Sunday, November 4, 2012

Obviously no shortage of cash buyers

Prime location and a sea view and just £50,000 – shame it's for your car

With a sea view along a palm tree-lined road in the heart of a Cornish resort, an asking price of £50,000 seems like a bargain – until you realise that it is just for the parking. Five car spaces in the much-sought after St Ives have gone on sale for a staggering £50,000 each – more than double the average wage in Cornwall. But the sale has sparked anger among local residents who say they are being priced out of buying homes and land because the value is being forced up by out of towners. One local councillor said it “sticks in the throat” and is creating a divide between locals on low wages and wealthy second home owners. The sale of the five parking spaces, which are just a 30 seconds walk from the town centre, comes just three months after another space sold for £55,000.

Posted by drewster @ 10:12 PM (1751 views)
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3 thoughts on “Obviously no shortage of cash buyers

  • You always hear about 100% of the locals being priced out in Cornwall and the West Country generally, but they never seem to make the leap to granting more planning permission despite presumably controlling the local council.

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  • ST, any chance to sort it out was lost decades ago. All the locals who are priced out of the market talk tough but they rely on tourists and 2nd home owners which fund the economy for their jobs. The local’s who aren’t priced out like the hotel owners, restauranteurs etc are raking in the money from the tourists and 2nd home owners and secretly love the high house prices. Add to that all the none local >60’s who retire there (the section of the populace who actually go out and vote!) you can see why this is doomed to continue until all locals move away and the low paid tourist jobs are taken up by immigrants who live 3 to a garden shed like… in other words it will turn into london.

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  • mark wadsworth says:

    Bankster, good answer.

    LVT will sort all this out of course, all of a sudden, pushing up rents won’t seem like such a good idea to the local landowners, and the net wages of local workers will go up (no more tax and NIC etc)

    And if out-of-towners are happy to pay the local council £2,000 a year for the privilege of owning a parking space, well good luck to them.

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