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Housing market

Based on a conversation today, it’s too early yet. Cottage has just come on, would make a cracking holiday let / air bnb after a bit of work (usual stuff). Popped into the agent. 3 offers and 7 more viewings booked in already. I’m going to look but not much chance of buying it I wouldn’t have thought.
 
Very good move from Canada:

https://www.voanews.com/a/canada-bans-foreigners-from-purchasing-most-real-estate-/6906123.html

VANCOUVER, CANADA —

With the dawn of 2023, the Canadian foreign buyers ban went into effect, banning non-Canadians from purchasing property, with several exceptions.

These include landed immigrants, workers on temporary visas, refugees and some international students, on properties valued at less than 500,000 Canadian dollars or in areas with a population of less than 10,000. This would include many resorts and vacation areas.

The government of Prime Minister Justin Trudeau enacted the ban in an effort to curb sky-high home prices, which were averaging almost 633,000 Canadian dollars, or 466,000 U.S. dollars, as of November and running much higher in the major cities.
 
Bob McC said:
Good.
Let’s hope it goes to an owner occupier to live in.
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Unlikely I think. It’ll be a holiday let (as are many surrounding properties). Owner occupiers tend to live outside of the tourist hotspots so they can get more bang for buck.
 
Ponty said:
Unlikely I think. It’ll be a holiday let (as are many surrounding properties). Owner occupiers tend to live outside of the tourist hotspots so they can get more bang for buck.
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Told differently..

People are forced/priced out of living in specific areas or those that they grow up in due to 'investors' buying up properties for 'air bnb' or holiday homes.
 
flutteringwow said:
Told differently..

People are forced/priced out of living in specific areas or those that they grow up in due to 'investors' buying up properties for 'air bnb' or holiday homes.
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Well, where I grew up in Cornwall, the locals were very happy to take the extra cash on offer from ‘up country’ buyers, so have no sympathy when they now complain that their kids can’t afford a house. Of course, without tourists, they wouldn’t have a job either. I’d suggest that 13 years of ‘emergency’ interest rates have done far more damage to the housing market than holiday homes. Of course, it’s all fine and dandy if you’ve got a nice DB or civil service pension but back in the real world, the rest of us have to work out a way of providing an income to enable retirement. Brown’s pension grabs didn’t help, then came ZIRP and bang, asset prices to the moon.
 
Ponty said:
Well, where I grew up in Cornwall, the locals were very happy to take the extra cash on offer from ‘up country’ buyers, so have no sympathy when they now complain that their kids can’t afford a house. Of course, without tourists, they wouldn’t have a job either. I’d suggest that 13 years of ‘emergency’ interest rates have done far more damage to the housing market than holiday homes. Of course, it’s all fine and dandy if you’ve got a nice DB or civil service pension but back in the real world, the rest of us have to work out a way of providing an income to enable retirement. Brown’s pension grabs didn’t help, then came ZIRP and bang, asset prices to the moon.
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Yes, sympathy isn't something you poccess, I think we all know that.

However, ostracising your fellow countrymen for not having incredible Mystic Meg foresight to see what devastation will come is highly crass, not to mention your constant deflection over interest rates causing people like yourself to buy up homes to profit from them.

The tired argument that there wouldn't be any jobs if not for airb’n’bs is one of those silicone valley type social euphoria statements intended to deflect and support a capitalist rhetoric. Its along the same lines as a toff saying his holiday home funds the local economy as he buys a loaf of bread from the corner shop when he visits.

Anyhow, its quite simple, stop dwelling on what caused something and lets fixate on fixing it.
 
mmm bit of a balance here isnt there ? we all need holidays for mental health and if no places to stay then we cant go . and many areas are heavily dependant on tourism for economy and jobs so locals can afford to live
 
Yank said:
Very good move from Canada:

https://www.voanews.com/a/canada-bans-foreigners-from-purchasing-most-real-estate-/6906123.html

VANCOUVER, CANADA —

With the dawn of 2023, the Canadian foreign buyers ban went into effect, banning non-Canadians from purchasing property, with several exceptions.

These include landed immigrants, workers on temporary visas, refugees and some international students, on properties valued at less than 500,000 Canadian dollars or in areas with a population of less than 10,000. This would include many resorts and vacation areas.

The government of Prime Minister Justin Trudeau enacted the ban in an effort to curb sky-high home prices, which were averaging almost 633,000 Canadian dollars, or 466,000 U.S. dollars, as of November and running much higher in the major cities.
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I’ve been to Vancouver a couple of times and it’s a lovely place. The first time I was there I thought there was a super car convention happening at the same time. The second visit I learned that West Vancouver was the super car capital of North America. No wonder the locals are fed up.
 
hifinutt said:
mmm bit of a balance here isnt there ? we all need holidays for mental health and if no places to stay then we cant go . and many areas are heavily dependant on tourism for economy and jobs so locals can afford to live
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Exactly so. Cornwall would be nowhere without tourism, there would be no jobs. Conversely the tourism pushes up demand for accommodation and this raises local property prices. The flipside to this situation is the likes of rural Lincolnshire. Lovely cheap housing. Great. The only problem is that there isn't any work, because guess what, it's a rural area with minimal tourism, so there's no work and wages are low. Local pubs and shops suffer, so it goes on.
I saw this 20 years ago in the Foot & Mouth lockdown. At the time I was spending a lot of time in the Lakes, but this had to stop. Suddenly all the local people previously complaining about the place being crowded with hikers and climbers were complaining about the shops and pubs going out of business because nobody was visiting or spending any money. You can't have it all ways.
There is a solution and a happy medium. If all the local housing is being bought up with wealthy out-of-towners who blow in late on Friday with a car full of shopping and leave on Sunday having spent nothing locally, there is a problem and the place will turn into a ghost town. However if the place has a proper tourist economy, it works. Local pubs, restos and shops make a better living than they otherwise would, hotels and B&Bs employ people to look after the visitors, so it goes on.
So be careful what you ask for. A Cornwall without tourists would be like the poorer bits of N Wales or the poorer bits of Cumbria. Go and have a weekend in Whitehaven or Holyhead to see what that's like. No thanks.
 
Funny one should mention Cumbria and Cornwall..


https://inews.co.uk/news/housing-cr...egulate-holiday-lets-and-second-homes-1648417

https://letstalk.cornwall.gov.uk/cornwall-housing-crisis-response

https://www.falmouthpacket.co.uk/ne...housing-crisis-homeless-family-numbers-spike/

Yes mental health for those with a home and who can afford to go on holiday..very important. Maybe their mental health should be focussed what they gave got rather than what they want above human necessity as many do not get that opportunity.

Old timers really need to stop talking about the 70’s, 80’s, 90’s as some form of blueprint. Those times have gone and will never be again. The internet, globalisation, population boom etc have ensured that simplt wont happen therefore any casualties of those eras probably wont again, not in the same format anyway.

There is no ‘happy medium’ right now other than by those wealthy enough to state that there is. Now is a time for drastic measures, the happy medium can come with the scales have been balanced more equally.
 
I used to own a leasehold flat on the beach in Pembrokeshire, 350 miles from where I lived, bought because of fond family holidays and as an earner. It provided: (a) affordable holidays to all, and (b) income from administration by the local agent, and (c) work for local cleaners and artisans together with retail income from visitors.

This was then a very balanced and worthwhile investment and presumably is now. I really can't see any kind of problem, esp. an ethical one, except inasmuch as the net income didn't really equate to the hassle factor for me, but that only referred to me. Even then, when poll tax came in, the council tax doubled for a small property with a max. of 6 months' occupancy. Even then, landlords were being hounded and this has continued, leading to the lack of rental availability and high rents as a partial consequence.

Property is and always has been an investment; even one's own, though more by dint of economic and societal changes. It's also one of the most illiquid investments and more costly to operate as such compared to other savings vehicles. Government interference and short-sighted controls and manipulations have worsened the situation for all.
 
The links above don't tell the real story. How many years do people have to be on the waiting list before they are offered social housing?

I know how long my parents waited before they were offered a council home and was wondering how things may have changed over the decades.

DV
 
flutteringwow said:
Funny one should mention Cumbria and Cornwall..


https://inews.co.uk/news/housing-cr...egulate-holiday-lets-and-second-homes-1648417

https://letstalk.cornwall.gov.uk/cornwall-housing-crisis-response

https://www.falmouthpacket.co.uk/ne...housing-crisis-homeless-family-numbers-spike/

Yes mental health for those with a home and who can afford to go on holiday..very important. Maybe their mental health should be focussed what they gave got rather than what they want above human necessity as many do not get that opportunity.

Old timers really need to stop talking about the 70’s, 80’s, 90’s as some form of blueprint. Those times have gone and will never be again. The internet, globalisation, population boom etc have ensured that simplt wont happen therefore any casualties of those eras probably wont again, not in the same format anyway.

There is no ‘happy medium’ right now other than by those wealthy enough to state that there is. Now is a time for drastic measures, the happy medium can come with the scales have been balanced more equally.
Click to expand...

I can talk about Cornwall as I know it well (and have property there). Basically, there’s F all there career wise and it’s one of the poorest areas in Europe. It’s wholly reliant on outside money. Virtually all my mates and I had no choice but to move away to find a career and our way in life. One of the very few who stayed owns what must be the most successful estate agency in the area and has done very well but of course, taken some big risks which most wouldn’t take which could have gone the other way. For people to think they can stay in the rural area they grow up in, walk into a job which enables them to buy a house locally is pie in the sky and has been for decades.
 
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