Newquay – we’ve all either been there or tried to get there and broken down on the way. Those who made it will no doubt have bought an ice cream, a postcard or maybe even a house. In fact, quite a lot of well-to-do ‘city folk’ ditched the first two and just went for the latter and as a result, property prices soared. At the height of the market in 2007, properties only came in the form of luxury apartments and entered the market at anywhere between £200,000 and £800,000. Not good news for the locals with an average wage of £18,000.
Fast forward 2 years, the market is dead and Newquay has around 600 luxury properties for sale, unfinished or with planning permission. Mortgages are harder to come by, disposable incomes are down, house repossession numbers are up but still the locals can’t afford housing. It’s a problem that may take years and millions of pounds to fix.
Tags: avoid repossession, house repossession, repossession, repossession order, stop repossession