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Further action urged on empty homes - buy to let mortgages

Published: 25.3.2008

The government has been urged to do more to bring empty properties back into use, following the announcement by the Department for Communities and Local Government (DCLG) that changes to empty property relief will come into force next month.

While welcoming this news, the Federation of Master Builders (FMB) has called for more action to make renovating properties cheaper.

It has said the rate of VAT charged on building and maintenance work should be reduced from 17.5 per cent to five per cent, with director of external affairs Brian Berry arguing that the current VAT level was an "unacceptable brake on the regeneration and re-use of vacant and under-used buildings".

Such a move could help those with Buy to Let Mortgages invest in properties that need renovation and be able to make them suitable to be let to tenants at a lower cost.

The FMB is one of several organisations campaigning for a VAT cut on renovation, with other bodies involved including the Empty Homes Agency and the Royal Institution of Chartered Surveyors.

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