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How do you see property panning out under a Labour government?

55 replies

KievLoverTwo · 28/12/2023 03:26

I wasn't focused on politics or house buying or green initiatives when they were last in power.

What does seem clear is the party has to be more right leaning to appease the Tory voter base and overseas investors, I guess because we have precisely diddly squat economic growth and barely a pot to piss in. I don't know what growth was like under Labour, but it's somewhat irrelevant, because we have to think about what they might inherit.

Educate me with your memories of the past, and any thoughts you have on how things might have go in the future.

I'll start off with an example thought: HMRC are cracking down on holiday lets, insisting air b and b and their counterparts produce six years of income data to chase tax evaders. I think this is the sort of thing Labour are likely to go after with a vengeance - at least if they are to appease their more left leaning supporters. But perhaps they also won't want to upset the apple cart too much and alienate the probably majority of second home owners who usually vote Conservative.

It used to be so much more clear cut. Now they all sort of merge into one.

OP posts:
KievLoverTwo · 28/12/2023 18:04

EasternStandard · 28/12/2023 17:53

I agree on why not discuss it here. Mn is able to discuss politics, sometimes anyway as often just descends but this thread has avoided that, well done op

But why do you say what you do about disappearing sterling?

https://www.bankofengland.co.uk/explainers/what-is-a-central-bank-digital-currency#:~:text=Central%20bank%20digital%20currency%20(CBDC,a%20computer%20or%20similar%20device.

It's no longer a pipe dream. It's being discussed in boardrooms across the world.

I haven't been paying all that much attention to it so I might be barking up the wrong tree, but I think the general idea is to write off cross country debt and introducing this. Because most of the developed world is up to its eyeballs in debt and struggling to stay afloat.

Kudos to everyone posting here who, for the main, are being very respectful:)

What is CBDC?

CBDC stands for central bank digital currency. It’s digital money a country’s central bank can issue alongside cash. If we introduced one, we’d call it the digital pound.

https://www.bankofengland.co.uk/explainers/what-is-a-central-bank-digital-currency#:~:text=Central%20bank%20digital%20currency%20(CBDC,a%20computer%20or%20similar%20device.

OP posts:
KievLoverTwo · 28/12/2023 18:15

Araminta1003 · 28/12/2023 18:01

I would like to see big companies that rent out social housing ethically for good prices that people can then invest in via pension funds. But the houses have to go to hard working people who pay the rents and do essential jobs.

Constant house price rises do not help anyone in the long run. I still think it is ludicrous that house price rises are not taxes for all, including on a main residence. Most people do not pay inheritance tax or gains on their main residence and I do not understand why not. It need not be a large amount of tax. But some tax would be a good idea. I think front loading it completely as stamp duty is a bad idea.

Secure housing like health care and education is a fundamental and needs proper regulation. Not speculation. In England, there is far too much speculation etc in housing.

like your idea re: key workers and housing. As well as people who work in the NHS and such like, wouldn't it also be a good idea to offer such housing to people prepared to train and stay in building trades, and other trades that are becoming increasingly important such as those working to improve energy efficiency and better the environment?

Two taxes I have always found bonkers. You can extend your house and virtually double its footprint and that doesn't trigger a council tax re-evaluation, you can live in it your entire life and not pay an extra penny, that only happens when you sell up and the next person pays more. You don't even get back tax for owning a home twice the size of the one you started out with.

Secondly, pensions get taxed when you draw them. What's the sense in taxing people with limited means, 45 years after they started work and first started contributing to private and state pensions? Why not tax as part of your salary and have all that extra money in the economy NOW, rather than government having to do really long term planning and juggling financial priorities as we continue to live to historic ages?

OP posts:
BlueMongoose · 29/12/2023 11:50

KievLoverTwo · 28/12/2023 08:18

I concur. It also needs the support of house builders. From my limited experience of reading up on housing developers: they don't build during an economic downturn.

So Labour can spout house building goals til the cows come home, but even the Tories didn't meet anywhere near targets for the last 13 years. There are two arguments:

Most Tory voters don't want their house price lowered by having enough housing

Housing developers contribute something like 1/4 to 1/3rd of their party's contributions

Happy to be proved wrong. Happy to see if those ratios were the same under Labour.

Bun fights are okay on this thread because politics, but I would prefer facts and data when it comes to historical discussions.

Labour could change the housing market by building (or encouraging councils to build) a lot of social housing for rent, though. That is something governments can do. The tories forced councils to sell off housing but would not allow them to use the proceeds to build new ones. That has contributed to the current problem for those renting, and has had a knock-on effect on house prices, making them more expensive.
Whether they will do anything about this or not- well, the manifestos may be out in a few months, if rumours about a May election prove to be correct.

jasflowers · 29/12/2023 14:16

CrashyTime · 28/12/2023 17:53

If there was really a demand for builders they would be sending the visas out faster than you could say Jackhammer, there isn`t a demand though because house sales have fallen to decade lows.

As has construction, though that wont last.

People from Europe aren't coming here after Brexit and more developing economies don't construct housing like we do (so aren't really much use) nor have the tickets in gas and electrical safety.

CrashyTime · 07/01/2024 14:16

jasflowers · 29/12/2023 14:16

As has construction, though that wont last.

People from Europe aren't coming here after Brexit and more developing economies don't construct housing like we do (so aren't really much use) nor have the tickets in gas and electrical safety.

"People from Europe aren't coming here after Brexit "

I don`t think you can use "Brexit" as a blanket term to pin the economic slow-down on, that is simply due to the cheap debt going away (and some quite serious geo-political situations stoking inflation) if the demand was there the builders would be here IMO.

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