Brendan,
Can i make another suggestion to aid those in negative equity:
Many of those in negative equity have paid large sums of stamp duty at the time of purchase. Given the probability of a new property based tax becoming a reality in the future, would it not be an idea that the government refund all stamp duty paid by those in negative equity only on condition the refunded sum is immediately put against the outstanding mortgage.
Not only would negative equity be reduced but also people would not face effective double taxation if the proposed new property tax on a house ignored previous large sums of stamp duty already paid on the same property.
I am cogniscant that the public finances may make this unrealistic and that ultimately people must be responsible for their actions, however i would like to know what people think of the above.
Can i make another suggestion to aid those in negative equity:
Many of those in negative equity have paid large sums of stamp duty at the time of purchase. Given the probability of a new property based tax becoming a reality in the future, would it not be an idea that the government refund all stamp duty paid by those in negative equity only on condition the refunded sum is immediately put against the outstanding mortgage.
Not only would negative equity be reduced but also people would not face effective double taxation if the proposed new property tax on a house ignored previous large sums of stamp duty already paid on the same property.
I am cogniscant that the public finances may make this unrealistic and that ultimately people must be responsible for their actions, however i would like to know what people think of the above.