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The UK has a lot in common with New Zealand despite the 11,000 miles distance between them.
We both enjoy landscapes of green rolling hills, we share the same Monarch with similar political institutions and both countries have a passion for beer and skill at rugby.
But we have something else in common too – we are both facing a housing crisis.
Since the 1980s, various factors including deregulation, immigration and politics have contributed to rising house prices, with considerable debate over how to address the issue due to its large size relative to the economy.
According to an article in The Guardian Only a quarter of adults in New Zealand own their own home, compared with half in 1991.
In 2017, the Demographia think-tank ranked Auckland’s housing market the fourth-most unaffordable in the world — behind Hong Kong, Sydney and Vancouver — with median
house prices rising from 6.4 times the median income in 2008 to 10 times in 2017.
The New Zealand Liberal-led Government have taken a considerable and bold step towards to rectifying theirs. They have implemented a ban on the sale of existing homes to foreign
buyers excluding buyers from Australia and Singapore. New Zealanders were tired of being outbid on their own suburban homes by wealthy people from America, China and Asia. In a speech to parliament on Wednesday Associate minister of finance David Parker said:
We should not be tenants in our own land.
This might seem like a move that’s drastic enough to collapse their property market entirely, but they’ve got that covered too. Foreigners are still able to purchase apartments off plan in
new developments and the hope is that it will encourage construction companies to build smaller and more affordable properties.
One Twitter user commented:
This is a good policy. The ban of homes to foreign buyers is step in making housing more
affordable. No one should have to be homeless when there is enough housing for everyone
but billionaires buy it out for personal profit.
Others Twitter users are calling for the same in their countries with Canada, Cape Town and of course the UK topping the list of ‘requests’
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I have just read the article. Excellent idea
There may not be many comments on this idea. Because of UK laws we are wary about getting into discussions similar to this.
Over the last year or so i have noticed that all my tenants are from oversees. There seems to be an abundance available of training abroad, for pilots, engineers and business administration . It is a worrying thought, is there the not the same amount of training and work for UK residents? Is our country so lacking in business and work skill training that our citizens cannot prosper and afford to rent or own their own homes ?
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