Plans to return empty properties to market
Tuesday, 09 Oct 2007 17:29
The government has announced plans to return derelict and un-rented houses, as well as unused land, to the property market.
Delivering his pre-Budget report and three-year Comprehensive Spending Review to the House of Commons, chancellor Alistair Darling details plans to increase the housing stock in the UK.
The plans took examined three key points:
Considering further reforms to land remediation relief and the landfill tax exemption for waste from contaminated land to bring more brown-field land back into effective use.
Working with local authorities and other interested parties to assess the effect that the discretionary power to vary the council tax discount on long-term empty properties has had since its introduction in 2004, with the aim of identifying further options for reform in this area if there is evidence that it will improve access to housing.
To encourage more rapid alteration or renovation of empty homes, from January 1st 2008 the reduced rate of five per cent chargeable VAT will be extended to all homes that have been unoccupied for two years or longer, down from three years.
It is hoped the plans will complement existing government initiatives - such as building ten new eco-towns and increasing the number of new houses being built - to alleviate pressure on the housing market.