Pirate FM News

Cornish Families 'Trapped' On The Property Ladder

news - housing

Published by the Pirate FM News Team at 7:01am 1st April 2013.

Pirate FM has learnt some Cornish families feel trapped because they can not afford to buy a bigger home to have more children.

Figures show half of Duchy owners have been in their first house for more than a decade.

Almost one in five says it is worth less than when they bought it.

Redruth mum of one Stacie admits it is a struggle. She said: "For nearly a year we've been kind of thinking about moving, but it's just not feasible at the minute. We can't save up for a deposit. Food shopping's got more expensive, fuel's got more expensive. It costs that much more just to be able to get to work.

"There's very little equity in the house, so we're basically saving from scratch for a deposit just like a first time buyer would, except we've already got a mortgage."

That has sparked calls for the government to do more to help Cornish families stuck on the housing ladder.

Falmouth Estate Agents Mark Lewis, said: "Certainly the government could do more in terms of providing a loan for a deposit. Or encouraging more Housing Association shared equity to get people living locally that want to stay local who can't otherwise afford a full price mortgage.

"Whilst the property market probably hasn't increased in price since 2010, if wages aren't increasing there isn't the surplus to actually take the next step up the ladder. The cost of moving is quite expensive, with all the taxes, stamp duties."

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