21 Sep

Homeowners should not be "penalised"

Homeowners should not be "penalised"

Following calls from the Lib Democrats to introduce a housing tax, one industry commentator has claimed that people should not be penalised for owning a property.

Ed Mead, director at independent London estate agent Douglas and Gordon, said that although the plan is a "pretty clever" way of raising finances, the tax could make a "significant difference" to top-end property buyers.

His comments follow the announcement of a Lib Dem proposal which would see owners of properties worth more than £1 million taxed using a 0.5 per cent levy which would be employed to lift low-paid workers out of taxation.

"My initial instinctive reaction as an estate agent is that that is going to have a fairly serious negative effect on the top-end of the market in London," stated Mr Mead.

He added that many people would attempt to "fudge" their way around the levy rather than being "clobbered" by the tax.

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