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Wishful Thinking

Reposessions In Cornwall Up 60%!

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Just caught this on local BBC news (South West). The announcer first started talking about the 'housing crises in the South West', then went on to mention repo's in Cornwall up 60% in the last 12 months.

That's a huge increase!!!

They had a representative from a local Shelter organisation talking about the unaffordability for FTB's, cost of mortage in relation to earnings etc. (15x income in Plymouth) Even part ownership schemes are failing as the mortgage part is too high, because of the increase in house prices, and the additional rent together makes even this option out of reach for many FTB's.

Not surprised really. I know from speaking to people how overstretched some are. This is bad for the local economy though....

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Just caught this on local BBC news (South West). The announcer first started talking about the 'housing crises in the South West', then went on to mention repo's in Cornwall up 60% in the last 12 months.

That's a huge increase!!!

They had a representative from a local Shelter organisation talking about the unaffordability for FTB's, cost of mortage in relation to earnings etc. (15x income in Plymouth) Even part ownership schemes are failing as the mortgage part is too high, because of the increase in house prices, and the additional rent together makes even this option out of reach for many FTB's.

Not surprised really. I know from speaking to people how overstretched some are. This is bad for the local economy though....

Bad news for the local economy - good news for me

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For the first time in about five years, there has been an ad in the local paper along the lines of, "we have received an offer of xxx for such and such property. Anyone interested in making a higher bid please phone XXX".

There used to be several every week about six years ago. Its the return of the repo.

The thing is that there are people who will snap up these supposed 'bargains'.

Anecdotaly, in my mind they have severely fecked up.

A house three doors away, 2 bed terrace no garden but a back yard for sale at 125,000 the cheapest in this locality for years. The location is lovely but well off the tourist/desirable cornish property route. It has been bought by an 'investor', they have had workmen in to fix the roof, floors, electrics, decoration, drains etc and now its on the market to let at 575 pcm, or very expensive and so far there are no takers.

By my workings this is a totaly crepe yield even if this rent were acheivable.

I think it could rent out in this locality at 500pcm max and therefore it is worth around 70k.

Please check my maths in case I am missing something here.

Cornwall is feckered for all its youth, worker, inovators will be seen off by HPI downsizers.

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LOL

Pirates and so on, it just isn't reasly like that.

Think more about abandoned mining industries, fisheries devastated and tourism collapsing.

There are pirates but they probably aren't the kind that your average retiree wants to meet up with.

They are probably pretending to be from BT and their mate is robbing the back of your house while they keep you chatting at the front. LOL

The problem is that the company I work in is doing really well and paying well above local average wages, but our key staff feel insecure about their housing and basically how can an employer deal with this apart from inflating wages at an unsustainable rate. Or relocate, but where? Will all quality employees just leave the county? Probably and why haven't they already?

How can the new sales manager on 35k not be able to buy a place to live in?? In the poorest part of the country. According to the office for national statistics average salary in cornawall is 19,900. In Sunderland it is 22,000. Make of it what you will.

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Just checked out the BBC land reg site

Kerrier and Penwith (Surfgatihno) districts down over 3.5% annual or GBP6250 on the average prop.

WELL THATS WORTH HAVING

on top of the saving I get from my rented 2 bed prop at 365pcm hey thanks landlordiesoontobesurfcanusubsidisemycokehabitaswellasmyrentpleez?.

muah ha ha ha.

FTB Cornish Pasty seyz FECK U munky. Cynical attyentiongrabbing muppit. I'm not a proffessor of spelling.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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