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council tax raid on second-home owners has raised £55 million less than expected and helped to stifle the struggling economies of holiday hotspots.
Councils in England were given powers to charge second-home owners a 100 per cent premium from April this year in a move that was hoped would free up homes for priced-out locals and raise money for local authorities.
But the money raised could fall short of councils’ hopes, as homes caught in the trap are being put up for sale to escape the penalty — and this may not even benefit locals, with estate agencies suggesting that no one wants to buy the properties.
The agency Hamptons said former second homes have taken 67 days to sell on average this year, up from 25 days in 2022.
