House prices: Young and low paid ‘priced out’ of tourist areas
Reflecting on the previous story there is an interesting conundrum here! Coastal places have many challenges but their desirability from a residential perspective speaks directly to the point about their latent potential made by Chris Witty. The article tells us:
Young and low paid workers in tourist hotspots are increasingly being priced out of homes, new analysis has shown.
House prices rose up to three times faster in some rural and coastal areas compared to the national average in July, Office of National Statistics (ONS) figures have revealed.
North Devon has seen a rise of 22.5%, while the UK average rose by 8%.
A lack of affordable homes could be contributing to hospitality struggling to fill vacancies, the ONS said.
The average cost of rent in the south-west of England rose by 2.6% in the year leading to August, more than double the 1.2% increase for the UK as a whole.
The ONS said the growth in demand for rental properties “appears to be exceeding supply”.
It added the fall in supply of letting was most widespread in the South West, East and West Midlands.
The ONS said: “Rising house prices and private rents mean that some workers are at risk of being priced out of living in rural and coastal areas, contributing to skill shortages in the tourism and hospitality industries that their local economies rely on.”
One couple from Barnstaple say they have been looking for a new home for five months with no success.
Sarah-Jane and Lauren Tolley have three weeks to find somewhere to live after being asked to leave by their current landlady through a no-fault eviction.
Section 21 notices allow landlords to evict renters without a reason after their fixed-term tenancy period ends.