BBC 6 o'clock News

[Javeaseagull]

Haven't we, the British, done the same with properties in Spain for example?

Not having that. I live in Spain and it is not just the Brits. Lots of north europeans and the Spanish themselves led to the bubble. In fact I would say it is mostly down to the Spanish from what I have seen over the last 13 years.

 

[Publius Ovidius]

The rich Chinese are taking money out of china because the banks aren't stable and investing it in property abroad. London being a hot spot with the estate agents in china saying and i quote "its not just London, Brighton for example is up 700%!"

What sort of chance do people who have grown up in Brighton have of owning property in THEIR community when practises like this are happening?

http://www.bbc.co.uk/news/world-asia-china-35957228

If they own property then That is fine,so long as they rent those properties out to people at a decent rate. In London the problem is that a lot of the new flats around dock lands etc are bought up by the Malaysians, Chinese, Indians etc and never live in them or rent them out. There was a photograph doing the rounds showing a new block at night with only three lights lit up on a night and they time lapsed it over 6 months.

 

[el punal]

Not having that. I live in Spain and it is not just the Brits. Lots of north europeans and the Spanish themselves led to the bubble. In fact I would say it is mostly down to the Spanish from what I have seen over the last 13 years.

Not doubting your reply at well. I was using Spain purely as an example - it could apply to Cornwall or Provence or anywhere.

 

[el punal]

Not doubting your reply at well. I was using Spain purely as an example - it could apply to Cornwall or Provence or anywhere.

At well! I meant at all.

 

[Triggaaar]

What sort of chance do people who have grown up in Brighton have of owning property in THEIR community when practises like this are happening?

It's not just Brighton.

We have a Malaysian student living with us, and her dad and two friends each bought a new flat on the Thames in central London, and plan to buy more. They don't have to pay tax here on the rent either.

We need to change the laws / tax rules for foreign owned property, as the whole country will suffer.

 

[French Seagull]

Not doubting your reply at well. I was using Spain purely as an example - it could apply to Cornwall or Provence or anywhere.

Something can happen, but only if we the public make it happen - St Ives (Cornwall) residents to vote on second home restrictions: http://www.bbc.co.uk/news/uk-35958649

 

[beorhthelm]

The rich Chinese are taking money out of china because the banks aren't stable and investing it in property abroad. London being a hot spot with the estate agents in china saying and i quote "its not just London, Brighton for example is up 700%!"

i would take a lorry load of salt with a story that made such a obviously false exageration, as much as prices have gone up its less than half that in 20 years. that said, there is a problem here with foreign ownership, but is it cause or effect? they are buying a valuable, stable, appreciating asset because its a valuable, stable asset. banning foreign ownership is only going to tinker with the margins.

But elsewhere there aren't sky-high rents.

elsewhere they allow people to build to meet demand.

 

[Diego Napier]

i would take a lorry load of salt with a story that made such a obviously false exageration, as much as prices have gone up its less than half that in 20 years. that said, there is a problem here with foreign ownership, but is it cause or effect? they are buying a valuable, stable, appreciating asset because its a valuable, stable asset. banning foreign ownership is only going to tinker with the margins.

Chinese Interest in Brighton is up 700%, not investment.

elsewhere they allow people to build to meet demand.

More pertinently, elsewhere there less ownership and more control over how much rent can be charged.

 

[Hampster Gull]

Nationalise property

 

[KT17]

Chinese Interest in Brighton is up 700%, not investment.


Precisely.

Don't trust BBC 'journalism'.

i.e. 7 Chinese are now looking at houses in Brighton versus 1 same time last year. Or summat of the kind.

 

[beorhthelm]

Chinese Interest in Brighton is up 700%, not investment.

thats different. and in need of context of what the base was.

the ownership in UK has actually dropped recently, and much talk of rent controls are based on local areas with rules. end of the day, if we want to have affordable housing, we need affordable land and property, which means opening up planning.

 

[dazzer6666]

Chinese Interest in Brighton is up 700%, not investment.


Precisely.

Don't trust BBC 'journalism'.

i.e. 7 Chinese are now looking at houses in Brighton versus 1 same time last year. Or summat of the kind.

Don't underestimate the impact though - very large numbers of very wealthy Chinese.......they have created a daft market in Hong Kong (can now easily pay equivalent of £1million for a poky flat), are buying up all sorts of places in London and will spread.