Sandbanks, a prestigious coastal location in Britain, is seeing a significant drop in property demand due to increased taxes on second homes instituted by local authorities. Following the 2023 Levelling Up and Regeneration Act, council tax rates have doubled, impacting both local and foreign buyers. Average house prices are down by 3% over the past two years, and interest has waned considerably since April. As a result, many buyers are now exploring alternatives in tax-friendlier locations such as Dubai and Portugal.
According to new analysis and agent testimony, local demand has plummeted since April, when local authorities gained powers to double council tax on second homes.
The area, previously buoyed by the post-pandemic rush for second homes, is now struggling to maintain its elite cachet.
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