Oh look, it isn’t the Chinese buying up houses:
First-home buyers priced out of the British market are increasingly looking to buy property in New Zealand, research shows.
Experts here say increased immigration is adding fuel to an already-inflated market, putting a strain on local house hunters.
A study by foreign exchange specialist Moneycorp showed New Zealand was the fifth-most popular place to buy for young Britons, behind the United States, Spain, Australia and France. Italy, South Africa, Portugal, Canada and Brazil rounded out the top 10.
The number of 19 to 28-year-olds using Moneycorp to buy properties abroad has increased fourfold since 2011.
While they may comprise a relatively small slice of the British market, the company said it illustrated a wider trend in the age group.
The number of Britons in their 30s buying abroad had jumped by 25 per cent in three years.
The boom was not reflected among retirees who had traditionally dominated the international property scene. The number of over-69s buying abroad had shrunk by 79 per cent between 2007-2012 as older home owners become reluctant to release their British assets.¬†
So let me understand this current predicament.
Countries where there is a capital gains tax:¬†Australia and the¬†UK amongst others.
Countries where housing prices are out of control in some areas:¬†Australia and the¬†UK.
Can you see how a Capital Gains Tax won’t help? If you can;t that is probably because you are a muptard who votes Labour. Like this guy:
Murray Horton, of the Campaign Against Foreign Control of Aotearoa said of the trend: “It is disadvantaging young New Zealanders, particularly young Aucklanders because of the Auckland housing bubble.
“I think New Zealanders should have first go at buying houses in their own country.”
He said proposed restrictions by Labour to block all purchases of property by people who did not live here would free up more stock.
“If English people are buying houses around the countryside, the only way to sort of stop that is by applying a policy such as the one proposed by Labour.”
Yeah….except they exempted Australians…the repeater failed to mention that and so did the muptard.