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Welsh Assembly in bid to ban property Sipps

The Welsh Assembly has voted in favour of lobbying the Treasury to exclude Wales from plans to allow residential property to be held in Sipps from A-Day.

The resounding no vote was spurred by fears that local people will be priced out of homes in their communities.

Welsh assembly members have called the Sipp policy “irresponsible” and believe that unless Wales is made exempt, the flood of investors buying holiday homes will inflate housing prices and erode local culture.

Hywel Williams, Plaid Cymru MP for Caenarfon, says he has concerns that irresponsible and unregulated advertising is leaving the Welsh market open to an invasion of holiday homebuyers.

He says: “We are coming to a situation where there are Welsh villages where half the houses are holiday homes. This is more of a symbolic vote but we are becoming increasingly disturbed that irresponsible and unregulated advertisements are causing a frenzy that is creating a bubble of investors.”

Norwich Union head of pensions Iain Oliver says: “The worrying thing is that we are dealing with proposals where the regulation has yet to be resolved. There needs to be a focus on how you regulate the sales process and marketing and not just the product itself.”

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