Second Home Demand Plummets Due to Tax
- Sarah Ruivivar
- Apr 14
- 1 min read
In the picturesque town of Newquay, Cornwall, second home demand has taken a nosedive, according to Bradley Start of Start & Co estate agents.
The culprit? A hefty council tax hike on second homes, holiday lets, and Airbnbs, courtesy of the Levelling Up and Regeneration Act.
With Cornwall Council expecting to rake in an extra £24 million, many second home owners are now contemplating selling. But don’t pop the champagne just yet, first-time buyers! Those dreamy cliffside apartments with sea views might not be the budget-friendly starter homes you’re hoping for.
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Cornwall, with its 14,123 second homes, is one of 200 local authorities implementing this tax strategy. While it’s a move to curb the second home surge, the Ministry of Housing, Communities and Local Government reminds us that these properties, often fully furnished and unoccupied, span a range of uses from Airbnbs to investment purchases.
So, while the taxman cometh for second homes, the impact on the market is a mixed bag. For property pros, it’s a time to watch the waves of change and navigate the shifting tides of demand.
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Access from your preferred podcast provider by clicking here
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