Council Plans to Fine 'Buy-To-Leave' Investors

"Buy-to-leave" investors could be fined up to £60,000 in an assault on empty housing being considered by a London council. The charge on the growing phenomenon of vacant homes in high-value areas, exemplified this year by the scandal of empty mansions on the Bishop's Avenue in north London, has been proposed by Islington council. Close to 300 of homes built in the area since 2008 still have no one on the electoral roll, which the council says may mean they are vacant.  Owners would be obliged to ensure properties are occupied "regularly throughout the year" or face a charge as high as £60,000, a discussion paper set before the council suggests. On request, owners would be expected to supply evidence such as utility bills to prove someone lives there. The fines would help fund affordable housing elsewhere and would be written into planning agreements. Read more on the Guardian website.