Locals and residents of the stunning coastal town, Falmouth have said that they are being forced out of the housing market because of the surge of people snatching the properties to use as second homes. Communities in Cornwall have admitted they're furious with the rise in people snapping up houses to rent out to holidaying tourists on sites like Airbnb.
They say that the surge in people buying second homes in Cornwall has made the housing market so cut throat it is nearly impossible for locals to get on the property ladder. Oliver Berry, who lives in Falmouth, told The Mirror: "The competition's fierce. Every property has dozens of applicants. There are too few places, and too many people looking.
"Post-pandemic, the 'staycation' boom has made things worse, as landlords cashed in on the returns of short-term lets at the expense of long-term tenants." Mr Berry added: "The work-from-home revolution has exacerbated the inequality equation: cash-rich buyers moving from more affluent areas of the UK wield a purchasing power with which local people can't compete."
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Falmouth hosts two university campuses, which adds more strain to the housing situation. Some students have reported that they have had to 'sofa-surf' for months at a time, as there is nowhere for them to live, even months into their courses.
Students do boost the local economy as student loans are there to be spent, but how will local businesses cope if the student population drops off a cliff due to the restricted housing. Rightmove has reported that the house prices in Cornwall have jumped a shocking 25 per cent in the last two years, pricing out locals from getting on the property ladder.
The Tories currently control Cornwall Council and have limited attempts of regulating the housing market, leaving many Cornish people uncertain of where they will live once they can no longer afford their mortgage. The news also broke this week that the mortgage and inflation rates were increasing, as people up and down the country are now contemplating selling their homes.
Prime Minister Rishi Sunak has declined to back extra support for mortgage holders despite higher interest rates making payments more expensive, adding that his priority is bringing inflation down.