Is it time for a review of dual housing market?

YOU recently highlighted a review of the housing market to be carried out by KPMG. It is to be hoped this review will include the open market, although it can scarcely be called a market in recent years as that word implies a volume of selling and buying which is just not there. The States barely considers the constituency of open market residents, largely regarding us as a 'milch cow' to support the island's income needs. The aggregate market 'value' of open market properties on the island has probably dropped by more than £500m. in the last five or so years, while taxes on those properties have risen sharply. For those properties that are being sold, prices being achieved seem to be less than two-thirds of five years ago so it cannot be claimed owners are not being realistic on price. The number of transactions in open market properties is derisory and the number of properties for sale is said to be over 200 out of a total population of about 1,600 but, although the revenue to the States would be significant if there were more transactions, it seems to be convenient to ignore the problem or deny it exists. The difficulties have been compounded by the revised population control measures which seem designed to make open market residence even more of a minefield, not at all helped by the new Open Market Register (Guernsey) Law 2016, which comes in to force in April 2017.