Introduce a new secondary property tax

Background

Charge property owners a tax, 5-10% of the property value, paid yearly to the local council (10-20% for non UK owners). This tax would not apply if this is the owner's primary residence or if the property is rented out at the social rent (as per the government's formula for social rent).

Additional details

Housing is a finite resource. We believe it has become prioritised as a financial asset and a passive income source above providing affordable homes. We believe sky high rental markets and high prices for first time buyers are crippling people's disposable income (as rent/mortgages are the major proportion of most people's outgoings) with knock on effects on the economy. We think this tax would incentivise such assets to provide social rentals or council income.

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