Owners of long-term empty properties with a combined value of over £500m ($655m) in one of London's wealthiest areas, Kensington and Chelsea, incurred fines of just £85,000 last year, according to the Guardian. The average fine was only about half that for those who had been found guilty of breaching planning regulations, but it is still higher than most other parts of London. However, it is in the city’s most expensive boroughs that house prices have risen most sharply. A buyer for estate agent Savills said the buy to leave issue, in which owners leave their properties vacant to avoid renting costs, was "endemic" across London's most attractive areas. Polly Neate, the CEO of charity Shelter, said the government's buy to leave penalty – charging an extra 50% council tax – was "meaningless".
Owners of long-term empty properties with a combined value of over £500m ($655m) in one of London's wealthiest areas, Kensington and Chelsea, incurred fines of just £85,000 last year, according to the Guardian. The average fine was only about half that for those who had been found guilty of breaching planning regulations, but it is still higher than most other parts of London. A buyer for estate agent Savills said the buy to leave issue, in which owners leave their properties vacant to avoid renting costs, was "endemic" across London's most attractive areas. Polly Neate, the CEO of charity Shelter, said the government's buy to leave penalty – charging an extra 50% council tax – was "meaningless".