Second homes blocked from letting for less than 90 days
Discussion
https://uk.finance.yahoo.com/news/government-decla...
The article contains an element of 'everyone's going to die' and 'this is terrible' but from the basic outline of what is actually being proposed it seems a potentially sensible idea.
It wouldn't target second homes that are rented out for tourism for the bulk of the season but those which sit mostly empty and just get rented a little bit. It doesn't seem likely that many current owners who just rent out for a few weeks would sell up but just stop renting but it's likely to put off a chunk of new money that thinks it can use the asset occasionally and rent it out occasionally to help with costs.
It would impact the very many locals who rent out their homes when they go away on holiday but they would be the folk who'd be granted planning permission to do so as they're locals.
It's not going to amount to much and certainly isn't a cure but seems a reasonable proposal.
The only real way to inhibit too much foreign capital entering a market and inflating assets is to tax that capital on the way in at a higher rate, tax it for sitting there and tax it on the way out. Something that would have to be done very carefully.
Nor does it have any impact on the real issue which is retirement migration which is the bulk of the issue as suburban retirees have way more financial firepower than locals and then clog up the small NHS resources etc.
The article contains an element of 'everyone's going to die' and 'this is terrible' but from the basic outline of what is actually being proposed it seems a potentially sensible idea.
It wouldn't target second homes that are rented out for tourism for the bulk of the season but those which sit mostly empty and just get rented a little bit. It doesn't seem likely that many current owners who just rent out for a few weeks would sell up but just stop renting but it's likely to put off a chunk of new money that thinks it can use the asset occasionally and rent it out occasionally to help with costs.
It would impact the very many locals who rent out their homes when they go away on holiday but they would be the folk who'd be granted planning permission to do so as they're locals.
It's not going to amount to much and certainly isn't a cure but seems a reasonable proposal.
The only real way to inhibit too much foreign capital entering a market and inflating assets is to tax that capital on the way in at a higher rate, tax it for sitting there and tax it on the way out. Something that would have to be done very carefully.
Nor does it have any impact on the real issue which is retirement migration which is the bulk of the issue as suburban retirees have way more financial firepower than locals and then clog up the small NHS resources etc.
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