The official version of this document can be found via the PDF button.
The below content has been automatically generated from the original PDF and some formatting may have been lost, therefore it should not be relied upon to extract citations or propose amendments.
1240/5(3713)
WRITTEN QUESTION TO THE MINISTER FOR HOUSING BY DEPUTY G.P. SOUTHERN OF ST. HELIER
ANSWER TO BE TABLED ON TUESDAY 12th FEBRUARY 2008
Question
- Whilst the Minister has stated that he has norecordof the identity of purchasersof the 60per cent of flats sold in Jersey by share transfer, ishe able to confirm that there are no large investorsbuyingshare transfer accommodation for investment in Jersey?
Answer
T h e requirements of the Housing Law do not extend to identifying and controlling investments in share
transfer flats. Accordingly, information on large' investments in share transfer accommodation cannot be provided. On the introduction of Stamp Duty on Share Transfer transactions, this information will be available. In the meantime, movements in flat prices do not suggest any specific problem exists, nor indeed does any sizeable body of anecdotal evidence exist.
Question
- Whatestimatedoeshe have for the proportionof flats beingboughtby locally qualified people? Answer
The requirements of the Housing Law have been clearly explained – they do not extend to identifying or controlling share transfer ownership, nor indeed has the Law ever extended to share transactions. The Housing Law merely ensures that only locally qualified persons can occupy this accommodation. As part of the development of the new housing controls under the Migration Policy, this may be an area to which legislation could extend, and this possibility will be explored.
Question
- Does the Minister have evidence to showwhethersignificantnumbersof both flats and houses are being boughtby locally qualified peopleforinvestment (buy tolet)purposes?
Answer
T h e purchase of property by locally qualified persons and subsequent lease of that property to another
locally qualified person is not something the Housing Law seeks to prevent – as the Housing Law does not control or prevent this practise, neither does it record its occurrence.