2nd Home Policies backfiring in Cornwall

The Property Nomads Podcast

Rob discusses the impact of government interventions in the housing market, particularly focusing on second homes in Cornwall. He highlights how policies aimed at deterring second home buyers, such as increased stamp duty and council tax rates, may not be effective in addressing the housing issues in the region.

KEY TAKEAWAYS

• Government interventions in the housing market, particularly targeting second homes, are negatively impacting areas like Cornwall.
• Despite efforts to deter second home buyers through increased taxes, the social housing waiting list in Cornwall continues to grow.
• MPs in Cornwall are hesitant to build new homes due to concerns about lowering house prices for locals, leading to a shortage of affordable housing.
• Policies aimed at second home owners, such as doubling council tax, may not be effective in deterring those who can afford second homes.
• The unintended consequences of housing policies in Cornwall are causing rents to rise, making it even more challenging for renters to save for their own homes.

BEST MOMENTS

"Cornish MPs don't want to build new homes. They're worried this would push down house prices for locals who already own homes in the area."

"Tourism, though, is very, very important for Cornwall. I don't know the stats on how much it brings in per year, but you would imagine that it is a significant amount."

"I would recommend go and read the article because it then goes on to talk quite a lot about South Wales as well, which is quite interesting."

"Just another example of something that in theory sounds good, but in reality and in practicality, it has a complete different effect."

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