| RICS calls for VAT cut |
| Monday, 22 December 2008 | |
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The Royal Institution of Chartered Surveyors (RICS)has called on the government to take action to bring more than three-quarters of a million empty homes in the UK back into use.
The RICS said there were about 762,635 properties in the UK not being used, while there were 1.6m families on council house waiting lists. The surveyors' body wants VAT cut from 15% to 5% on building work to encourage landlords to rent out housing. It said the move could bring thousands of homes back into circulation, housing tens of thousands of families at a time. Local councils have the power to issue Empty Dwelling Management Orders (EDMOs) on properties that have been vacant for six months or longer. The RICS claims owners are put off renting out properties because of high maintenance costs. Properties that have been empty for two years currently get the VAT discount, the RICS want this to be offered on all empty properties.
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