Olympic cost may lead to more home sales says National Homebuyers

Homeowners in London, Essex and Hertfordshire may seek a fast property sale in order to avoid financial difficulties as council tax bills soar.

[ClickPress, Wed Jan 09 2008] The Conservative Party is warning that people in these regions may be set to see their council tax bill increase in order to pay for the Olympic Games in 2012.

According to the Tories, any over-run costs will be paid for evenly by the National Lottery and local tax payers.

The opposition warns that this could lead to a huge bill for local people as Athens and Sydney both went over budget.

"The Olympics are a great opportunity to showcase the best that London and Britain have to offer. But amid all the Olympic excitement, we have a duty to ensure that taxpayers are not being forced to write a blank cheque," said Conservative shadow minister for London Bob Neill.

"Given the Labour government's record on the Millennium Dome, and that the Olympics budget has already trebled, we have every right to be sceptical about the government's plans for the Lee Valley authority.

"True to Labour and Ken Livingstone's past form on council tax, this could easily be used to sidestep their pledge not to increase the GLA tax levy," he added.

Any increase in council tax could lead to financial difficulties for many and may spark a frenzy of people seeking a fast property sale says fast sale property expert Julian King.

"Many homeowners will be looking to avoid the cost of Hips, increasing council tax payments, further interest rate rises and the downward spiral in property prices.

"Homeowners need to act quickly to avoid repossession, as many leave dealing with financial concerns too late".

Mr King is a director of National Homebuyers, the UK's leading quick sale and mortage rescue scheme provider. The company guarantees to make a cash offer to purchase any property in the UK without the requirement for a Hips pack to be in place. The company is also the leading provider of Sale and Rent Back solutions.

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