Section: Housing Finance
Second Home Owners Face Higher Taxes
The Government announced it will examine proposals for a change in Council Tax law for Britain's 328,000 second home owners. A change in the categorisation of Council Tax charges could see second-homes being taxed at a higher rate than first homes.
The idea is designed to curb rising house prices and a shortage in affordable housing in rural areas. It is being considered by the Affordable Rural Housing Commission, which will report next month.
The proposals have been drawn up by the Commission for Rural Communities and would need the creation of a national register of second homes.
There has been growing support for action to curb second home ownership in rural areas and to make them a less desirable luxury. With high house price levels and limited available social housing, people are being priced out of the rural districts that they grew up in, with a devastating effect on those communities.
PFI Update
Fourteen more councils have asked to develop housing Private Finance Initiative (PFI) schemes to build more social rented homes as part of a drive to regenerate their local communities.
Nine new build schemes and five decent homes and local regeneration schemes have been submitted as expression of interest bids to the fifth bidding round. The outcome of successful fifth round bids will be announced in the summer.
Sandwell Council and Riverside Housing signed a £203 million PFI to regenerate two West Midlands communities. The 25-year deal will include refurbishment, demolition, and new build. The contractor partner is Mansell Construction Services. Riverside will provide management and maintenance services.
- Abbey:
- ASRA Greater London: Increased borrowing from £18.5 million to £68.5 million.
- Sovereign Housing: Increased borrowing of £22 million to £100 million.
- Tower Hamlets Community Housing: Increased borrowing of £25 million to £75 million.
- Bradford & Bingley:
- Birmingham Civic HA: Increased borrowing of £500,000 to £1 million.
- First Choice HA: New borrowing of £3 million, increasing its facility to £5.4 million.
- Innisfree HA: New borrowing of £5 million, increasing its facility to £10 million.
- Orwell HA: £21 million, including £10 million new funding.
- Soha Housing: Increased borrowing of £24 million to £135 million.
- Dunfermline Building Society:
- Arklet HA: £8 million.
- Castle Rock Edinvar: £11.5 million.
- Lochalsh & Skye HA: £6 million.
- Milnbank HA: £14 million refinancing.
- Lloyds TSB:
- South Somerset Homes: £50 million.
- Nationwide:
- Castle Rock Edinvar: £50 million.
- Royal Bank of Scotland:
- A2 Winchester: £20 million refinancing, including £10 million new borrowing.
- Syndicate Loans:
- Dunedin Canmore HA: Doubled its lending to £90 million with a loan provided by Dunfermline Building Society, Lloyds TSB, and Royal Bank of Scotland.
New Funding
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