Time to tackle the rentier economy.

So I think we should begin with social housing. Money should be given to local authorities specifically for house building. Perhaps there should also be a tax on all the empty properties in London based on the amount they accrue in value every year and that money should be earmarked for house building. I'd also like to see a tax on landlords who own substantial numbers of properties unless they are charitable or housing associations. In order to prevent them passing this on to tenants we should have rent regulation.
It would be good to introduce taxation reduction for money invested in small businesses or schemes which stimulate the economy.

I don't want to get into rent upmanship annepl but my son was paying the same for a room in a shared house in London. A nice house granted, but still sharing a bathroom, kitchen,living room with four others. He is looking at £1200+ for a very small one bed room flat for him and his girlfriend. It makes my eyes water.

I'm glad to hear there are good landlords but I think that many want too high a yield from their property and charge much more than councils do. My son is paying £800+ pm for an average house in the NW. It's taking advantage of people.

The fact remains that your property is probably appreciating in value and you are earning more in rent from doing something which doesn't "produce" anything than most people can hope to earn from paid work.

When we got married, I had a small house that I had bought a year previously. I sold it for a profit that was 2.5 times my gross annual income. Bonkers. I didn't turn it down of course, and it paid off some of our new mortgage on our house, but at the time it struck me as madness. I lost all of that 'profit' within two years when the recession of late 80s hit and DH was unemployed, we ended up selling our house for a lot less than we paid for it and had to start all over again.

newnanny

@annepl, other similar houses are put up for £50 more a month but I charge enough to cover repayment mortgage, gas cert, electric very, maintenance and repairs. None of my tenants ever wait more than 24 hours for a faulty or broken appliance to be repaired or replaced. I use the same gas, electrician, plasterer and plumbers for all houses so they will come for me quickly. I never have to advertise as have a waiting list and tenants reccomend me to their friends and family because I keep houses well decorated. This year one house had 10 new internal doors and a new kitchen. Another one had new laminate floors in hall, Lani g and 3 bedrooms as tenants asthmatic and struggle with carpets. Another property had new skirting boards and repainted. I know not all LL keep the property in good repair.

I have an excellent landlord too.

The fact remains that your property is probably appreciating in value and you are earning more in rent from doing something which doesn't "produce" anything than most people can hope to earn from paid work.

That's not healthy for an economy.

I think that as I have earned most of my ‘wealth’ , such as it is myself by running a small, local business that employed local staff I am half way to being politically correct.

However, I got my start in life because my M&D gave me £5k in 1980 as a deposit on a house. That enabled me to raise capital when I needed it to start the business.
I have since helped my children. One has done well financially, one hasn’t but both got the same helping hand.

Life is so much easier if you have been given the seed to grow but it doesn’t always guarantee success .
I am relieved that if we are spared care home costs my DD will have a home.

Callistemonmy DD doesn’t have a tattoo but she did have a husband who left her when she was pregnant.

@annepl, other similar houses are put up for £50 more a month but I charge enough to cover repayment mortgage, gas cert, electric very, maintenance and repairs. None of my tenants ever wait more than 24 hours for a faulty or broken appliance to be repaired or replaced. I use the same gas, electrician, plasterer and plumbers for all houses so they will come for me quickly. I never have to advertise as have a waiting list and tenants reccomend me to their friends and family because I keep houses well decorated. This year one house had 10 new internal doors and a new kitchen. Another one had new laminate floors in hall, Lani g and 3 bedrooms as tenants asthmatic and struggle with carpets. Another property had new skirting boards and repainted. I know not all LL keep the property in good repair.

GillT57

I don't think the issue is how much our houses or worth or how hard we worked for them, it is more about money being 'held' and not used. It is rather like obscenely wealthy art investors who pay millions of dollars for a Van Gogh and then lock it in a vault until it increases even more and then it goes back to auction. Nobody sees it, nobody enjoys it and only the owners ( and the auctioneers) make any money. This is of no benefit to society at all.

That’s exactly right!

I don't think the issue is how much our houses or worth or how hard we worked for them, it is more about money being 'held' and not used. It is rather like obscenely wealthy art investors who pay millions of dollars for a Van Gogh and then lock it in a vault until it increases even more and then it goes back to auction. Nobody sees it, nobody enjoys it and only the owners ( and the auctioneers) make any money. This is of no benefit to society at all.

mumofmadboys

I am surprised as many as 10 % own two and a half million. Thought it would be much smaller.

I'm not in the slightest surprised. My former mother-in-law has a house worth about that much and I know she inherited a 7 figure sum from her late husband. My former husband, who has hardly ever done a day's paid work in his life, will inherit much of that.

Neither of them appear to be particularly rich. There are many others.

Dinahmo

EllanVannin

As Jackie Stewart said in a programme last night, why remain in a country ( UK ) where earnings of £100,000 are taxed at £96,000 ?----which is why he moved to Switzerland along with many other high-earners past and present, who've been the life-blood in helping keep this country functioning.

If I had untold millions, I wouldn't stay in this country either.

He's talking absolute rubbish. For 2019/20 anyone earning £100k would pay tax of £27,500. That figure would be reduced by higher rate taxes on pension contributions and charitable donations for example.

In any case, the people who've been the lifeblood who have actually kept the country functioning are the low paid workers. Who's been of more value over the last few months? Jackie Stewart or a care worker? He seems to have an inflated opinion of his own worth.

My son has just been sent his share of the profit made by the employment agency he used when he lived in France. It was only a few hundred pounds but I was very impressed.

Callistemon its not funny but you made us laugh.

EllanVannin

As Jackie Stewart said in a programme last night, why remain in a country ( UK ) where earnings of £100,000 are taxed at £96,000 ?----which is why he moved to Switzerland along with many other high-earners past and present, who've been the life-blood in helping keep this country functioning.

If I had untold millions, I wouldn't stay in this country either.

He's talking absolute rubbish. For 2019/20 anyone earning £100k would pay tax of £27,500. That figure would be reduced by higher rate taxes on pension contributions and charitable donations for example.

It's the " having to do it " that isn't too encouraging.

These people have done " jobs " that they've loved and lived for which makes a vast difference !

Afraid so Gilly. Private jet--no queueing.

But yet he (and many others like him) will be at the front of the queue for a flight back at the first hint of trouble.

As Jackie Stewart said in a programme last night, why remain in a country ( UK ) where earnings of £100,000 are taxed at £96,000 ?----which is why he moved to Switzerland along with many other high-earners past and present, who've been the life-blood in helping keep this country functioning.

If I had untold millions, I wouldn't stay in this country either.

annep1

We're exactly the same * Callistemon*.
We worked hard to buy our house and have some money to leave our children. I would hate to think the government would get their hands on it. Take it from those who have amassed great wealth from the labour of others.

annep I'd like to help my DC now but what we have saved would scarcely be enough to get the last one of them on to the housing ladder.
The others have managed it by themselves.

After reading this thread, I am now enlightened and have found out why the last DC can't get on the housing ladder despite being a hardworking teacher. It's because she has a tattoo.

I am surprised as many as 10 % own two and a half million. Thought it would be much smaller.

MaizieD in regard to your post @09:01 today, I have to agree that it is very ironic to see known Tory supporters stating there must be much more equality in Housing etc, when the Conservative Party get a great deal of their donations from Russian oligarchs who invest their dirty money in the British top end property market. ????

newnanny I assume you charge an affordable rent.

gillybob, it's impossible to say, with certainty, what your children will inherit - if anything. Many elderly people need care and end up with little to nothing.

gillybob

You could probably buy a street in my town for the cost of a decent semi in some parts of London . How can that be right ?

It is not right gillybob but I and most on here have no idea how to change it.

There is also a wide difference in house prices town to town and village to village in the South East.

I feel that some (not all) of the maga-rich do contribute to society, are employers and donate much of their fortune (JK Rowling, Steve Jobs are two).