The UK is considering a proposal to no longer allow foreigners to buy or own property in the UK. This idea is in response to the soaring prices in the housing market, which is hurting its citizens and hindering the opportunities they have to own homes. This law if passed would no longer allow non citizens to purchase vacation homes or secondary residences. It would allow however, people who already own property to keep it.
Key Takeaways:
- It would be a bad idea for the UK to ban foreign home ownership because it would reduce her attractiveness to foreigners.
- One measure that could be adopted is to tax vacant holiday homes or investment properties for the period they are vacant.
- More promotions and education need to be carried out so that people would believe that home ownership is a feasible idea.
“New Zealand recently banned foreigners from buying property in the country, in the hope of improving affordability for ordinary local home buyers.”