Posts Tagged ‘Dramatic’
Cornwall’s Dramatic House Price Rises
We have a history of fascination with home ownership and house prices in the UK. The cyclic nature of the boom bust economy has continued, albeit with a few deviations. The knock on effects of this can be quite far-reaching and in some areas have meant some dramatic and sometimes ugly side effects.
The recent house price index released by the Halifax banking group has shown that Cornwall has undergone some of the highest rises experienced in the whole of the UK. During the period between 1999 and 2009 one local town in Cornwall experienced the highest house price rises of the whole of the UK. Many who know Cornwall might guess this was a town like Truro or Padstow. Both have experienced considerable growth over the previous decade; Few would guess it was in fact Redruth.
Located centrally in Cornwall it has traditionally been plagued by poverty and low wages. However in recent years it has seen much new investment in the area which has revitalised the town. Housing affordability is still an issue but there are a number of schemes including shared equity and houses for locals which has given a glimmer of hope to prospective first home owners.
What is questionable is how much of this information is freely available. These buyers need to be armed with as much of this information to help them to persuade the banks to lend them money. However they may need to go back to the drawing board and reassess what they can afford and compromise on some aspects of their new home. In this day and age we have an expectation that we should have a good sized house and outside space. This is now very much a luxury that few can afford.
Home owners themselves have not always got of that lightly. A typical scenario UK wide is the happy house owner rubbing their hands together back in 2006. They have just got their house valued and on paper are now considerably richer. This encourages them to remortgage their house to pay for that dream holiday they had always planned.
Roll on three more years and their house has taken a sharp drop in value, they desperately need to move to a bigger place but the negative equity they are experiencing means they really are stuck where they are. An all too familiar story.
There seems to be no ready answer to solve this cyclic boom and bust short of a dramatic change in our economic system, but don’t hold your breath. The powerful figures who could make changes are often the ones sitting comfortably on the top rung of that property ladder. Unfortunately they have no incentive to promote change.
One thing that will not change is that irresistible draw to own your own house, and what better place than in the idyllic county of Cornwall. Look through any of the popular house sale sights and if you look hard enough you will find your very own castle. It may not be the house of your dreams but it will be yours to call home.
Cornwall’s Dramatic House Price Rises
We have a history of fascination with home ownership and house prices in the UK. The cyclic nature of the boom bust economy has continued, albeit with a few deviations. The knock on effects of this can be quite far-reaching and in some areas have meant some dramatic and sometimes ugly side effects.The recent house price index released by the Halifax banking group has shown that Cornwall has undergone some of the highest rises experienced in the whole of the UK. During the period between 1999 and 2009 one local town in Cornwall experienced the highest house price rises of the whole of the UK. Many who know Cornwall might guess this was a town like Truro or Padstow. Both have experienced considerable growth over the previous decade; Few would guess it was in fact Redruth.Located centrally in Cornwall it has traditionally been plagued by poverty and low wages. However in recent years it has seen much new investment in the area which has revitalised the town. Housing affordability is still an issue but there are a number of schemes including shared equity and houses for locals which has given a glimmer of hope to prospective first home owners.What is questionable is how much of this information is freely available. These buyers need to be armed with as much of this information to help them to persuade the banks to lend them money. However they may need to go back to the drawing board and reassess what they can afford and compromise on some aspects of their new home. In this day and age we have an expectation that we should have a good sized house and outside space. This is now very much a luxury that few can afford.Home owners themselves have not always got of that lightly. A typical scenario UK wide is the happy house owner rubbing their hands together back in 2006. They have just got their house valued and on paper are now considerably richer. This encourages them to remortgage their house to pay for that dream holiday they had always planned.Roll on three more years and their house has taken a sharp drop in value, they desperately need to move to a bigger place but the negative equity they are experiencing means they really are stuck where they are. An all too familiar story.There seems to be no ready answer to solve this cyclic boom and bust short of a dramatic change in our economic system, but don’t hold your breath. The powerful figures who could make changes are often the ones sitting comfortably on the top rung of that property ladder. Unfortunately they have no incentive to promote change. One thing that will not change is that irresistible draw to own your own house, and what better place than in the idyllic county of Cornwall. Look through any of the popular house sale sights and if you look hard enough you will find your very own castle. It may not be the house of your dreams but it will be yours to call home.