https://www.thetimes.com/article/eb9824a1-f8d5-462c-bd0c-7aaece588197?shareToken=2a075d7e2a250e763d33a58e40964bdc
Very interesting article on what has happened in some areas which have put additional taxes on second homes. A friend of mine actually has a holiday let home in Tenby, so I was quite curious to see what the situation in Tenby and similar areas is right now.
The tax policy does appear to resulted in more homes coming on the market, potentially making properties more available and affordable for first time buyers and perhaps for locals wanting to rent.
On the other hand, there are also suggestions that some of the properties are not suited to families, and concerns about less local spending in the economy from tourists and second home owners (the rubbish weather this year probably hasn’t helped either, mind you). One additional consequence is that a lot of homes in some areas are being bought up by elderly couples wanting to retire in these areas, which of course brings in questions about pressure on local services like GPs.
I do not have enough local knowledge to have a strong opinion either way about these situations, but wondered what other people’s thoughts and experiences are.