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Osborne Destroying British Real Estate Market
Posted on August 23, 2015 by Martin Armstrong
Osborne Destroying British Real Estate Market
One reason someone like Donald Trump is so popular is because he is not a brain-dead politician with some practical market sense no matter how much the establishment press keep trying to sink his ship so we all suffer the pains or no change ever. In Britain, George Osborne’s “shock tax”, as it is being called, is starting to sink in. In the process, hundreds of thousands of landlords and their accountants waking up to the insanity of what Osborne really did with his taxes. Osborne’s tax is typical of someone who is so detached from the economy, you have to wonder why such people think they can rule the world?
Effectively, any higher-rate taxpayer who owns property in London known as the buy‑to‑let properties (rentals) on which there is a large mortgage, will now pay substantially more tax. Furthermore, even basic-rate taxpayers who let out property (rent) will be pushed into a higher-rate tax bracket.
Essentially, Osborne has created a ONE-WAY-MARKET of sellers, with nobody in their right mind as a willing buyer unless you are actually looking for a home. Prices in London will tumble so the next 4 years of the downside in the ECM is warning that real estate is not looking too good for it is an immovable asset that can be taxes by desperate politicians. Look-out below.
The economy is always sent into a tailspin because we have professional politicians with ZERO experience outside of government. This is what 2016 is all about whether it is from the outside Third Party, or an internal REVOLUTION inside parties as we are watching right now in the US Republicans.Politicians have been playing with our lives for so long, they just do not get it. The press only supports the establishment so this is the vortex we are headed into. What comes out the other side is going to be really interesting.
The British will be headed into a referendum on staying in the EU. With refugees pouring into Europe, EU seeking to create a national army, constantly raising taxes, and a desire to outlaw short-selling in Europe, which will only ensure there will never be a bid during a panic, if the Brits do not vote to get the hell out of the EU, then they deserve to go down with the French. Osborne’s budget is a total disgrace. In such dire times, where is the common sense? Creating a one-way seller’s market in buy-to-let property only means housing values collapse in Britain because of the lack of a bid that will appear in the months ahead.
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http://www.armstrongeconomics.com/archives/36325
Posted on August 23, 2015 by Martin Armstrong
Osborne Destroying British Real Estate Market
One reason someone like Donald Trump is so popular is because he is not a brain-dead politician with some practical market sense no matter how much the establishment press keep trying to sink his ship so we all suffer the pains or no change ever. In Britain, George Osborne’s “shock tax”, as it is being called, is starting to sink in. In the process, hundreds of thousands of landlords and their accountants waking up to the insanity of what Osborne really did with his taxes. Osborne’s tax is typical of someone who is so detached from the economy, you have to wonder why such people think they can rule the world?
Effectively, any higher-rate taxpayer who owns property in London known as the buy‑to‑let properties (rentals) on which there is a large mortgage, will now pay substantially more tax. Furthermore, even basic-rate taxpayers who let out property (rent) will be pushed into a higher-rate tax bracket.
Essentially, Osborne has created a ONE-WAY-MARKET of sellers, with nobody in their right mind as a willing buyer unless you are actually looking for a home. Prices in London will tumble so the next 4 years of the downside in the ECM is warning that real estate is not looking too good for it is an immovable asset that can be taxes by desperate politicians. Look-out below.
The economy is always sent into a tailspin because we have professional politicians with ZERO experience outside of government. This is what 2016 is all about whether it is from the outside Third Party, or an internal REVOLUTION inside parties as we are watching right now in the US Republicans.Politicians have been playing with our lives for so long, they just do not get it. The press only supports the establishment so this is the vortex we are headed into. What comes out the other side is going to be really interesting.
The British will be headed into a referendum on staying in the EU. With refugees pouring into Europe, EU seeking to create a national army, constantly raising taxes, and a desire to outlaw short-selling in Europe, which will only ensure there will never be a bid during a panic, if the Brits do not vote to get the hell out of the EU, then they deserve to go down with the French. Osborne’s budget is a total disgrace. In such dire times, where is the common sense? Creating a one-way seller’s market in buy-to-let property only means housing values collapse in Britain because of the lack of a bid that will appear in the months ahead.
This entry was posted in Uncategorized by Martin Armstrong. Bookmark the permalink.
http://www.armstrongeconomics.com/archives/36325
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