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The Masked Tulip

'property Income'

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Yesterday Nottingham Council announced it was going to have to sack staff because of a rapid slow-down in car parking receipts and 'property income'.

A few of us questioned this yesterday but none had a clue what it meant - anyone found out yet what 'property income' Nottingham Council no longer has?

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Yesterday Nottingham Council announced it was going to have to sack staff because of a rapid slow-down in car parking receipts and 'property income'.

A few of us questioned this yesterday but none had a clue what it meant - anyone found out yet what 'property income' Nottingham Council no longer has?

planning income, i'd guess

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Yesterday Nottingham Council announced it was going to have to sack staff because of a rapid slow-down in car parking receipts and 'property income'.

A few of us questioned this yesterday but none had a clue what it meant - anyone found out yet what 'property income' Nottingham Council no longer has?

do they own any properties that they are letting out residential or commercial?

with rents falling and commercial demand falling off a cliff, any profits they were making previously are probably gone with the wind.

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Yesterday Nottingham Council announced it was going to have to sack staff because of a rapid slow-down in car parking receipts and 'property income'.

A few of us questioned this yesterday but none had a clue what it meant - anyone found out yet what 'property income' Nottingham Council no longer has?

Funnily enough, I discussed this with "someone" this week.

Apparently Council take fees on planning / development applications for searches etc. I think my contact commited a bit of a faux pas when he said this, as he almost immediately retracted.

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A friend just suggested that Nottingham has two of the biggest unis in the country and that maybe students have moved en masse into the thousands of new build buy-to-let flats - students do not pay council tax so perhaps the council is losing millions in areas it was expecting yuppies to be paying nice big council taxes?

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A friend just suggested that Nottingham has two of the biggest unis in the country and that maybe students have moved en masse into the thousands of new build buy-to-let flats - students do not pay council tax so perhaps the council is losing millions in areas it was expecting yuppies to be paying nice big council taxes?

The City as a whole does have a disproportionately high amount of sudents (in relation to the City's population as a whole) in comparison to other Cities.

Therefore you could envisage that BTL'ers have gone to town there. Auctions over the last few months have indicated that a huge bubble has popped locally in Nottingham, as some new build flats have been fetching less than half the original sale price.

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A friend just suggested that Nottingham has two of the biggest unis in the country and that maybe students have moved en masse into the thousands of new build buy-to-let flats - students do not pay council tax so perhaps the council is losing millions in areas it was expecting yuppies to be paying nice big council taxes?

No, that would be refunded by central government. I think it will be planning, building control, commercial property income.

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Nottingham City council do indeed have a fairly large portfolio of commercial property.

They also have £42million tied up in the Icelandic banks debacle.

Now let me think - lay off 400 staff or put up my council tax even more than the 100% its gone up over the last decade - tough choice (not).

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Councils earn income from a lot of private sector sources through charges and taxes. As well as renting out councils' own properties to businesses etc (don't forget councils often own large parts of town centres), they also earn planning gain/section 106 funds from new developments which are used for local projects (i.e. no new developments no section 106 money) plus income from land charges (i.e. property searches). These are all falling across the board.

Business rates are also taxes on property although councils only collect this money on behalf of the government. Indeed business rates now fund around half of non schools council spending so if this falls off there is less funding for local govt available.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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