How markets work
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http://www.bbc.co.uk/news/uk-england-london-34718659
Quote:A pre-fabricated property dubbed a "shed" in south-east London has been auctioned off for just under £1m.The 1950s bungalow situated on 0.6 acres of land in Peckham contains three rooms, a kitchen and unfitted bathroom.
Described as "dilapidated", Southwark Council said it was "extremely pleased" it sold for £950,000.
Puts HO in some context. Also demonstrates how property prices are based on land/location, not the usefullness or otherwise of bricks and mortar (or wood and nails, in this case).
LVT is a tax on the full rental value of land (the difficulty being determining what the rental value is apart from the actual commercial transactions the tax is meant to stop). It wouldn't deter people who were looking for the appreciating asset value of properties, and since it would be meant to replace all other taxation, property owners might not object too strongly.
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