The price tag on a home in St. Mawes has soared in recent
years, and more and more people are struggling to buy homes in the area.
by Katia Damborsky
Homes in the South West have been particularly affected by the ‘house price bubble’ and these prices are only predicted to increase. Over the next four years the cost of a home in Cornwall is likely to reach record new heights.
Homes in the South West have been particularly affected by the ‘house price bubble’ and these prices are only predicted to increase. Over the next four years the cost of a home in Cornwall is likely to reach record new heights.
St. Mawes sits on the Roseland Peninsula, a short ferry trip
from Falmouth. The property market here is booming, with the average home
costing around £607,000 in 2013. In the rest of Cornwall that number was 157%
lower, at just under £236,000.
The halycon St. Mawes:
The halycon St. Mawes:
St. Mawes’ house prices are directly affected by its desirable
location. It's surrounded by the sea and maintains a slightly higher temperature than
the rest of Cornwall. St. Mawes is
considered one of the most popular holiday destinations in the UK and is
likened to the Mediterranean island of St. Tropez.
St. Mawes has a high percentage of second-home ownership,
with over 35% of its population made up of second-home owners, based on Council
Tax Reports. Although the duchy of Cornwall is renowned for its high number of
second-home owners, this number is still disproportionately high, with similar
figures seen only in Mousehole and Padstow.
Secret is out:
St. Mawes has become a desirable, even trendy place to live among people from larger cities, with a few celebrities living locally. This high demand for homes means that house prices can keep rising and people will still buy them. Predictably, this creates a problem for anyone looking for affordable housing in the area.
Heather has lived in St. Mawes for several years and was shocked to find how little her money would buy her. She said that second-home owners 'definitely have an impact' on the house prices. Click HERE to listen to an audio interview with Heather.
Locals annoyed:
Brian, a local resident, has lived on St. Mawes for sixteen years. He said that the rising house prices have affected him in good and bad ways. ‘The good news is, is that at that time the house I bought was probably unaffordable, but it was within my reach.
Brian, a local resident, has lived on St. Mawes for sixteen years. He said that the rising house prices have affected him in good and bad ways. ‘The good news is, is that at that time the house I bought was probably unaffordable, but it was within my reach.
‘Now, it will have gone up considerably… I think it’s due to
living on the Roseland Peninsula, which is an area of outstanding natural
beauty, in a village that’s unspoilt. We’ve got a lot going for us here, we
have a community, we have shops, butchers, bakers, a wonderful harbour that
looks after the community.’
When asked about the second-home owners, he said, ‘Anyone with plenty of money would really love to live in St. Mawes, thus, pushing the prices of houses up.’
George Osbourne has declared he plans to increase taxes on second-home throughout the UK. As of April 2016, he plans to up the current tax on buy-to-let and second homes by 3%.
