Latest news with #HarryGoodliffe
Telegraph
29-07-2025
- Business
- Telegraph
Posh hotspots suffer Britain's biggest house price falls
House prices in the South West are falling at the fastest pace outside of London, wiping thousands off properties that exchanged hands during the pandemic, analysis has found. Truro, Torquay and Exeter saw a spike of interest in the pandemic as Londoners looked westwards during the race for space. But the market is 'unwinding' thanks to a cocktail of price growth correction, increased stamp duty rates, higher mortgage rates and the second homes premium. The average house prices in Truro, Torquay and Exeter have fallen by up to 1.3pc in the past six months – second only to postcodes in West and Central London, according to Zoopla. Torquay's price fall comes after it dropped 1.1pc in the second half of last year. Harry Goodliffe, of mortgage brokerage HTG Mortgages, said: 'House prices in parts of the South West rocketed during the pandemic as buyers scrambled for space and lifestyle, but that kind of demand was never going to be sustainable. 'Now, reality is kicking in and some of those inflated values are adjusting. As the market cools and people weigh up hybrid working more realistically, demand has softened. It's not a crash, it's more of a reset.' The downward pressure on house prices in the South West has been caused by the introduction of the doubled council tax premium for second home owners. A host of councils in the region brought in the penalty this April after being granted powers by the previous Conservative government. A Zoopla spokesman said: 'The South West has always been popular as a location for second homes and investing in holiday rentals, as well as a place to live. 'Market conditions changed, largely on the back of tax changes for investors and double council tax for second home owners which has grown the number of homes for sale boosting buyer choice with prices posting modest price falls.' Telegraph analysis shows the average second home council tax bill has risen to £4,297 since April. Those in Torquay now face an average charge of £4,530, while a typical second home owner in Truro is paying a heftier £4,749. Pete Mugleston, of OnlineMortgageAdvisor, said: 'The South West housing market is now unwinding some of the extreme price growth driven by pandemic-era incentives. 'Low interest rates and the stamp duty holiday made second homes, Airbnb investing and upsizing incredibly attractive during 2020 to 2021. 'But today, mortgage costs are much higher and stamp duty rates have increased, particularly for additional properties. We're seeing a correction in places like Truro and Torquay, where the pandemic boom was sharpest, likely due to dampened second home and investor-driven demand.' Separate findings from Zoopla show that buyer demand is up 11pc, and agreed sales up 8pc year-on-year. The marketplace said the data shows the market is 'defying the typical summer slowdown'. The average UK house price now stands at £268,400, a modest £3,350 increase from this time last year. Richard Donnell, executive director of Zoopla, said: 'The housing market is broadly in balance. We're seeing healthy levels of demand and sales. 'More homes for sale, particularly across southern England, is reinforcing a buyer's market, keeping price rises in check.'
Wales Online
10-07-2025
- Business
- Wales Online
Spain's new Airbnb laws to 'trigger domino effect' with 'Italy clearly next' say experts
Spain's new Airbnb laws to 'trigger domino effect' with 'Italy clearly next' say experts In Rome, 35 million tourists arrived last year occupying a huge swathe of the housing stock The Colosseum in Rome, Italy (Image: PA ) Experts claim Italy is the next country to target Airbnb after Spain triggered a "domino effect" by introducing stringent new laws that could hit Brit holidaymakers in the pocket. Last week, a new register in Spain will require all properties used for tourism and short-term holiday rentals to have a mandatory registration code to operate legally. Thousands of properties could be pulled from the short-term rental market and it could push up prices for holidaymakers by up to 20 per cent, experts said. Now it is feared Italy could be next to target Airbnb, with the country engaged in a court battle to ban key boxes on streets in a clampdown on short term lets. Protests are rising in major cities against the rising number of tourists who are using short-term rentals such as Airbnb. Kundan Bhaduri, entrepreneur at The Kushman Group, said Italy is "clearly next" to target Airbnb. He added: "Of course, this is not really about national security. It is really political survival in countries where locals are priced out of the very postcodes they were born in. In Florence, over 30 per cent of flats are listed on Airbnb. "In Rome a staggering 35 million tourists arrived last year occupying a huge swathe of the housing stock. Article continues below "The backlash is brewing and it is property owners that are in the stockpot. Spain's move to demand a national registry for short-term lets is just the opening salvo. Italy is clearly next. "France, Portugal and even the balmy Balearics have all flirted with similar measures. "The EU smells votes in attacking 'unregulated' holiday lets, and Airbnb hosts like me now find ourselves painted as moustache-twirling villains standing between honest citizens and affordable housing. "Should you dump your Airbnb shares? Not necessarily yet. The brand remains powerful, and tourist demand is resilient. But expect more countries to follow Spain and Italy down this path." Harry Goodliffe, director at HTG Mortgages, said Spain's ruling could lead to a 'domino effect' across the EU. He continued: "Spain's crackdown could trigger a domino effect across Europe and Italy looks next in line. The combination of overtourism and local housing pressures is pushing governments to act, and short-term lets are the obvious target. "If Italy tightens the rules, expect thousands of listings to vanish, hitting both owner profits and tourist affordability. For landlords banking on Airbnb income, this should be a loud wake-up call to diversify. The golden days of 'easy Airbnb money' are fading fast and relying solely on short-term lets is starting to look like a risky strategy." Pete Mugleston, mortgage advisor and managing director at agreed, adding: 'Spain's move could signal that more countries are looking to crack down on Airbnb and rental properties across Europe. While it's unlikely Italy will introduce legislation immediately, those with property in the country or who are looking to buy should be wary of potential future changes. "Politics is volatile across the continent, and a smart politician could look to tap into the discontent around Airbnb for political gain. If more countries follow Spain's lead, the high point of Airbnb could already be firmly in the past.' Tony Redondo, founder at Cosmos Currency Exchange, predicted it would actually be France that is more likely to be the first to crack down on Airbnb. He added: 'Spain, under socialist PM Sánchez, stands alone in its strict Airbnb restrictions. Centre-right governments in Italy, Portugal, Croatia, Greece, and Austria are unlikely to follow, given their opposing political stance. "Italy's Airbnb regulations are far less stringent than Spain's crackdown, which resulted in the delisting of 66,000 properties. Article continues below "France may emulate Spain's approach, potentially harming its tourism industry by raising traveller costs, reducing flexibility, and burdening property owners with extra compliance costs and taxes."
Yahoo
15-04-2025
- Business
- Yahoo
‘Suspicious' second homes flood property market in holiday let hotspots
Second home owners are raising suspicion by exploiting a loophole to dodge council tax premiums. Local authorities have been able to charge a 100pc premium on second homes since April 1, under new powers introduced under the 2023 Levelling Up and Regeneration Act. But experts said second home owners were 'raising eyebrows' by exploiting a legal loophole around it. By listing their holiday home for sale, owners can receive a 12-month exemption from the tax. The tactic is fully legal as long as properties are publicly marketed and listed at a price in line with the local area. North Cornwall MP, Ben Maguire, said the litany of for-sale signs in the coastal town of Padstow was 'suspicious'. He said: 'Houses here sell like hot cakes. It's slightly suspicious, seeing that. They've been on the market a long time.' Only around a fifth of second homes which have come on to the market this year are under offer, according to Hamptons estate agency. While property sales are a slow-moving process across the board, Harry Goodliffe, of Hampshire-based firm, HTG Mortgages, accused some second home owners of 'playing the game'. He said: 'We've noticed a few properties pop up at inflated prices or with zero real marketing effort. It's a clear sign they're just buying 12 months of relief, not seriously exiting the market. 'This loophole might be legal, but it's raising eyebrows. List the house, dodge the tax, but don't actually sell.' The average second home owner has seen their tax bill rise 77pc to £3,672 in 2025-26 as a result of the new premium, according to Telegraph analysis. Those owning the most expensive properties in some areas face a bill in excess of £10,000. A growing number, however, are believed to be sidestepping the costs by putting their home for sale with little intention of selling. Several councils shared fears over administration challenges and suggested the relief 'could be open to abuse and create opportunities for avoidance' when consulted by the Government in 2023. Jonathan Moser, of property management firm, Mo'Living, said: 'It's early days but we're already seeing this tactic emerge.' Holiday home owners in England making use of the listing trick are following in the footsteps of those in Wales who have faced tripled council tax bills since last April. The exemption, which is enshrined in the Local Government Finance Act, can last for a maximum of one year, but councils have discretionary powers to extend the relief if a sale is nearly over the line. There is, however, no obligation to sell. An owner can only make use of the 12-month exemption once during the course of their ownership. As well as being listed for sale, the home can be marketed for let and still earn 100pc relief from the premium. Government guidance states: 'Owners may need to provide evidence to their council to benefit from this exception. To qualify, a property must be on the market for sale or let at a reasonable price. 'In cases where the council considers the sale or rental price to be inflated, the council can request evidence to support the asking price.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
15-04-2025
- Business
- Telegraph
‘Suspicious' second homes flood property market in holiday let hotspots
Second home owners are raising suspicion by exploiting a loophole to dodge council tax premiums. Local authorities have been able to charge a 100pc premium on second homes since April 1, under new powers introduced under the 2023 Levelling Up and Regeneration Act. But experts said second home owners were 'raising eyebrows' by exploiting a legal loophole around it. By listing their holiday home for sale, owners can receive a 12-month exemption from the tax. The tactic is fully legal as long as properties are publicly marketed and listed at a price in line with the local area. North Cornwall MP, Ben Maguire, said the litany of for-sale signs in the coastal town of Padstow was 'suspicious'. He said: 'Houses here sell like hot cakes. It's slightly suspicious, seeing that. They've been on the market a long time.' Only around a fifth of second homes which have come on to the market this year are under offer, according to Hamptons estate agency. While property sales are a slow-moving process across the board, Harry Goodliffe, of Hampshire-based firm, HTG Mortgages, accused some second home owners of 'playing the game'. He said: 'We've noticed a few properties pop up at inflated prices or with zero real marketing effort. It's a clear sign they're just buying 12 months of relief, not seriously exiting the market. 'This loophole might be legal, but it's raising eyebrows. List the house, dodge the tax, but don't actually sell.' The average second home owner has seen their tax bill rise 77pc to £3,672 in 2025-26 as a result of the new premium, according to Telegraph analysis. Those owning the most expensive properties in some areas face a bill in excess of £10,000. A growing number, however, are believed to be sidestepping the costs by putting their home for sale with little intention of selling. Several councils shared fears over administration challenges and suggested the relief 'could be open to abuse and create opportunities for avoidance' when consulted by the Government in 2023. Jonathan Moser, of property management firm, Mo'Living, said: 'It's early days but we're already seeing this tactic emerge.' Holiday home owners in England making use of the listing trick are following in the footsteps of those in Wales who have faced tripled council tax bills since last April. The exemption, which is enshrined in the Local Government Finance Act, can last for a maximum of one year, but councils have discretionary powers to extend the relief if a sale is nearly over the line. There is, however, no obligation to sell. An owner can only make use of the 12-month exemption once during the course of their ownership. As well as being listed for sale, the home can be marketed for let and still earn 100pc relief from the premium. Government guidance states: 'Owners may need to provide evidence to their council to benefit from this exception. To qualify, a property must be on the market for sale or let at a reasonable price. 'In cases where the council considers the sale or rental price to be inflated, the council can request evidence to support the asking price.'
