Minister looks at land Options

Mon, 09 May 2011

Infrastructure Minister Phil Gawne MHK

The Infrastructure Minister is looking into the transparency of Options on land.

Currently Options can be taken out giving someone the right to purchase land on a pre-determined date for a set price.

Phil Gawne wants to make the clause more open.

It's believed the current legislation on Options means a small number of developers could manipulate the market.

Mr Gawne wants Options to be recorded in the public domain, and the Office of Fair Trading to be given the power to investigate land transactions