Cornwall's Housing Issues + Good & Bad Proposed Solutions

The Property Nomads Podcast

Rob looks into the housing challenges faced by Cornwall, a popular holiday destination in the United Kingdom, and the council's proposed solutions to the housing issues include a 300% council tax surcharge on second homes, a £3 tourist tax, closing a business rate relief loophole, and introducing rent caps.

KEY TAKEAWAYS

• Cornwall Council is considering implementing a 300% council tax surcharge on second homes, a £3 tourist tax, and closing a business rate relief loophole.
• Introducing rent caps, whether on regular housing or Airbnb properties, is not a viable solution and may have negative consequences.
• Cornwall heavily relies on tourism, and any measures that deter tourists could have detrimental effects on the local economy.
• It is crucial for Cornwall Council to use any additional tax revenue wisely, such as investing in building more homes for residents.
• Rent caps have been proven ineffective in other regions, and Cornwall should learn from these examples to avoid similar pitfalls.

BEST MOMENTS

"Cornwall Council looking to introduce a £3 tourist tax. Probably not a bad idea, as long as those funds are channeled into sensible projects, i.e., build more homes."

"Rent caps do not work. Cornwall Council, rent caps do not work. They will not work. Please do not put your constituents through the mess of rent caps."

"If you're rich and wealthy enough to own a second home in Cornwall, then I would imagine increasing the council tax bill by 300% is probably not going to have a detrimental effect on whether you want to sell your home."

"They want a bit more, a fairer share of tax streams. And again, it's okay to ask that from the government, that's fine. If you then are granted that, great, well done, then use it to go and build houses."

"Tourism is one of the most, if not the most important cog in the Cornwall wheel. There we are. Let's see what happens. That's all we can say to that. Just please don't put a rent cap in. It's not going to work."

VALUABLE RESOURCES

https://www.msn.com/en-gb/money/other/cornwall-plots-second-home-crackdown-and-tourist-tax/ar-BB1qH25d?ocid=winp2fptaskbar&cvid=ee677a4891974870eb9a6b46ad657f19&ei=6

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