This needs to implemented all over Wales. Fantastic result. Houses sitting empty most of the year while homeless sleep in tents and working people struggle to find affordable housing needs to end. And this is how we end it.
*become more affordable to local residents
I bet Mr Williams could half the asking price of his second home and still make a profit after having it for 20 years.
Me and the partner are currently house hunting in the area. I can’t help but feel like this doesn’t reflect reality? At least from what we’ve been looking at.
This is terrible news for everyone.
My bother just re-mortgaged up there only to learn that his house is worth £15k less than it was five years ago. It means his LTV is worse than it was and he has to pay a higher interest rate on top of the increases that have gone on thanks to Liz Truss. He worked out this is about £80 a month more for him and his family to pay.
What’s more as the article points out this isn’t helping locals as most homes are still well above affordability. To change that you’ll need to push locals into negative equity.
Meanwhile all the big second homes owners are rich enough to pay the additional charges or sell to those who can. Sure if I were a bitter kid on the internet who feels entitled to a house they can’t afford i would be happy that every homeowner in these parts of Wales is losing money and facing bigger bills. But i just feel for my brother’s kids.
Fantastic news. This needs to be done across the board! People deserve to have a home! In Cornwall, my grandma is one of two people on her street. All the rest of the houses are holiday homes and almost always empty. It destroys community and forces the locals out.
The idea that a home should increase in value year on year is an anathema to common sense. The only reason this expectation has become the norm is investment by pension and financial institutions. They drive the markets and therefore the outcome. Since 1970s they have devalued the currency 4 times to my knowledge . This resulted in house prices jumping literally overnight to lauded headlines. However it’s an illusion to drive markets while making us all a little poorer. Homes should never be this kind of driven equity. It’s immoral and makes serfs of us all to lesser or greater degrees. Some make bank while the majority struggle to keep on the treadmill. Selling of council houses exacerbate this trend and was exactly the point. Most families in council houses that bought had more than one child. Therefore the equity is divided, the house sold. Often to speculating landlords, making renters increase and ownership aspirations dwindling.
We are not a holiday resort for the rich, our houses need to be lived in.
This is good news means local people might actually be able to afford homes, and communities recover.
“Tom Williams and his family, who live in Lancashire, are struggling to sell the second home they own in Morfa Nefyn, Gwynedd.”
Good, hopefully they end up needing the drop the price further and someone local will be able to afford to buy it.
Good
Good news. A house is worth a house. People being able to afford a home is more important than people being able to turn a profit or live in the house enjoying a rising number of value that doesn’t even matter unless they sell up and buy a different house – which if more houses drop in value will carry on the same as ever.
Good.
Diolch byth
It’s still not enough to price out the ultra wealthy, because a 12% drop in purchase price would likely offset the 150% penalty on the council rates for a few years. Seems like a bit of an own goal really…
What they need to do is implement covenants that prevent outsiders purchasing property (like some parts of Llanelli, Burryport and Kidwelly do).
15 comments
Excellent news. Da aiwn.
This needs to implemented all over Wales. Fantastic result. Houses sitting empty most of the year while homeless sleep in tents and working people struggle to find affordable housing needs to end. And this is how we end it.
*become more affordable to local residents
I bet Mr Williams could half the asking price of his second home and still make a profit after having it for 20 years.
Me and the partner are currently house hunting in the area. I can’t help but feel like this doesn’t reflect reality? At least from what we’ve been looking at.
This is terrible news for everyone.
My bother just re-mortgaged up there only to learn that his house is worth £15k less than it was five years ago. It means his LTV is worse than it was and he has to pay a higher interest rate on top of the increases that have gone on thanks to Liz Truss. He worked out this is about £80 a month more for him and his family to pay.
What’s more as the article points out this isn’t helping locals as most homes are still well above affordability. To change that you’ll need to push locals into negative equity.
Meanwhile all the big second homes owners are rich enough to pay the additional charges or sell to those who can. Sure if I were a bitter kid on the internet who feels entitled to a house they can’t afford i would be happy that every homeowner in these parts of Wales is losing money and facing bigger bills. But i just feel for my brother’s kids.
Fantastic news. This needs to be done across the board! People deserve to have a home! In Cornwall, my grandma is one of two people on her street. All the rest of the houses are holiday homes and almost always empty. It destroys community and forces the locals out.
The idea that a home should increase in value year on year is an anathema to common sense. The only reason this expectation has become the norm is investment by pension and financial institutions. They drive the markets and therefore the outcome. Since 1970s they have devalued the currency 4 times to my knowledge . This resulted in house prices jumping literally overnight to lauded headlines. However it’s an illusion to drive markets while making us all a little poorer. Homes should never be this kind of driven equity. It’s immoral and makes serfs of us all to lesser or greater degrees. Some make bank while the majority struggle to keep on the treadmill. Selling of council houses exacerbate this trend and was exactly the point. Most families in council houses that bought had more than one child. Therefore the equity is divided, the house sold. Often to speculating landlords, making renters increase and ownership aspirations dwindling.
We are not a holiday resort for the rich, our houses need to be lived in.
This is good news means local people might actually be able to afford homes, and communities recover.
“Tom Williams and his family, who live in Lancashire, are struggling to sell the second home they own in Morfa Nefyn, Gwynedd.”
Good, hopefully they end up needing the drop the price further and someone local will be able to afford to buy it.
Good
Good news. A house is worth a house. People being able to afford a home is more important than people being able to turn a profit or live in the house enjoying a rising number of value that doesn’t even matter unless they sell up and buy a different house – which if more houses drop in value will carry on the same as ever.
Good.
Diolch byth
It’s still not enough to price out the ultra wealthy, because a 12% drop in purchase price would likely offset the 150% penalty on the council rates for a few years. Seems like a bit of an own goal really…
What they need to do is implement covenants that prevent outsiders purchasing property (like some parts of Llanelli, Burryport and Kidwelly do).
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