Policy & Resources recognised this and understands that increasing supply in larger homes reduces prices across the board. It also maximises the value of States land for the benefit of us all. I commend Deputy Mahoney for taking effective action whereas previous Assemblies have left these old States properties fallow for years or sold them below value without conditions.
The knock-on effect of the current situation also means local buyers that can secure a £1m. mortgage have bought smaller two-bed houses to extend or demolish, inflating the price of those so they too are now unaffordable for most. Locals have also bought open market [Friday 14 January’s Press] taking those out of that market (small anyway) reducing the availability to newcomers who bring much needed revenue.
Similarly if a care village can be built of sufficient quality to entice the elderly to leave their spacious family homes and garden, then those too will become available to younger people to modernise. Most elderly owners don’t have the energy or cash to upgrade but can find nowhere to move to.
Many on the Housing Association waiting list would like to buy their homes outright and these measures will increase capacity and gradually reduce prices across all sectors. There has to be a mix of housing availability which in turn affects affordability.