’s not coming back. Prize may vary from picture