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The Government is planning to place restrictions on second home ownership in the UK, reports Overseas Property Professional...
The proposed new laws would be an attempt to ease rising house prices in certain regions and to stop ‘ghost towns’ from forming in off-peak seasons – a move which some in the industry believe could send thousands of potential second home owners abroad.
According to a report in the Sunday Times, the findings of an inquiry into British second home ownership are believed to recommend that local authorities should have the power to prevent ‘outsiders’ from buying property they do not intend to live in as their main residence.
Under the proposed changes, potential second homebuyers would have to apply for planning permission to the local council to have the property zoned as a holiday home, which could then be refused by local authorities.
Nick Leach, business development manager, for French leaseback developer Pierre & Vacances, commented: “My initial reaction on hearing the news was that this could be very good for the industry. This could be the straw that broke the camel’s back for the investor that might have otherwise stayed inside the UK and this could realistically push them overseas. France is not far away, and popular with the British investor, so we will wait and see but we are optimistic that this will have a positive affect.”
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