Editor's note: This brief was summarised by The Property AI Newsroom from a report by Landlord Today. Read the original article for full details.
Council Tax Premiums on Second Homes Not Boosting Local Rental Markets
Council tax premiums on second homes have failed to deliver stronger rental markets in key locations such as Devon and Cornwall. This is according to a report by Landlord Today.
LandSale analysed residential transaction volumes across England, the South West, and specifically Devon and Cornwall. The analysis aimed to assess how housing market performance has evolved following changes to the rules surrounding second homes and holiday lets.
For letting agents and inventory clerks operating in these regions, the findings suggest that recent tax measures on second homes have not resulted in a more robust rental market. The report highlights that, despite policy changes, the intended effect of invigorating local rental markets has not materialised in the areas studied.
Source: Landlord Today