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treving 42 | If property values do take a nose dive in the UK (40% is predicted) will council tax banding be re-assesed? |
As we see on the news the sub prime market in the USA has been hit hard with property values dipping by up to 70% as financial institutions try desperately to unload negative equity - how would this affect council tax banding in the UK when the dominoes start to fall here.
Additional Details
Yes John H you are correct in saying that the houses which sold post 1989-1991 are now sky high however you miss the point, because they were sold (mostly) due to negative equity they were (mostly) purchased on the cheap by property speculators and then sold later at a vastly inflated profit. So once again we head for the 'Big Dipper' and we all know in advance that there will only be one sector that will end up quids in.. |
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Tennessee Jack
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Council Tax bandings may or may not be re-assessed, but don't expect your council tax to drop - councils have already budgeted for a given amount of money coming in, and every penny is spoken for.
Re. other posters comment about 'there can't and won't be a property crash' - wanna bet?
That's exactly what people said just before the crash of 1989-90. They were wrong, too.
I haven't seen the Halifax figures, but would be interested to know exactly how they were arrived at. Did they average it out for all house types, and all areas of the country, or did they break the figures down? From memory, expensive houses, especially in desirable locations, held their prices very well - in fact, many of them continued to rise right through the crash.
It was Joe Average who got hammered into the ground. I knew plenty of people who dropped their asking price by as much as 35%, and still didn't even get a single enquiry, so don't kid yourselves it couldn't happen again. It was much the same story in 1973, though not as bad, and people I knew lost thousands because they didn't believe it could happen.
For the record, people were still saying there couldn't be a crash just days before the Wall Street crash of 1929 - and I bet the shareholders of Northern Rock didn't believe a bank could go bust, either . . . |
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stef
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Cannot see it dropping - everything goes up rarely down. If you want to live in the UK you've got to expect to be squeezed dry. |
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Marky
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This is government spin to try and slow down the rising prices.
Truth is, there is a chronic shortage of housig in the UK, and simple Supply & Demand forces will continue to increase property prices. America doesn't have a shortage, which is why they had a crunch for lending to the poorest people. The poorest in the UK are not able to get onto the housing market which are now mostly owned by the wealthy and investors who have no problem paying the mortgages.
It may well slow down, but a collapse - I very much doubt it. |
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gillm
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no .
if your house value drops ( which i doubt) that's your money - your local council will not part with one penny of the council tax they get from you - their argument will be that they are still paying ever increasing wages for refuse collection - recycling - schools and police( who only got 2% this year and that was not without a fight) . the argument is a valid one but it still sucks!.
i think we all need to write to our MPs - nay - write to the PM and ask him exactly what he is doing with the millions of pounds he gets every day from the tax he gets from us on fuel cigarettes and alcohol - this country(uk) should not be in the finnancial mess it is in - the money is there especially now our debt to the USA is 'paid up' - where is it going???? |
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Anchor Cranker
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Get real there is no chance, how else would the hangers on in the council pay for their gold plated pensions?
One of the biggest problems in the UK is that all this "wealth" has been created on money that doesn't exist. People are asset rich and not money rich - if you are lucky enough to be able to sell your property you have two choices
1) downgrade to remain debt free and there by accepting you have reached the pinnacle of your "property empire".
or
2) upgrade to move on up the "Property Ladder" and remain in debt. In many many cases this also includes getting a yet bigger mortgage.
Banks are now lending up to 6 times your annual salary in order to fuel this ever increasing bubble. This is because house price inflation has outstripped annual pay rises by 3 to 4 times annually for the last 20 years.
The bubble will burst and it will be painful, to think otherwise and not protect yourself somehow is a fool hardy approach to financial security. I bought my first property when the mortgage rate was at 14.7% folks back in 1991 it took nearly 2 years for that rate to drop below 10%.
This you may pray will never happen again. I hope for those that are already feeling the pinch the below answerers are right. |
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Dragoner
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Yes but it will probably take a series of riots to force councils to do anything. You know how it is here, especially in London. It's the London Mob which decides the issue and not the electorate, whoever they may be! |
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KJ
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The current house prices don't affect the council tax at all, so why would a drop in property price?
Council tax is set by the government and local councils based on the cost of services. The bandings are based on the value of the property in 1991, when the council tax was set up. This means my property is in Band B. If they changed the council tax as the property prices rose, my property would currently be in Band E. As they haven't adjusted council tax as property value has risen, they are not going to adjust it if property prices begin to fall. |
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John H
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I totally agree with the above comment - a slow down in the market or a very slight dip thats all the UK housing market is going to do!! I'm not worried in the slightest!!
If there is a nose dive of 40% in house prices in the UK, I'll eat my boxers which I've now had on for 3 weeks!! (eerrrrrrr...... no...... really!!!!)
Tennessee Jack - as for your answer - where are the house prices today in comparison to 1989-1990?? Yep you've guessed it - a lot higher so your point about crashes is null and void!!
treving4... - you're point being????
that ddoesn't make sense!!! You could buy a 3 bed detached house for £4500 at the start of the early 70's that same house would have been (a guess) 10 times the amount come the late 80's. How do we not have houses now that are worth £4500. because they were bought on the cheap??? Definately no!!
There has never been a 'big dipper' as you call it!!
House prices, in my opinion have not stopped going up as yet!!! Average house price for UK includes London, South East etc etc, where the market is mental. These prices are now slowing down and in some circumstances are slightly reducing. However, a lot of the country are still climbing.
Have a look for yourself -
http://www.landreg.gov.uk/houseprices/ |
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