The fact that renters pay council tax makes Britain an international anomaly, one expert said.
According to research from Yorkshire Building Society, the number of first-time buyers in the UK was at its lowest for a decade in 2023. Half of renters’ council tax should be set aside to help them save for a deposit to buy a home, a new report by cross-party think-tank the Social Market Foundation has said.
“More progressive taxation on housing is needed. Local taxes must be reformed – we should protect renters from council tax. Britain is an outlier in taxing renters – America, Canada, Australia, New Zealand and Ireland do not tax this group in the same way.”set by local authorities in England for 2023-24 is £2,065 per year. This figure has increased by £99 or 5.1 per cent since 2022-23 when it was £1, 966 per year.warned it would take a first-time buyer 6.
Other countries like America, Canada, Australia, New Zealand and Ireland do not rely on valuations older than six years to calculate property taxes, Salutin noted.The SMF’s report, funded by the independent charitable trust Nuffield Foundation, looks at ways to redress the imbalance between would-be homeowners and those who already have wealth in Britain’s housing market.
“First-time buyers would take insurance out – like they do in Canada. This would add a maximum of 4 per cent a month to their repayment and as a result, they could buy a home with a smaller deposit because the insurance gives the bank reassurance that a more risky loan where the buyer has less equity is safe,” Salutin said.
Two things to note this week. Firstly, the furore surrounding the Renters’ Reform Bill continues. And, secondly, as ever, Rightmove’s house price data are not all they seem.
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