Must say I liked this David McWilliams quote in last Sunday's SBP.
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"as long as credit is cheap and house prices keep going up, there will be no problem. If I were part of the state apparatus, I probably wouldn’t be worried either. Just think about it. Close to 50 per cent of the cost of a house from green field site to new-build goes to the state in taxes. So what is happening? The government - under the watch of the ‘‘tax-cutting’’ PDs - is giving all of us a chance to borrow for 30 years to make this one-off tax payment. What a scam!"
He's 100% right & this sure ain't sustainable in the long run.
Beware of property ....
[broken link removed]
"as long as credit is cheap and house prices keep going up, there will be no problem. If I were part of the state apparatus, I probably wouldn’t be worried either. Just think about it. Close to 50 per cent of the cost of a house from green field site to new-build goes to the state in taxes. So what is happening? The government - under the watch of the ‘‘tax-cutting’’ PDs - is giving all of us a chance to borrow for 30 years to make this one-off tax payment. What a scam!"
He's 100% right & this sure ain't sustainable in the long run.
Beware of property ....