Council tax doubling for empty homes!

[worriedftb]

This is coming into effect from April 1st. This is amazing !

https://www.gov.uk/government/news/crack-down-on-long-term-empty-homes

It's a step in the right direction. It will bring in more needed funds for the Councils (and help keep the area as nice as the 2nd home owners would like).

Now to work on overseas buyers hoovering up new builds to buy as 'investments' which then lay empty.

I don't think my dad would really care about your lifestyle tbh. He holidays in the Bahamas and Bali for comparison. Not Wales, where you likely have your second home like most people do.

Personally, I couldn't. Seeing so many families in temporary homes, many of them absolutely trying their best, and these poor kids. Our kids - UK kids! How can we do that to our own countrymen/wom

Blame the government. How much of London is owned by foreign nationals / companies. How many big cities have foreign owners for a lot of houses that they rent out. Its a lot.

One person having an additional property as a nest egg for retirement isn't really an issue in comparison to that.

For transparency I have one house only and i live in it. Theres lots of cheap houses around the country for sale but people do to want to move to them areas. Accrington has houses listed for sale at 60k, liverpool has houses listed at 60k, manchester similar. It seems people want the nice stuff at a nice price where they want...

Sounds like your Dad might be the dim one...and possibley not as sucessful as he could have been... UK property has perfomed in line with equities if you look at the return over the last 20 years. And in reality many people's actual returns will have been far higher, as property is a often a leveraged investment. Put a £50k deposit on a £250k house that doubles in value in 10 years means that your £50k has turned into £300k. The rent pays the interest on the capital.

Try turning £50k into £300k on the stock market with a similar level of risk as equities. You can't. Unless you borrowed to invest in equities. In which case, find try and find a bank that will lend you £200k to dabble in the stock market ;)

And without landlords, where would people who need to to rent a property live...? There'd be no temporary homes.

You were the one that mentioned your dad, I just answered.

While you’re virtue signalling about people in temp accommodation, you’re not at all concerned about hour dads impact on the planet flying around the world and the impact on the places he visits. He can do what he wants of course, no one is living a perfect like without harming someone/something. It’s just strange when people preach about one topic but are blinkered to others. I find it’s best not to judge when none of us are perfect.

And no, our home is not in Wales, although some parts are lovely and we do visit there sometimes.

Bit snippy, eh?

Well we are about to become landlords and yes, we will be relying on it as part of our pension. Either the income or selling it and using the money when the time comes.

Nothing wrong with that! 🤣

To be fair, @MineAgain is a good illustration of "we should tax wealth more and income less". Take from those who actually have a thing or two going spare.
Extra tax revenue from those with second homes is indeed a welcome thing. Unlike all and any proposals to abolish inheritance tax - that's just diabolical.

Ah but then landlords will all start selling their homes as it’s not viable anymore. Then where will the renters go? Often they can’t afford / don’t want to buy a house. There’s already a shortage of rental homes available so it would just make it harder for people.

@Icystars It's different for landlords as they are a business. The new rules are aimed at those in possession of two (or more!) private properties.
I wouldn't mind if they applied extra taxes to second cars too.

@Icystars
Also, my last two landlords in the South East were someone/somewhere in China... There very well might come a moment soon that our local laws here in the UK have minimal bearing on the rental market - different forces will be at play.

Quadruple, if you add VAT as well. Not to mention CGT and inheritance tax, the list goes on.

And then you still need to do most of the work yourself because the council is always underfunded, no matter the council tax. What a time to be alive.

Really? To punish people trying to get to work and parents primarily, even more? Ludicrous post.

Having two cars in this country is an unwanted necessity for many because public transport is shit and expensive. Perhaps think about that before comparing owners of two cars to owners of more than one property accumulating wealth and ramping up property prices for their fancy, these are not the same groups.

What the absolute shit are you talking about. Second homes being stood empty for over a year is in no way comparable to a Chinese takeaway? Have you gone quite mad?

@worriedftb that has been the law for a few years in scotland now! i know because I paid double council tax for two flats which i usually rent out. I refused to rent them out during covid because scottish govt put an embargo on evictions and i would rather have an empty flat than a non paying tenant!!!!

That will be a nice bit of extra income for the local council then

Also you're really clearly not up to speed on CT on second homes in Wales OP 🤣

Yes, I hope they make good use of the extra income. 😊

This is good news. Hopefully it might nudge my cousin, who owns three properties she flits between and two others she rents out, towards selling at least one them.

@PurplePansy05
I meant it more than one car per person, rather than family.
But I might be biased, as my ex with two cars on the drive and an Aston Martin in the garage was a complete arsehole 😁

@ObliviousCoalmine I'm not mad despite what the doctors tell me and not talking shit despite what my husband often says.

My comment was replying to a comment further up. If people want to do something with their money who is anyone to judge what they do with it.

Hopefully not one of the ones she rents out though as that will be stressful for her tenants.

Agree. I mean one of the ones she spends an inordinate amount of time travelling around. Spends a few days there then off to the next one. And constantly grumbles about the upkeep costs.

I know lots of people who own second homes, (some who own more) us included, and none of us are worried at a bit of extra council tax. No plans to rent out or sell. I hope that councils uses this money to benefit areas but I don’t think it’s going to do much.