24 Aug

The St Ives Market, Second Homes and Brexit

The St Ives Market, Second Homes and Brexit

St Ives was the talk of the UK back in May 2016 during and after the St Ives Neighbourhood Plan referendum and recently has been in the press again highlighting the potential problems that the H2 agreement ( restrictions on new builds as second homes ) has possibly caused.

Firstly second home buyers are not banned from buying existing property as second homes. The misconception generally is that the buying of second homes was banned outright, THIS IS NOT THE CASE, its a ban on anyone buying a newly built home as a second home, either holiday let or rent. These properties haven't been built yet. So if you are thinking of buying a second home, you can!!!!

However. The residential market in St Ives is strong at the moment, there are many local people moving to bigger properties or downsizing to smaller properties, many people from other parts of teh country are wanting to make this area their 'Forever' home, interest rates are low and mortgage advisors are saying that mortgage applications have increased. This can only be good for St Ives and the surrounding area

The issue with the H2 policy in the Neighbourhood plan is that it will affect the people that it was put in to help. The council don't build affordable homes, they are built by developers attached onto developments. Sadly the developers will not build as the restrictions put onto the new homes being built means that the funding is difficult to get for these developers to build, which effectively means not much ( not even the affordable which we do need ) will get built.

Brexit hasn't affected the market in St Ives at all, we might see the number of foreign investors increase as the exchange rate stays low but otherwise its been a non effect.

The market has been challenging over the last year but its all looking good for the next few years 

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