Families face plunging home values and potential negative equity if Jeremy Corbyn slaps a Land Value Tax (LVT) on properties, as promised, according to the Labour Land Campaign (LLC).
The levy would replace council tax and business rates and will result in the “collateral benefit” of knocking house prices, the group gleefully told Labour members.
Falling values may even lead to another banking crisis, the group incredibly hinted.
Homes would become cheaper because the new tax would directly affect current house prices and increase land supply, the LLC wrote in a briefing note.
Falling house prices would give first-time buyers the opportunity to…