New build property for full time residents only

Generali

CLAPTON wrote: »

the actual topic is quite an interesting economic issue.

I agree. Shame you try to drag every topic off to a rant about immigration.

CLAPTON

Generali wrote: »

I agree. Shame you try to drag every topic off to a rant about immigration.

I think it is an interesting economic issue with many other parts of the UK showing some interest in the idea.
Logically it should be considered in all areas of unaffordable housing.

Pobby

Just thinking about those famous words from Mr. Brown about not letting the housing market get out of control. In Reading some properties have seen a rise of well over 50% in 3 years. These houses I know very well and very small they are too. Plus parking can be not very good.

http://www.rightmove.co.uk/house-prices/detailMatching.html/svr/3127;jsessionid=60AB21F72F7156782F93A6F0B68414F9?prop=38066244&sale=3870430&country=england

My buddy lives in one of these. At the bottom, around 1997, this would be about £44k. so we are looking at about a 6 fold rise. Now this would have been very much a starter home and likely to be the cheapest or one of the cheapest available in that town. Bit of topic but just saying.

lisyloo

CLAPTON wrote: »

yes there is a case for anywhere with high unaffordable prices to introduce a similar ban

best place to start is London where people born there can't afford nice houses, so all new ones should be restricted to native born Londoners.

Why natives?
Why not restrict it to those who contribute I.e. Those working in London.

What's the argument for unwilling or unable natives to live where they wish?

daveyjp

The ones who will decide if this is a good idea are the banks. If they won't lend against properties with quite a severe restriction on title they won't get built.

Similarly landowners may be reluctant to sell land for houses if they don't feel they are getting good value for the plots due to depressed end values of completed properties.

CLAPTON

lisyloo wrote: »

Why natives?
Why not restrict it to those who contribute I.e. Those working in London.

What's the argument for unwilling or unable natives to live where they wish?

yes, once you start down the path then there are a variety of ways of differentiating between different people.

CLAPTON

daveyjp wrote: »

The ones who will decide if this is a good idea are the banks. If they won't lend against properties with quite a severe restriction on title they won't get built.

Similarly landowners may be reluctant to sell land for houses if they don't feel they are getting good value for the plots due to depressed end values of completed properties.

no problem getting mortgages in the Lake district towns with local residence restrictions

westernpromise

Michaels nailed it above. If new homes can be sold only to locals, there won't be any.

westernpromise

Oops. Meant to add that this needs to seen from the builder's point of view. If you have a choice of building in one place where the only permitted buyers are skint locals, or another where anyone can but, and the development costs much the same either way, and you can do a finite number of developments, where will you pick? St Ives or somewhere else? To ask the question is to know the answer.

Callie22

My parents live in the Peak District and some 'only for locals' homes were built in the village. They all got sold to locals, but most of the locals who bought them already had homes in the village. The locals moved into the nice, shiny new builds, and turned their old, characterful cottages into holiday lets, exacerbating a lot of the problems in the village. I can understand why people in St Ives have voted the way they have but it ignores the rather large elephant in the room - that in a lot of touristy places, not all of these 'second homes' are actually 'second homes' owned by outsiders. A lot of them are owned by locals who make quite a lot of money renting them out as holiday lets. If anything, restricting new builds to locals only is a rather pointless exercise as these aren't the kind of homes that 'outsiders' (or other locals ...) are buying anyway - they want the characterful town-centre cottages that they can turn into premium holiday lets, not the characterless boxes on the outskirts of the town.