Labour leader Ed Miliband has pledged to tackle wealthy investors hoarding empty homes by rolling out greater council tax premiums.
Under a Labour government, town halls could be entitled to double council tax for owners who purchase 'ghost' residences in England and leave them empty for over twelve months.
The empty homes premium currently allows local authorities to charge a 50% council tax premium on properties that have been unoccupied or unfurnished for two years or more.
Miliband said that if his party took power in 2015, loopholes that have previously allowed absent owners to avoid such tax premiums by furnishing their empty residences would also be closed.
Launching Labour's London election campaign, Miliband said: 'More and more families see the dream of home ownership fading into the distance as average prices soar towards half a million pounds, those who rent have most of their take home pay eaten up by the cost of putting a roof over their heads, business is warning that housing problems are blunting their competitive edge.
'To deal with this crisis, London will need up to 300,000 new homes over the next five years - but homes are currently getting built at just a third of that rate.
'At the same time there is the scandal of no less than 60,000 houses that are currently unoccupied across the capital. These homes, which could be occupied by hard-working Londoners, are too often being held as investments including by wealthy individuals overseas who rarely, if ever, set foot in this city.'
