New Clause 9 — Lower rate of tax and mansion tax

Part of Finance Bill (Ways and Means) – in the House of Commons at 7:00 pm on 1st July 2013.

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Photo of Sheila Gilmore Sheila Gilmore Labour, Edinburgh East 7:00 pm, 1st July 2013

I was looking through the property pages of The Sunday Times yesterday, and interestingly it was full of descriptions about valuable houses and how property prices are rising. Since property prices at the top end were rising so much—driven partly by investment from abroad—it was argued that that would be good for everyone because it would lever up property prices for all. The argument is that high property prices are always beneficial, but those who tried to buy homes up and down the country long before the credit crunch know that high property prices are a double-edged sword because many could not get on the property ladder at all. In many parts of the country, not just in London, the amount that must be earned to buy even an average-priced house is more than people can earn in that area.