Ed Miliband pledges crackdown on empty homes hoarded by wealthy investors

Labour leader Ed Miliband has pledged crackdown on "ghost homes" hoarded by wealthy investors and absentee owners across England.

Mr. Miliband said that tax would be imposed on all empty homes to discourage hoarding of homes by the wealth and absentee owners. He also promised that he would close loopholes that allow some people to avoid council tax on empty homes.

Launching his party's election campaign in London, he said the capital city was the one of the world's richest and most exciting cities but the connection between London's great wealth and everyday family finances had broken.

Speaking on the topic, he said, "We've got to stop this phenomenon of empty properties being bought by overseas investors and nothing done about it . connection between the great wealth London creates and everyday family finances has been broken."

He proposed that councils should be given the authority hike tax on empty houses by 100 per cent. Currently, councils, on average, charging tax of £1,296.44 for a band D house in London.

The promise is a part of the Labour party's efforts to entice voters who are worried about soaring prices of residential property across the country. Around a week ago, Mr. Miliband had promised to introduce a greater long-term stability in private-sector house rents.

As per fresh estimates, there are as many as 60,000 empty houses/flats in London, with £350-million worth of empty properties on north London's most esteemed stretch of the Bishops Avenue alone.