Legislate for a Secondary-property tax; a yearly tax additional to council tax

Charge property owners a tax, 3-10% of the property value, paid yearly to the local council (9-20% for non UK owners). The tax will be additional to council tax; excluded if this is the owner's primary residence or if the property is rented out at the social rent (as per the government's formula for social rent).

Housing is a finite and scarce resource. It has become prioritised as a financial asset and a passive income source above providing affordable homes. Sky high rental markets and high prices for first time buyers are crippling people's disposable income (as rent/mortgages are the major proportion of most people's outgoings) with knock on effects on the economy.

The ownership of homes as an asset, rather than one's residence is a privilege. Many people in this country cannot afford to buy a home or even afford to rent somewhere to live.  Let's incentivise the use of such assets to provide a benefit to the population. to provide either affordable rents ('social rent') or council income. 

The minimum rate for the tax should be 3%-5% with the council increasing that percentage yearly as required to ensure that both; the numbers of people waiting for housing at a social rent are less than 0.1% of the local council resident population; and that the council is not in debt.

As well as providing affordable rentals, this tax will enable people to save to buy their own house and as housing is most people's major expense , this will increase people's disposable income, increase their spending and so help support the economy. 

Fix housing, fix the economy and fix local councils with this Bill.