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Housing markets in United States have turned the corner. Housing starts have increased and there are signs too of rising house prices

 

Housing markets in United States have turned the corner. Housing starts have increased and there are signs too of rising house prices.  These increases are being led by high end large homes.  These homes are the aspirational homes of the entrepreneurs who are getting the American economy moving by their innovation and energy. They are people from all races and backgrounds unfazed by risk and unfettered by red tape and regulation.

 

In Britain any home that is purchased for more than £2m is subject to a 7% stamp duty land tax. That’s 6.3% more than the highest rate in America. There has even been liberal talk of an additional tax on the ownership of such homes the so called ‘mansion tax.’ These are taxes on aspiration innovation and energy, the very seeds of economic growth. But there are other reasons why we should be careful not to penalize the owners of large homes.

 

Many large homes are occupied by more than one household .Extended families that incorporate relatives, an elderly parent who seeks the dignity of independent accommodation within a family home, young adults under the age of 25, victims of cuts in housing benefit.

 

Large homes give the opportunity for their elderly owners to remain within the communities they are part of while taking a carer in residence, freeing up costly space in care homes. Often a far more agreeable solution for the elderly themselves.

 

The Brown legacy has left many pensioners far worse off, with an inability to secure a workable annuity leaving many in hardship. Letting off part of a large home is a real option to create pension income. There is welcome tax relief for income from letting part of one’s home, although the current threshold of £4,250 per annum is too low.

 

Large homes give an opportunity for the housing and employment of resident domestic staff, often people who find it very difficult to secure independent accommodation, a great benefit in times of high unemployment and limited housing for single people.

 

Prime residential property is the chief source of security for bank loans for start up businesses. These are the homes of entrepreneurs willing to take the risk to start businesses to get our economy moving. It makes sense that such homes should be aspirational. As innovative and individual as those entrepreneurs themselves, and it makes sense that there should be the freedom to transact their purchase without penalty.

 

The housing minister Mark Prisk has said that we should provide a range of homes to suit all needs and so we should. Large homes have the ability to fulfill several needs. Surely instead of extra taxes we should be building more of them.

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