The open market is here to stay

IN PUBLISHING the guiding principles for the development of a proposed population management regime, the Policy Council has gone as far as it can – without actually committing the States – to allaying any fears about the future of the open market sector.

For those living in this sector or considering buying property, this is welcome news and will help to dispel any fears that the open market might disappear or face substantial change.

In addition, the council has also stated that there is no justification from a population management point of view to use the open market as an economic generator for the island.

To that extent, the latest statement of intent by the council – the way the report has been presented means that it cannot be amended when debated by the Assembly – is very good news for the open market.

However, the council has made it clear that its comments relate to what might be called the 'proper' use of the sector: expensive homes occupied by otherwise non-residentially qualified families.

It remains concerned about the use of OM properties in multiple occupancy by unrelated adults and that number has risen from just two in the early 1980s to more than 130, or 9% of the total, now.

The important thing in that, however, is that no one can say with certainty whether that is good or not (in many cases, it is economically very helpful particularly to individual businesses) and the PPG and the council want to get more information about exactly what is happening.

While that, as the report acknowledges, might in itself create some uncertainties, it is a small price to pay for making sure that no decisions are made that might have unintended consequences for the island or the individuals concerned.

In the meantime, the overriding message from the report is that the open market is here to stay.