Rental nightmare in coastal Cornwall (and coastal Devon, IoW)

[Wahoo]

14 hours ago, Frank Hovis said:

Quick - buy it before it sinks.

Now I don't think that you have to be a enthusiastic believer in vast amounts of sea level rise to see how this particular house might have a problem.

It is also only accessible by foot or boat so good luck popping to the shops if the milk runs out.

Listed for £2.5m in 2020 it has now been reduced to £2.25m; presumably reflecting that less remains above water every year.

One for the very very brave.

https://www.cornwalllive.com/news/cornwall-news/sawmills-iconic-home-studio-golant-6993784

Not so long ago, one could kayak up river from Fowey, and listen to some big bands like Pink Floyd, Stones recording here.

A few tinnies and sandwiches and you have your very own free festival.

[Stuey]

3 hours ago, Wahoo said:

Not so long ago, one could kayak up river from Fowey, and listen to some big bands like Pink Floyd, Stones recording here.

A few tinnies and sandwiches and you have your very own free festival.

Take a BBQ and make a day of it 

[Hardhat]

17 hours ago, Andersen said:

The chickens are coming home to roost. UK.Gov / shelter / etc... have created so much legislation "To protect the tennant" that LLs are selling up. Now there's a shortage of housing and tennants are suffering as a result. The law on unintended consequences (or "It's bleeding obvious even to a blind man" depending on your point of view).

https://propertyindustryeye.com/have-your-say-bbc-want-to-know-why-there-is-a-shortage-of-privately-rented-homes/

The list looks bad but I suspect reality is worse as some reasons are missing, ie 300% CT for 2nd homes in Wales (I'm guessing a significant proportion of 2nd homes are rented out at least some of the year)    https://gov.wales/new-tax-rules-second-homes 

 

Short term pain long term gain, I hope all BTLers sell up and crash the property market good and proper 

[sarahbell]

House to rent on my street at the moment. On for an insane amount of money.

Anyway. They had viewings today. They did a bit of splashing on white paint to start the day and then the hoards arrived.

Imagine a jumble of people who have no smart clothes, odd beards (too long to be hipster), none looked like they could be gainfully employed.

Yet the house is miles more than the lha.  lha is 166.85 a week

723 a month.

So this is on for 175 more than that.

 

 

Edited April 27, 2022 by sarahbell

[Inque]

When did buy to let really start to build up, I know the btl mortgages started about 25 years ago.

As well as all the other reasons listed, shouldn’t we now be seeing lots of people entering/ a few years into retirement and wanting to sell up to release that capital, particularly with the mad increases over the last couple of years?

 

[spygirl]

7 hours ago, Inque said:

When did buy to let really start to build up, I know the btl mortgages started about 25 years ago.

As well as all the other reasons listed, shouldn’t we now be seeing lots of people entering/ a few years into retirement and wanting to sell up to release that capital, particularly with the mad increases over the last couple of years?

 

2002.

We are rapidly approaching btl term end - 20-25 years.

[Wight Flight]

7 hours ago, Inque said:

When did buy to let really start to build up, I know the btl mortgages started about 25 years ago.

As well as all the other reasons listed, shouldn’t we now be seeing lots of people entering/ a few years into retirement and wanting to sell up to release that capital, particularly with the mad increases over the last couple of years?

 

We are. Hence a large part of the reason for this thread.

Almost all of our newly homeless here are long term tenants whose landlord has cashed in.

[One percent]

3 minutes ago, Wight Flight said:

We are. Hence a large part of the reason for this thread.

Almost all of our newly homeless here are long term tenants whose landlord has cashed in.

I’m not understanding the link between landlords getting out and lack of rentals. Either another ll takes the property on or it hits the market. 
 

im thinking there are two reasons there is a shortage.  First, the massive rise in holiday lets and, second, the massive number of imported bodies who have all to be housed. 

[Wight Flight]

5 minutes ago, One percent said:

I’m not understanding the link between landlords getting out and lack of rentals. Either another ll takes the property on or it hits the market. 
 

im thinking there are two reasons there is a shortage.  First, the massive rise in holiday lets and, second, the massive number of imported bodies who have all to be housed. 

It's both. But our imported bodies are those selling up on the mainland and moving over. 

the press report that in 87% of no fault evictions the property doesn't come back in the rental market.

[AlfredTheLittle]

On 26/04/2022 at 00:30, Andersen said:

The chickens are coming home to roost. UK.Gov / shelter / etc... have created so much legislation "To protect the tennant" that LLs are selling up. Now there's a shortage of housing and tennants are suffering as a result. The law on unintended consequences (or "It's bleeding obvious even to a blind man" depending on your point of view).

https://propertyindustryeye.com/have-your-say-bbc-want-to-know-why-there-is-a-shortage-of-privately-rented-homes/

The list looks bad but I suspect reality is worse as some reasons are missing, ie 300% CT for 2nd homes in Wales (I'm guessing a significant proportion of 2nd homes are rented out at least some of the year)    https://gov.wales/new-tax-rules-second-homes 

 

Nothing really wrong with piling on the costs for landlords, if they stop bidding up housing it should in theory lead to lower prices. Unfortunately the government are at the same time giving tax breaks to holiday lets, so encouraging people to take houses out of residential use. And immigration at record highs of course, combined with new builds being crap.

[Green Devil]

That wales 300% CT is interesting. The rule doesnt come in til apr 2023, and there will be ways round it, ie, its got it be officailly let for min days, and actually paid let for certain days. So its just lip service, they arent really interested in affecting the 2nd home market. Not unexpected of course as lots of council politicians will own nice holiday homes by the coast of course...

 

 

[Frank Hovis]

4 hours ago, AlfredTheLittle said:

combined with new builds being crap.

 

I tried starting a topic in this but it didn't really settle.

A lot of the new builds are constructed very poorly and I have seen one estate where the surfaces are starting to look a state and peeling at 6 - 10 years.

As this is revealing of poor build quality there could be substantial repairs required at twenty years; followed, if these cannot be afforded, by demolition.

At which point the owner is left with a building plot with planning permission but no money.

Replicate that across the country and you will have people in their forties or fifties who have no money, no house, and no realistic prospect of buying one so will be renting as pensioners and maybe on the state's test.

Plus the housing supply goes into reverse as new builds from the 1980s on are demolished faster than new ones are thrown up.

[Inque]

8 hours ago, spygirl said:

2002.

We are rapidly approaching btl term end - 20-25 years.

I expect many of those will be interest only.

So they either sell up, or if they want to keep try and get another mortgage if they pass the stress tests and age doesn’t go against them. If they do get one I expect the increase in payments will be painful, but it’s fine, they can just increase the rent

[Wight Flight]

55 minutes ago, Inque said:

I expect many of those will be interest only.

So they either sell up, or if they want to keep try and get another mortgage if they pass the stress tests and age doesn’t go against them. If they do get one I expect the increase in payments will be painful, but it’s fine, they can just increase the rent

Yes - except if they bought that long ago (and haven't withdrawn equity) then their mortgage will be very small indeed.

[Onsamui]

Future of South West housing projects still uncertain despite Mi-space rescue - Business Live (business-live.co.uk)

All the houses are still under construction and now face delays with a spokesperson for Coastline saying: “Coastline is very disappointed that Midas, including elements of their subsidiary Mi-space, have been placed into administration.

“We have been working with the group to deliver 140 new homes on a site Coastline owns at Quintrell Downs near Newquay."   Been past the site today on my bike and there is still no one on site.  

[AlfredTheLittle]

4 hours ago, Frank Hovis said:

 

I tried starting a topic in this but it didn't really settle.

A lot of the new builds are constructed very poorly and I have seen one estate where the surfaces are starting to look a state and peeling at 6 - 10 years.

As this is revealing of poor build quality there could be substantial repairs required at twenty years; followed, if these cannot be afforded, by demolition.

At which point the owner is left with a building plot with planning permission but no money.

Replicate that across the country and you will have people in their forties or fifties who have no money, no house, and no realistic prospect of buying one so will be renting as pensioners and maybe on the state's test.

Plus the housing supply goes into reverse as new builds from the 1980s on are demolished faster than new ones are thrown up.

Obviously it's to keep costs down and so make more money, but I think it's also so they can pretend they're meeting their housebuilding targets. About 3 years ago I went to look at a high rise block of flats, which had all been built to rent. They were horrible and looked like they wouldn't last long, I didn't rent one, but that would have counted as a couple of hundred new homes in the housebuilding stats for that year.

[Frank Hovis]

The local paper has finally picked up on the way that coastal villages have become theme parks where people used to live.

“At times, people in the town feel that they are just operatives in a theme park,” said Stefan Harkon, a St Ives RNLI lifeguard for many years and one of the driving forces behind the new skatepark which was built last year and is already famous for its unique loop-the-loop Hepworth Vortex. “We work in an area but we can’t live in it.”

Stefan has seen the town he calls home change over the years and its addiction to tourism grow - so much so that he fears that unless there is a strong political will for change at all levels, round and round we will continue to go and the young people of St Ives, and by extension Cornwall, will keep having to leave in search for better job prospects elsewhere.

https://www.cornwalllive.com/news/cornwall-news/st-ives-seaside-theme-park-7017200

[Chewing Grass]

3 minutes ago, Frank Hovis said:

The local paper has finally picked up on the way that coastal villages have become theme parks where people used to live.

“At times, people in the town feel that they are just operatives in a theme park,” said Stefan Harkon, a St Ives RNLI lifeguard for many years and one of the driving forces behind the new skatepark which was built last year and is already famous for its unique loop-the-loop Hepworth Vortex. “We work in an area but we can’t live in it.”

Stefan has seen the town he calls home change over the years and its addiction to tourism grow - so much so that he fears that unless there is a strong political will for change at all levels, round and round we will continue to go and the young people of St Ives, and by extension Cornwall, will keep having to leave in search for better job prospects elsewhere.

https://www.cornwalllive.com/news/cornwall-news/st-ives-seaside-theme-park-7017200

What Cornwall needs is border controls with anyone with a car registered outside Devon & Cornwall being charged £20 per day plus a £20 per day surcharge on all holiday lets.

[Frank Hovis]

2 minutes ago, Chewing Grass said:

What Cornwall needs is border controls with anyone with a car registered outside Devon & Cornwall being charged £20 per day plus a £20 per day surcharge on all holiday lets.

 

And, reluctantly on my part, increased devolution so that the Council can crack down on second homes and holiday lets as it wishes to do; and was turned by Westminster in 2021 when asking to be allowed to put a big premium on second home council tax as Wales is doing.

[sleepwello'nights]

18 minutes ago, Frank Hovis said:

 

Stefan has seen the town he calls home change over the years and its addiction to tourism grow - so much so that he fears that unless there is a strong political will for change at all levels, round and round we will continue to go and the young people of St Ives, and by extension Cornwall, will keep having to leave in search for better job prospects elsewhere.

 

What industries do you think could/should operate in Cornwall that would give the population an incentive to live and work in the area?

https://www.cornwallti.com/industries/

[Chewing Grass]

1 minute ago, sleepwello'nights said:

What industries do you think could/should operate in Cornwall that would give the population an incentive to live and work in the area?

https://www.cornwallti.com/industries/

Poldark theme park

[Frank Hovis]

2 minutes ago, sleepwello'nights said:

What industries do you think could/should operate in Cornwall that would give the population an incentive to live and work in the area?

https://www.cornwallti.com/industries/

 

There are loads of small to medium sized businesses on industrial estates that always want workers; the tourist / service jobs are less popular because they generally pay less and are seasonal so paying your rent becomes an issue.

Cornwall doesn't really suit any huge industries like steel because of its geographical location but there are jobs a plenty and, since Brexit, these are no longer all minimum wage jobs done by EEs.

That said the wages will never be sufficient for people to live in places like St Ives where the typical buyers are those from the London financial sector.

This is one of several major industrial estates in the Camborne / Redruth area; there are going to be at least a thousand jobs there.  Maybe two thousand.

https://www.google.co.uk/maps/@50.2428998,-5.2237228,1372m/data=!3m1!1e3

[Bilbo]

4 hours ago, Frank Hovis said:

 

There are loads of small to medium sized businesses on industrial estates that always want workers; the tourist / service jobs are less popular because they generally pay less and are seasonal so paying your rent becomes an issue.

Cornwall doesn't really suit any huge industries like steel because of its geographical location but there are jobs a plenty and, since Brexit, these are no longer all minimum wage jobs done by EEs.

That said the wages will never be sufficient for people to live in places like St Ives where the typical buyers are those from the London financial sector.

This is one of several major industrial estates in the Camborne / Redruth area; there are going to be at least a thousand jobs there.  Maybe two thousand.

https://www.google.co.uk/maps/@50.2428998,-5.2237228,1372m/data=!3m1!1e3

Says one who's money probably came from the London financial sector.

I'm not getting at anyone but who wants to live in London. Best thing about it is all roads lead out.

[Frank Hovis]

20 minutes ago, Bilbo said:

Says one who's money probably came from the London financial sector.

I'm not getting at anyone but who wants to live in London. Best thing about it is all roads lead out.

Touche!

Well that and a couple of FTSE 100 companies anyway.

But I am from down here, I've known people since school that I still chat to.  My neighbours one side have been living there so long that I was at school with their son when he lived there; I bump into him fairly regularly.

I'm not an outsider by most people's estimation.

[spygirl]

Council tells mother, 43, she'll have to move 250 miles from Cornwall to Wales to get accommodation and treat trip 'as a holiday' due to local housing shortage after landlord gave them eviction notice

• Family evicted from rented home in Cornwall could be moved 250 miles to Wales
• Rae Layton, 43, was handed a shock eviction notice from private landlord in April
• The mother-of-three has until mid-July to find another property to move into 
• Cornwall Council said the 'imbalance in supply and demand' is at record levels

https://www.dailymail.co.uk/news/article-10774961/Council-tells-mother-43-shell-250-miles-Cornwall-Wales-accommodation.html

She said: 'My son has been in that house since he was born. I moved from pillar to post when I was growing up and I hated it.

'They've all got friends. My best friend lives two days away from me, every evening we see each other.

'There's such a big support network that I'm gonna miss. All the parents watch everyone's kids.

 

https://m.facebook.com/rae.layton.1?ref=content_filter

Self employed...

Lives in Truro

From Birmingham....

My local area is packed full of single mums from way away who fancied living by the seaside, who piled in, using private rentals and the very generous then LHA.

Just not sustainable. They bring nothing to the area, no skills, pt low paid work that requires a massive benny sub.