Second home owners ruined our seaside town… I work 80 hour weeks and live with my parents because home prices have TRIPLED in one year

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WITH its sickle-shaped sandy coastline and sprawling cliff-top golf course, Nefyn on the North Wales coast is a dream place to live.

Unfortunately for most of the local youth today, a dream is all that will ever be.

An army of second-home owners has sent property prices skyrocketing above anything people born and raised in the coastal town of Postal could afford.

Over the past 12 months, the cost of property in Nefyn has nearly tripled.

And rent? Forget it. Many second-home owners have taken their properties off the rental market to go after more lucrative Airbnb clients.

An online search last week revealed just NINE rental properties within a 10-mile radius of Nefyn.

Morgan Jones, who was born and raised in the city, told The Sun how, at the age of 30, he is forced to live with his parents because he cannot find property to rent.

Despite working up to 80 hours a week at his own bistro bar in nearby Pwllheli, sky-high prices prevent him from buying a house in his hometown.

“I’m desperate to have my own house, but it’s just unaffordable,” he said.

“I also can’t rent a place of my own because there simply aren’t any available.

“The few that enter the rental market are bought immediately. I looked online and there were only a handful, but most were about 20 miles away.

“Something has to change in the housing market or there won’t be any locals who can live here.

“I really want to stay here because I love the area, but unless the bistro is a huge success, which I hope, I’ll have to move.”

The shortage of available housing, to rent or buy, at prices affordable to locals is driving many away from their hometown in search of affordable places.

I’m desperate for my own house, but it’s just unaffordable… Something has to change in the real estate market or there won’t be any locals to live here.

Morgan Jones, Nefyn resident

This exodus is turning Nefyn into a ghost town for most of the year.

During the long winter months many of the houses remain empty and hospitality businesses have become increasingly seasonal.

Despite this, property prices show little sign of waning.

Research compiled by Rightmove in February of this year revealed that Nefyn had seen values ​​increase by a staggering 175 percent in the previous 12 months.

The average price of a property in Nefyn is now £576,333, far more than most local youth, or of any age, can afford.

‘Very unfair’

Local resident Cerys, 24, earns £15 an hour throwing pints behind the bar in a town pub and says she has “no chance” of owning her home.

“I’ll never be able to save enough for a deposit, and even if I could, I wouldn’t get a big enough mortgage to buy anything here,” he says.

“Second homeowners have pushed prices out of reach for locals, but we are the lifeblood of the city.

“If everyone like me leaves Nefyn in search of affordable housing, who is going to serve these second-home owners and Airbnb users their beer?

“It’s so unfair. I’ve lived here all my life, but I’ll probably have to move soon because I want my own house or apartment, instead of living with my parents like I have to now.”

‘opportunists’

Chris, 32, faces a similar dilemma. The driver of the van, who has two young children, said: “It breaks my heart not to be able to buy a house for my family, even though I make decent money.

“A few years ago my salary would have allowed me to buy here, but now there is no prospect of that.

“We managed to find a place to rent because we knew a friend of the owner, and I know I should be grateful for that, but it doesn’t compare to having your own place.

“Wealthy opportunists have come to Nefyn and pushed the housing market out of reach for local people like me. It makes my blood boil”.

Wealthy opportunists have come to Nefyn and pushed the housing market out of the reach of local people like me. It makes my blood boil

Chris, resident of Nefyn

The head of real estate agents, Melfyn Williams, co-owner of the Williams & Goodwin chain, pointed to the increase in the number of properties being used for Airbnb in recent years.

“Nefyn, like many small towns and cities in beautiful areas, has seen a rise in popularity and in turn prices in recent years,” he said.

“Rapid price growth in any area, particularly in a short period of time, makes home buying more difficult for anyone not already on the property ladder, as the entry level rises. to buy.

“It can become both frustrating and disappointing, particularly for the younger generation who want to stay in the town where they grew up when the area may not have enough local economic activity to provide good paying employment to help and enable young people to shop. at higher prices.”

‘Hope’

But Mr. Williams offered a glimmer of hope for the locals in the coming months.

“While there has been an increase in growth in a short period of time, following the lockdown and the Covid pandemic, in recent months there has been a noticeable cooling in the real estate market which in turn should ease the pressure on prices. “, said.

Williams added that the vacation home market may also cool off as travelers return to overseas options.

“Time will tell,” he said. “It is also noted that the welsh assembly are exploring ideas to curb the popularity of second home purchases.

“Rising house prices are a global dilemma, repeated in many areas of the UK and in particularly beautiful places.

“All of these local areas have similar concerns about the local community and want to keep it vibrant while in Wales.

“Naturally we have the added concern of any impact there may be on the Welsh language.

“First-time homebuyers are an important part of the home buying process – they are the future of local communities, businesses and life.”

In an interview with a local newspaper after the Rightmove data was released three months ago, Williams’ partner, Tim Goodwin, was even more blunt on the subject of second-home ownership.

He said: “I think there is a strong possibility of a new housing crisis within five years due to a lack of new social housing being built and due to current property policies.”

He cited the council’s new powers to tax second homes and its effect on locals inheriting family property.

“Owners of inherited family properties would like to move into them, but are often unable to do so right away, and since they are classified as second homes, the council taxes are too punitive in the interim,” Goodwin said.

“The only alternative for people in this position is to sell their parents’ houses.

“Often these are people who grew up here and moved to look for work. When the family property is left, they want to return home, perhaps when they retire in 18 months.

“But they can’t because of the premium. These are not second homes, but their owners continue to be penalized.”