Cambridge Labour have raised concerns over a misleading council motion put forward by Cambridge Liberal Democrats Leader Tim Bick, suggesting that Cambridge homes are being marketed to overseas property investors ahead of Thursdays annual council AGM meeting,
Cllr Mike Davey commented:
“Cambridge Investment Partnership does not market new homes in which the council has a financial interest to overseas property investors and employs a local marketing strategy, focused on individuals wanting to live and/or work in Cambridge, regardless of country of origin. The due diligence carried out by CIP of prospective purchaser of new homes for sale, has ensured, where possible, that new homes will be for those working and living in the city.”
“Our first priority will always be addressing local housing need in Cambridge. Therefore, all private properties are marketed on a ‘locally first’ basis, then nationally for those that don’t sell. As a result of the uncertainty caused by COVID local sales came to a standstill in early 2021, and CIP were involved in two wider real estate events in Hong Kong, recognising that, owing to the political situation in HK, there are UK and British National (Overseas) passport holders who want to return home permanently. There are also many British HK residents who wish to purchase a home here because it has an established HK community. At the events CIP included rules of sale relating to one purchase per person to reinforce the theme that we were looking for individuals seeking to make a life in the City. As a proudly international city, Cambridge will extend the same welcome to them as it does to all those from overseas who choose to make our city their home. Of the properties sold to date, only 21 are known to have been purchased by Hong Kong or overseas nationals for themselves or their families out of the 295 market homes available. As we have previously re-iterated, and unfortunately, there has been other unauthorised advertising of the properties via YouTube which was not associated with CIP’s marketing. It is also worth noting that CIP have not been involved in any overseas marketing since Autumn 2021.”
Cambridge Labour also emphasised the importance of private properties on the sites helping to finance the council home building scheme, the most ambitious the city has seen for decades, and which has a clear aim – to address housing need and support local communities. Ironworks and Timberworks provide over 230 Council Homes to those already living in the city, including to those most in need.