LONDON Dec 23 Britain set up a new annual 60
million pound ($74 million) fund on Friday to help build more
homes in areas hit by high levels of second-home ownership, paid
for by a levy introduced in April on the purchase of additional
Britons buying holiday homes and pushing up house prices in
parts of southern England have long angered locals who have seen
their children unable to buy in the areas they grew up in.
There have also been more foreign investors over recent
years in some regions.
The fund will be financed by an additional 3 percent level
of stamp duty introduced in April on those buying a second home
or property to be rented out, as part of government efforts to
cool the market.
Second-home ownership is at an all-time high according to
Britain's communities ministry, and poses a particular problem
to locals in southwest England's popular tourist areas such as
Cornwall, Devon, Somerset and Dorset.
Community Land Trusts, local groups which develop and manage
homes and help to make sure they are genuinely affordable, plan
to use the money to help deal with the shortage in some parts of
"This fund could triple the 3,000 homes that Community Land
Trusts alone already have in the pipeline," said the Director of
the National Community Land Trust Network Catherine Harrington.
(Reporting by Costas Pitas; editing by Stephen Addison)