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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To think if you own a £2 million house you are rich?

218 replies

lesley33 · 18/03/2012 21:04

I guess I am just surprised at those who think you can own a £2 million house and not be rich. Only 0.5% of sales in 2010/11 were for houses worth £2 million or more. Link below. So if you own a house worth this you are in a small minority of the population.

Yes I know its possible to be asset rich and cash poor (although you could always sell your house?) But AIBU to think anyone who has a house that is worth £2 million or more in the UK is rich?

www.propertywire.com/news/europe/uk-property-tax-prime-201202236204.html

OP posts:
StrandedBear · 18/03/2012 21:05

This reply has been deleted

Message withdrawn at poster's request.

southeastastra · 18/03/2012 21:06

2 million buys alot, even here in the leafy london suburbs, course they are rich

RandomMess · 18/03/2012 21:06

Yep and if you think you can't sell it, you must also be very entitled...

Original poster
lesley33 · 18/03/2012 21:07

I don't doubt it stranded bear Hmm

OP posts:
CogitoErgoSometimes · 18/03/2012 21:08

YANBU... but who is trying to claim otherwise?

CrystalMaize · 18/03/2012 21:08

AGAIN about this?

AKissIsNotAContract · 18/03/2012 21:09

YANBU. If that isn't rich then WTF is?

picnicbasketcase · 18/03/2012 21:09

YADNBU

And if you think it doesn't make you rich, try living on 17K a year.

Tranquilidade · 18/03/2012 21:09

YANBU. I was shocked to see someone arguing earlier that if you inherited a house that value, you should not be penalised by having to pay tax on it.

If you have an asset of that value, no matter how you acquired it, you should be prepared to support others by paying tax on it.

edam · 18/03/2012 21:09

Quite. Those arses on the Today programme were trying to generate sympathy for anyone affected by the mansion tax, saying 'ooh, some people in London who share might be affected'. Yeah, right, loads of people on average wages can afford to share a house worth one or two million... and then they claimed a million only buys you a small terrace house. Yes, if you want to buy in Fulham or a similarly chi-chi area but plenty of people make do with far less.

CrystalMaize · 18/03/2012 21:10

YABU

violetwellies · 18/03/2012 21:11

Only if you own it outright (we are nowhere near 2million, but did have 2 mortgages not so very long ago).

Original poster
lesley33 · 18/03/2012 21:12

Why Crystal?

And surely Violet if you can get a mortgage on a house like this then you have a pretty hefty income - so are rich?

OP posts:
squeakytoy · 18/03/2012 21:12

YABU.

If I got a mortgage for £2m, it wouldnt make me rich. If 99% of my salary was paying that mortgage, leaving me with a few quid, I woud not be wealthy. I would just have a huge debt, and unless there was equity in the property, I could be skint.

Ponyofdoom · 18/03/2012 21:13

YABU. My Grandmother was still living in her (valuable but not £2m) house at 100 years old but was only surviving on a very modest pension. Should she have been forced to pay a mansion tax or move at that age?

CogitoErgoSometimes · 18/03/2012 21:13

Even if someone owns a £2m property and is therefore rich the 'mansion tax' would be unfair. Stamp duty is already considerably higher on properties valued over £1m. CGT applies if it isn't the main residence. Both are generated on selling. An extra band on council tax would be fair, however.

Itsjustafleshwound · 18/03/2012 21:14

Butt those who own these sort if houses also have the nous to employ accountants who can set up vehicles to avoid these sort of taxes. They take the titles, implore others to empty their pockets for the unfortunate but can't pay their dues ...

Whatmeworry · 18/03/2012 21:14

Its all crap.

  • If you are cash poor
  • If you dont own it outright and are paying off a humungous mortgage

...you always have the option of downsizing.

Ponyofdoom · 18/03/2012 21:15

'If you have an asset of that value, no matter how you acquired it, you should be prepared to support others by paying tax on it.'
Why? If you worked hard and paid for it yourself with your heavily taxed income? Is it worse to save and buy a nice house than fritter it away on holidays and expensive cars??

southeastastra · 18/03/2012 21:15

it always amazes me how many houses in the 2m+ bracket are everywhere now.. recession, what recession

Maryz · 18/03/2012 21:15

This reply has been deleted

Message withdrawn at poster's request.

serin · 18/03/2012 21:16

YANBU but I do feel for some farmers who struggle day to day but have land assets. I have met people who have been forced to sell up the farms they were born on because they could not afford the inheritance tax.

Starwisher · 18/03/2012 21:16

I agree with pony

And I sat that as someone who definitely is not rich right now

CrystalMaize · 18/03/2012 21:18

It's an unfair generalisation. It may be a crumbling inherited pile. Or it may be a high value house that was purchased in an originally low value area. It may be worth 2 mil but you have a 75% mortgage. Who knows? Being rich is a rather relative state. Income - Outgoings = Wealth.

DamnBamboo · 18/03/2012 21:18

Tranquilidade WTF?

No matter how you acquired it, you should be prepared to pay tax on it to support others.

What fucking planet are you on?