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Tory's tax policy beneficial to land lords

Saturday, 11 July 2015 12:06 PM [ Last Update: Saturday, 11 July 2015 1:42 PM ]

Experts say Conservatives' tax preferential policy are beneficial to land lords who have turned into property millionaires over the past three years.

Reports say the number of UK property millionaires has increased considerably over the past there years.

According to Zoopla, a property website covering the residential property market, more than half a million people in Britain are property millionaires.

The website wrote in a report:” The total number of people living in houses worth more than £1 million now stands at 524,306.”

Meanwhile, The Guardian wrote: "There are 13 streets where the average house price is more than £10m – all of them in London – and almost 11,000 across the UK where homes are typically worth more than £1m."

Experts see the government’s tax policy as the main reason behind the trend. They say home movers had been reassured by stability of a party gaining a majority particularly.

According to the experts, Conservatives are seen as supportive of home owners and rising house prices.

“One of the main reasons behind the trend is that some people take advantages of particular tax policies so that they can avoid paying tax within the UK. So they choose to come to Britain to live to avoid paying taxes for their company and other things abroad.. so this creates a property bubble within London,” Director of The Burges Group Robert Oulds told Press TV.

He also referred to the issue of supply and demand saying that not enough houses have been built in the UK for many years and so there has been a housing crisis because many people are finding it very difficult to have reasonable house today for their families.

He then touched upon the negative consequences of such trends in UK society saying it put more economic pressure on ordinary people in UK so that they cannot safe enough money to buy home and makes life for them harder to live.

Oulds emphasized that the main winner of such chaos is private land lords who take the advantage of the preferential policies of the government.

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