An estate agent operating in one of the country’s tourist hotspots says demand for second homes has “fallen off a cliff.”
Bradley Start, from Start & Co estate agents in the Cornwall coastal town of Newquay, has told the BBC that while interest in buying second homes has plummeted, interest from owners in selling their second homes has risen.
“They’ve received these demands for twice as much council tax and that’s prompted a lot of people to think about selling.”
But he warns that this isn’t necessarily good news for first time buyers.
“A two bedroom apartment on a cliffside with a sea view but no amenities is not going to suit a first time buyer for price or what it can offer,” he says.
Cornwall is one of some 200 local authorities which from this month is levying higher council tax on second homes, holiday lets and in some cases Airbnbs and other short let properties.
Cornwall council expects to raise an extra £24m thanks to the Levelling Up and Regeneration Act allowing local authorities to charge a premium on second homes.
As of December there were 14,123 second homes in Cornwall according to government figures. That’s one in every 19 dwellings in Cornwall classed as a second home.
The Ministry of Housing, Communities and Local Government says second homes are defined as properties that are not lived in, but are fully furnished. They can include Airbnbs and holiday lets plus those homes purchased as investments that are left unoccupied.
This article is taken from Landlord Today