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In a way the whole £ appreciation game is strange. We bought cos we wanted a bit bigger / we can control what we install (time for solar panels etc when we have £) / it's the same price as renting.
But also because rent can go up year on year if you are unlucky (our LL is actually cool and doesn't do that) & how the heck are you going to pay for housing in your old age / care home costs as you can't even insure yourself.
But it comes with upkeep etc as well. So a property tax with no smaller properties people can afford to downsize into will have some unintended consequences too.
I'd imagine those with bonkers big houses can always let out a room to afford the taxes ;)
JWestland
jellybaby
Agreed. Far too many people sit on property of many sorts watching it appreciate while doing nothing.
The Valuation Office Agency have a process for it, complete with appeals etc.
I'm quite happy for people in London with bonkers expensive houses to pay more tax than people in not-London.