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."

Email Icon

Sign up for exclusive news, competitions and offers.
Proper Local News updates from Pirate FM

Suggested articles

Man dies after a 'freak accident' in Cornish woods

Cornwall News: Police confirm he was struck by a tree at Tehidy

Soul singer Aretha Franklin 'seriously ill' and 'surrounded by family' says close source

Showbiz News: Soul singer Aretha Franklin is seriously ill and her family has gathered with her, according to a person who is close to the star.

Trending in Cornwall

LIVE: Car crash leaves Westminster on lockdown

Man questioned on suspicion of terror offences

Man dies after a 'freak accident' in Cornish woods

Police confirm he was struck by a tree at Tehidy

Robbery at jewellers in Penzance town centre

Items were stolen and police are searching for the suspect

PHOTOS: Abusive messages left on poorly parked car

Dead fish and dog poo were also left on the vehicle in St Ives

WATCH: The Red Arrows return to Falmouth

Check this full guide to travel and the best views

WATCH: Britain's Got Talent is back in Cornwall

This could be your time to shine...

Man treated by paramedics after an A38 crash

Police say a digger hit the barrier near Liskeard

Homes being built faster in Cornwall than anywhere else

Around 2,500 houses are being built here every year

New tracker to tackle bed-blocking in Cornwall

Around 20 patients a day are waiting to leave wards

WATCH: Boy who fell from pier was 'chasing a seagull'

The youngster was airlifted to hospital from Looe

More news...

Pirate Extra Pirate 70s Escape LoveCornwall