New fund to help UK areas hit by 2nd-home ownership

London

BRITAIN set up a new annual £60 million (S$106 million) fund on Friday to help build more homes in areas hit by high levels of second-home ownership, paid for by a levy introduced in April on the purchase of additional homes.

Britons buying holiday homes and pushing up house prices in parts of southern England have long angered locals, who have seen their children unable to buy in the areas they grew up in.