Thursday, October 30, 2008

The average property price in Cornwall is now more than 14 times the average wage


"Statistics in the report show that the average salary in Cornwall is just £16,484 yet the income needed to be able to get a mortgage to buy a home in Cornwall currently stands at £63,128. The average house price in Cornwall is £232,578." -Still a long way to fall then! "There are areas in the South West which are among the most unaffordable places in the country to buy a home and we also have the highest proportion of second homes." -Well that is already starting to change. If you look on Rightmove, a large number of Holiday lets are starting to come back on to the market, a trend that in my opinion will accelerate as holiday belts tighten.

Posted by kernow @ 02:35 PM (798 views)
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3 thoughts on “The average property price in Cornwall is now more than 14 times the average wage

  • mark wadsworth says:

    In the South West it is heart breaking. Out of that £232,578 about two-thirds must be land value, which is a function of (local amenities, including sea view + generosity of planning permission for a site + scarcity value + bubble element). And it is very scarcely populated, it’s 95% fields, for heaven’s sake, and a few hundred square yards of field cost you £500, tops.

    So we need the carrot of liberalised planning laws plus the stick of Land Value Tax – if NIMBYs want to maintain the high value of their land, at least they’ll be compensating those who are locked out.

    Here endeth today’s lesson.

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  • wealthyvagrant says:

    Start off with 150% council tax on second homes. If they don’t live there, they don’t contribute to the local economy.

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