From Savills:
[Land and buildings in] just ten London boroughs – Westminster, Kensington & Chelsea, Wandsworth, Barnet, Camden, Richmond, Ealing, Bromley, Hammersmith & Fulham and Lambeth - have an aggregate value equivalent to the total value of [land and buildings in] Scotland, Wales and Northern Ireland combined at just over £550 billion. Even within London, wealth is increasingly focused in core central and high value boroughs. The richest borough – the City of Westminster – has just 121,600 units, with a total value of £95 billion, more than twice the value of Edinburgh and almost three times that of Bristol.
And beyond the capital the analysis highlights some pockets of very concentrated housing wealth. For example, the high value commuter hotspot of Elmbridge in Surrey (which includes Cobham, Esher and Weybridge) has a housing stock value of £31 billion, more than that of Glasgow (£29bn), while that of Windsor and Maidenhead (£23bn) is slightly more than that of Cardiff.
Via Rumble at HPC who spotted it in the FT.
Was it all worth it?
5 hours ago
8 comments:
Now that we know where the people at the centre of the resistance to LVT live, we just need to find out who they are.
B, probably the same One Per Cent whose combined incomes are 11.7 per cent of total taxable income and who pay 26.5 per cent of all income tax, allegedly.
It won't hurt them too much to pay ten or twenty per cent of all LVT, will it?
So many of them are not eligible to vote so our clearly there must be another reason that our politicians are protecting their interests. Campaign 'donations'?
No wonder Mr Grosvenor is a happy bunny - and we do know where he lives...
According to Wiki, Mr Grosvenor is worth £7.3Bn. At, say 8%, full on LVT that's £584m per annum. Sounds fair to me.
M, according to some reports yes, Cameron decided against Mansion Tax because his big donors all live in Mansions. Simple as that.
L, yup. But it's not like he'd end up stacking shelves, even with full-on LVT, he still gets the bricks and mortar rent.
"According to Wiki, Mr Grosvenor is worth £7.3Bn. At, say 8%, full on LVT that's £584m per annum."
Much of that £7.3Bn is freeholds where the Duke or his ancestors have sold a leasehold and the leaseholders would be paying the LVT.
"even with full-on LVT, he still gets the bricks and mortar rent."
Yes, but that's pennies. After all, it's no more than he'd get if all his properties were in Scunthorpe or Warrington. Central London rents must be close on 95% location value.
Bayard - Still sounds good to me...
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