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The European Union pushes UK to increase tax on expensive homes.

The European Union has gently suggested the United Kingdom to increase the taxation level on the high value properties within the country.

The commission has also asked to build more houses and adjust the Help to Buy Scheme. The UK Economic policies review states that the council tax bands must be revalued and action must be taken to address the house price rise issue in London.

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The Tory MPs however are not to happy with the recent intervention. Vince Cable, the Lib Dem Business Secretary said that the UK has had a problem of house price inflation, but they do not need any intervention from the EU to dictate them.

The EU’s executive body offers member states advice every year which intends to ensure the continent’s long term growth.

The recent intervention came after there were constant signs of scaling house prices. Reports said that the house prices across the nation  have increased at the fastest rate in seven years. Market moderation signs are slow to  appear.

In terms of housing, the commission has urged the ministers to deploy appropriate measures to respond to the rapid increase of property prices in the areas which account for a substantial share of economic growth in the UK.

Photo Credits: Telegraph

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