Pirate FM News

20 Year Wait To Buy in Cornwall

news - housing

Published by the Pirate FM News Team at 7:01am 19th June 2013.

Pirate FM has learnt a home in Cornwall takes a first time buyer twenty years of saving.

With a family the figure is sixteen.

Housing charity Shelter warns that is one of the worst in the country and says we desperately need more affordable homes.

Zoe from Wadebridge said: "I think we know that, when we come to buy, it isn't going to be in Cornwall. When we're old and rich we'll move back.

"There's no jobs in Cornwall - so we'll go where the jobs are and see where it takes us.There's houses round here, there's lots of houses for sale. It's just how the market's gone."

Shelter chief executive Campbell Robb said: “This is the first time research like this has been conducted at a local level to reveal the harsh realities that ‘generation rent’ is having to confront because of our shortage of affordable homes.

“Despite working hard and saving what they can each month, young people in the South West face life-changing choices between starting a family or buying a home of their own. Imagine a 28 year old couple weighing up their options: they can save for a home now and put off starting a family until they’re 35, or they can start a family now but accept they’ll be renting until their child is a teenager.

“Meanwhile, single people face an added pressure to either find a partner or to live with their parents well into their thirties if they’re ever to have a hope of saving enough for a deposit.

“It seems the only ones with any hope left are the few who can resort to the bank of mum and dad. But with so many parents already feeling the squeeze, this is not a sustainable option.

It says the number of new homes being completed in the southwest over the last year has fallen 38%.

That is helping force up rents, making saving a deposit even harder.

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