House prices fall on Norfolk's coast as second home levy takes hold
Second homeowners across the coast have seen their council tax doubled after the charges were brought in four months ago.
A flurry of homes were put up for sale as people sought to avoid the charge.
But estate agents have said the second home market has reduced significantly, with would-be buyers no longer seeing them as a "wise investment".
It has left some people stuck in a tax trap or forced to drop the price.
Wells Harbour (Image: Denise Bradley)
This has led to house prices falling from the lofty heights reached during the pandemic, when people looked to escape to the seaside during lockdown.
Second homeowners who are determined to stay are also starting to feel the pinch of a levy that has forced them to pay as much as £5,000 on council tax on their holiday home.
It has led to warnings that they will be drastically cutting their spending in the communities that rely on their income this summer and locals are already reporting pubs and shops have become quieter.
Burnham Market is one of the villages with a high number of second homes but a new tax premium has led to less people wanting to buy properties there (Image: Chris Bishop)
Amy Felgate, new home specialist at Sowerbys in Burnham Market, said: "The second home market has quietened down due to the council tax.
"In Burnham Market, this was where most sales came from but now it is mostly main homes.
"It has made people feel like they would not buy now and that it is not a wise investment.
"Another issue is that energy certificate ratings now have to be E , which has also affected second home owners being able to turn properties into holiday lets."
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© Eastern Daily Press
