RICS calls for VAT cut on empty home renovation

The Royal Institution of Chartered Surveyors (RICS) has called on the government to reduce the VAT on the renovation and repair of buildings from 15% to 5%.

RICS said the move could bring thousands of homes back into circulation, housing tens of thousands of families at a time when 1.6m households are on council housing waiting lists.

The goverment has already introduced the discount for properties that have been vacant for two years.

But RICS wants the reduction to go further. Local authorities have the power have the power to issue Empty Dwelling Management Orders (EDMO) on properties that have been empty for six months.