and who is going to get those home? locals No property developers. to rent to tourists. bump it up to make money for rich not someone who works hard for a place by the sea, nice one Welsh labour.
by Humble_Anxiety_9534
and who is going to get those home? locals No property developers. to rent to tourists. bump it up to make money for rich not someone who works hard for a place by the sea, nice one Welsh labour.
by Humble_Anxiety_9534
8 comments
[deleted]
Seems like the policy is working as intended.
Hard to see who would buy these still-overpriced properties; locals can’t afford them, white-flighters will want somewhere less busy than a beachfront cottage to move permanently to, and holiday homers won’t like the high council tax. Maybe the prices will drop even lower, then there’ll be a scramble. Barring a miracle, I suspect they’ll all become AirBnBs.
At least tourists will be spending money in the towns. Second home owners are hardly ever there.
To give a real world example which may upset some I recently inherited a house near the sea and Snowdonia NP in Gwynedd. We had been expecting it for sometime so those responsible had already decided to sell it as soon as possible.
We put it on the market for a quick sale at under the recommended market price given the price drops. It was a 3 bed family home and still only worth £120k given how low prices are already up there.
There was little to no local interest in it over six months. One potential buyer dropped out as they struggled with interest rates.
Our only option from that point to avoid the huge fees from the autumn was auction. So we eventually sold to an English property developer for £115k to convert it into a holiday let.
Speaking to estate agents and lawyers up there the general view was that this policy is dropping prices and that this is hurting those with mortgages. But it isn’t helping locals as they still can’t afford them. Supply isn’t the issue, there are many low cost houses up there. The issue is a lack of local buyers. The wealthy are stepping into the gap and picking up bargains in the expectation this policy will be either overturned, or property prices start increaing again.
How the fucking fuck have you made this Labours fault? It’s working as intended and you’re stomping because locals haven’t been handed the houses.
I don’t know what you thought your reaction to this post was gonna be, but damn glad it’s probably not what you thought it was gonna be.
People are getting overly optimistic about this. As properties come on the market more and more they are being bought up for rental by companies who can and are outbidding local buyers.
In Cardiff radio Wales reported on the large delopement on the old brewery site where none of the units will be put up for sale and will be rental only.
This trend is and has been happening all over the UK. Some companies have bought up entire housing estates in advance of completion.
Good, the policy seems to be doing what it intended. Hope this helps locals get on the property market.
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