We are aware now that there are over 24,000 second homes in Wales, with almost 5,000 of them in Gwynedd, and over 4,000 are in Pembrokeshire. In 2017-18, almost 40 per cent of the homes sold in Gwynedd and a third of the homes sold on Anglesey had been sold as second homes. So, essentially, we are talking about a broader economic problem here, aren't we? Large parts of Wales, particularly those areas with the highest level of second homes, are also among the areas with the lowest levels of income and salary. So, the reality is that these are areas where the housing market doesn't represent the local economy.

Of course, local authorities have means such as sections 106 and 157 to try to control the sale of homes and put in place measures to seek to balance these elements, but it’s clear that they are inadequate or, for one thing, we wouldn't be having this debate today. And, therefore, I just want to spend some time looking at what other regions and countries have been doing and whether there are any lessons that we could learn in tackling some of these issues.

Switzerland, of course, has very strict rules. They are at the extreme end of the spectrum. There, the home has to be located in an area that is designated as a holiday area before it can be sold as a second home, and then you need permission from the canton before you can purchase that home. In addition to that, the cantons and boroughs can set their own rules. They can limit the sale of second homes to homes that are already second homes. They can restrict the size of those second homes. They can even limit the number of second homes that any one person can own. In 2012, the people of Switzerland agreed in a referendum, as they tend to do regularly in Switzerland, to set a restriction on the number of second homes that could exist within the country. So, they have chosen a particular path.

Guernsey have taken another approach. They have taken strict measures to control the housing market there. The Government there operates two housing markets: an open market for just 7 per cent of homes on the island, and the rest is restricted to local people or people who have a work permit. And there are different models in countries such as Catalonia, France, Germany, and so on and so forth.

Now, closer to home of course, there is a specific set of regulations in London.