Rob discusses the government's plans to double council tax for empty homes in an effort to bring more properties into use and address housing shortages. The Department for Levelling Up is proposing to reduce the time before charging double council tax from two years to one year for empty properties. However, inherited properties will be exempt from this increase for up to 12 months to support grieving families. The Strengthened Empty Homes Premium is set to take effect in April 2024, with the increased revenue going to local authorities. Rob questions the effectiveness of doubling council tax on wealthy individuals who own second homes, suggesting it may not incentivise them to sell.
KEY TAKEAWAYS
BEST MOMENTS
"Long-term empty properties are shutting local families and young people out of the housing market."
"If you are rich enough to afford a second home and leave it empty, doubling the council tax probably won't work."
"It's always a bit of a pill to swallow because some person at Westminster thinks this is a really good idea."
"The extra money raised will go to local authorities who can spend it as they like, which means it will probably get spent badly or inappropriately."
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ABOUT THE HOST
Rob Smallbone is the author of the Amazon best-seller Buy-To-Let: How To Get Started as well as 101 Top Property Tips and Property FAQ’s.
BOOKS
Property FAQs = https://amzn.to/3MWfcL4
Buy To Let: How To Get Started = https://amzn.to/3genjle
101 Top Property Tips = https://amzn.to/2NxuAQL
WHERE TO FIND US