Council tax up by 4.99% + double CT for empty homes

The Property Nomads Podcast

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

• Council tax in England is set to increase by 4.99%, affecting most councils.
• The government plans to double council tax for empty homes in an effort to bring more properties into use.
• The Strengthened Empty Homes Premium will come into effect in April 2024, with the effects not being felt until April 2025.
• The extra money raised from the increased council tax will go to local authorities, who can spend it as they see fit.
• The government's aim is to make housing more affordable for local residents, but the effectiveness of doubling council tax for empty homes is questionable, especially for wealthy individuals with second homes.

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."

VALUABLE RESOURCES

GET YOUR DEVELOPMENT FINANCE HERE:

https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration

SOVEREIGN MAN PREMIUM INTELLIGENCE MEMBERSHIP https://dash.sovereignman.com/a/smc12m995/tpnpodcast

SOVEREIGN MAN 4th PILLAR https://dash.sovereignman.com/a/4pmain/tpnpodcast

WEALTH BUILDERS https://www.wealthbuilders.co.uk/propertynomad

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

https://linktr.ee/thepropertynomadspodcast

uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast