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Good European 21 hours ago
The last time anything of this nature happened it was in reverse and it was in the summer of 1988, after Nigel Lawson announced the end of 'double MIRAS' (mortgage tax relief). What happened back then was hundreds of thousands of sharers piled into the market, which was highly over inflated at the time, to buy before the tax break was no longer available. Cut off point was 31st July 1988. The next thing that happened was the market collapsed (on 1st August 1988) and these people, who subsequently discovered they didn't much care to live with one another anyway, found the reality of their desperation to get onto the property ladder was a total loss of all their savings and negative equity in a property they could not sell. Keys were routinely being posted back through building society and bank letter boxes in the dead of night as the unfortunates slithered off into finical ruin. Utter misery all around. But what could possibly go wrong this time? Unless the market is over valued again…
Last time it was a ploy to prop up what everybody knew was an overcooked market. This looks no different.
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