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I remember those times well! What happened was that, in 1988, Nigel Lawson, Tory Chancellor, made a budget announcement that he was going to scrap the tax relief (MIRAS) that couples were able to claim jointly on mortgage interest. Previously couples had been able to pool their allowances, effectively giving them a double benefit of up to £60,000. Unfortunately, he did not implement the change until several months after the announcement, effectively creating a scramble to get on the housing ladder and rocketing prices. Of course it was boom and bust. As soon as the joint tax benefit was scrapped the bottom fell out of the housing market leaving many with negative equity.
Gordon Brown subsequently scrapped mortgage interest tax relief completely.
and interest rates had reached 14%!
after encouraging property ownership through right to buy- the family dream home! people found they couldn't afford to keep up mortage repayments with high interest rates and 10 000s faced losing their homes which led to the property market collapsing by 1992
the Labours years have been good for people's mortage repayments, only that many have lost their job through the global economic downturn
Everyone attend!