3
Nov
Bank proposes empty homes VAT move
HBOS has renewed calls for the supply of new housing to be
increased by making it cheaper to renovate existing empty
homes.
The bank has revealed that in April last year England had 279,281
empty homes.
Although this figure was a decrease on the 308,438 recorded four
years earlier, the data showed that the north was
disproportionately affected, with 22 per cent of all empty homes in
the north-west.
Halifax chief economist Martin Ellis said: "It is concerning that
the existence of empty homes remains a significant problem in a
number of areas, particularly in the north of England."
He proposed that the cost of VAT for renovations to bring such
homes back into use should be lowered to five per cent.
Last week the Federation of Master Builders welcomed the decisions
of the Scottish National Party and Plaid Cymru to back such an
idea.
