Nah. No need.
Just set the council tax on second and third properties at 150% of the current market value* - nobody gets to own a house as an investment or a holiday destination, or tie up money in property that could be invested in a productive business; either live in it, trade from it or sell it to someone who will.

Similarly, tax land with granted planning permission that doesn't get built on in one tax year at 150% of it's developed market value* in the next tax year; Barratt Homes (and Tesco) who are sitting on huge land banks have to either build on it or sell it or pay lots of tax for keeping it.

And if anyone is bloody-minded and deep-pocketed enough to pay the punitive taxes to keep their holiday home/rentier estate/undeveloped land to themselves, the councils receiving the money are only allowed to spend it on building more social housing.

That should release lots of affordable housing onto the market.

*Not for setting the council tax band - just charge the owners 150% of the market value. So if the house is worth £200k, the tax payable is £300k.
( shinyshinyscalp less a man, more a way of life, Mon 26 Sep 2011, 14:21, Reply)