The Resolution Foundation has called for more draconian taxation to be levied against second home owners and buyers. In doing so they have drawn no distinction from people who own additional properties for investment or leisure purposes. In their opinion increases in stamp duty and the rolling back of mortgage interest tax relief is not enough to address what it calls the ‘preserve of the wealthy’.
It claims that one in ten adults now own additional properties either for leisure or investment reasons. Second home ownership has increased 30% over the last 15 years while the assets held have increased by 20% in real terms since 2000-2002 and 2012-2014.
The foundation has also found a profound generational gap with second home owners more likely to be ‘baby boomers’ with millennials owning only 3% of additional properties.