Two buying agency clients hit the headlines in The Times today about council tax hikes

Are the council tax hikes going to kill off the second homes market? Various experts comment in this Times piece, including two of my buying agency clients:

🏡 Bristol buying agent Lili Oliver of Oliver Roth says the prospect of a band E council tax bill in Bristol rising from £2,726 to £5,452 — increasing to £8,920 for a larger property (band H) — has led to a rush of calls to sell. Lili highlighted that Bristol’s second homes are often owned by doctors, lawyers, barristers and engineers who commute in for the day job and live for much of the rest of the time out of town. Many of these are now taking shelter in Airbnb-type arrangements. They have sold their second homes.

And… 

🏡 Norfolk buying agent Jamie Jamieson of Jamieson Property Search also says he is seeing a wave of second homes coming to market - especially sub £1.5 million. He believes their owners are struggling as rising council tax makes ownership less appealing. This is happening particularly in North and North West Norfolk, near the coast or in picturesque market towns. Many who tried renting their homes out on Airbnb and so on haven’t seen the returns they expected, especially with more people opting for holidays abroad. For properties over £1.5 million however, he said the additional costs are more of an inconvenience, so most owners can absorb them.

Read the full article here (paywall)