To get to the root of our housing crisis let’s look closer to home rather than scapegoating foreign owners
New Zealand’s ban on the foreign ownership of land and property has generated headlines around the world – and has clearly touched a nerve in the UK. But should we be doing the same in Britain? There are better ways to fix high house prices that don’t fan the flames of xenophobia.
New Zealand has clearly become the destination of choice for a jet-setting elite. It’s a beautiful country, with high standards of living. It’s also a long way from anywhere – which gives it a particular appeal to billionaire survivalists like Silicon Valley libertarian Peter Thiel, who’s snapped up hundreds of acres of farmland down under as a bolthole in case civilisation collapses. A flood of money from wealthy Chinese investors – not to mention those Brits looking to escape Brexit – has been blamed for fuelling New Zealand’s sky-high house prices.