Nationalist politicians complain about promoting buy to let

Welsh Nationalist politicians are complaining about a finance company which identified part of Wales as having attractive yields for buy to let investors.

Plaid Cymru is complaining because specialist lender Norton Finance - which has assessed the different yields for properties in National Parks - has given details of investment returns in Snowdonia, Brecon Beacons and the Pembrokeshire Coast.

These are all in Wales and all performed highly in Norton Finance’s league table, which measured average monthly rental, gross rental yield and the locations’ popularity for staycations. 

Now Welsh Senate member Mabon ap Gwynfor - who represents Plaid Cymru for the Dwyfor Meirionnydd constituency - has told the news website Nation.Cymru that “Snowdonia is now seen as a property portfolio’s paradise. Our communities need urgent government action before this crisis becomes irreversible for many communities.

“Plaid Cymru demands direct interventions to mitigate the housing crisis, including trebling the Land Transaction tax, changing planning laws to allow councils to impose a cap on the number of second homes, and closing the loophole that allows second homeowners to register their property as a ‘business’ to avoid paying the council tax premium.

“Nearly half of the housing stock in my constituency of Dwyfor Meirionnydd were sold as second homes last year. Consultations, trials and pilot schemes are not going to be enough and will be too late. What our communities need is action – and fast.”

He has also told the website that the Welsh Labour-led government “has stood by and watched as our communities are engulfed by the housing crisis.”

The heat against second homes, Airbnb-style short lets and buy to let generally has been rising in Wales in recent months, with politicians becoming more vocal in calls for curbs on additional home purchases and letting.

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