Has the St Ives ban on second homes backfired?

[Nicholas Wallwork]

Just a few months ago the residents of St Ives voted in favour of a ban on outsiders buying new builds as their second homes. At the time the feeling was that investors from outside of the area were pushing local house prices above and beyond the affordability of first-time buyers. As a consequence the

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While the Brexit result will have had an impact upon all property markets in the short term, perhaps the St Ives residents and local authority will regret their ban on second home investors looking to acquire newbuild properties. Time will tell whether this is the start of a new trend or simply a blip.

 

[Longterminvestor]

These very same councils were encouraging investors from outside the area when the worldwide economy was struggling and seaside towns were less popular. Funny how they decide to introduce various restrictions when the local economy seems to be buoyant? Will they live to regret this? You bet your bottom dollar they will….