‘Radical’ Housing reform proposed by former prime minister
Proposals to help fix the ‘broken housing market’ have been put forward by Tony Blair.
‘Land Value Tax’ was one of the suggestions cited by the former prime minister in the report by the Tony Blair Institute for Global Change; replacing business and council tax rates, this tax would instead apply to the land that the property is built on.
Previously proposed in the most recent Labour manifesto, those in favour of the tax claimed that it could help prevent land banking by developers.
The report also suggests the introduction of greater protection for tenants, proposing three year minimum rent periods as well as rent rise caps.
Also aiming to build the housing supply, the report also put forward the idea of a new sovereign property fund. Providing councils with greater compulsory purchase powers, this would enable them to buy under-used properties more easily.
The report can be accessed here.