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Before Destroying the Green Belt, Release Existing Stock

The green belt is once again being threatened, this time by the Tories, who propose building there to help first time buyers. That's always the excuse - first time buyers. Yet the lack of affordable housing is driven primarily by the demand for buy-to-let and holiday homes, rather than lack of buildings. Those seeking buy-to-let properties are generally wealthier and see rising house prices as guaranteeing a return on investment.

I've advocated introducing a tax on second house ownership before. Perhaps there are other methods of tipping the market in favour of low-income would-be home-owners. But unless some action is taken, new build - on the green belt or elsewhere - is going to end up in the hands of the buy-to-let crowd, not first time buyers. Perhaps that's why the Tories are so keen.

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