Cornwall's broken housing market

FoxEye

FoxEye

FoxEye

Caporegime
Joined
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Location
Cornwall
The first house I ever lived in was a small cottage in a tiny hamlet in Cornwall a few miles inland from the coast. I lived there for the first 5 years of my life, only.

We must have bought it for somewhere between £10k and £20k, back in 1980. My parents were stony broke, mostly. And it was a fixer-upper, for sure. We had to use a ladder to get to the first floor, as the staircase was rotted away..

The valuation of this property in 2023? A shade under £700k. All the surrounding properties in roughly a 10 mile radius are more than 1/2 million squid.

Note, this is not a trendy coastal/ ex-fishing village. This is a few miles inland. When people say that Cornwall is affordable outside of coastal villages, what they really mean there are a couple ghettos for locals - Camborne and Redruth. Where everybody priced out of literally every other place in the county is inevitably forced to locate to.

But hey ho, that's Cornwall for you. The UK's retirement home and BTL + 2nd home paradise. Where people from London retire to en masse, and thereafter attempt to block any new housing developments in "their" area, citing lack of infrastructure or spoiled views from their villas. But I digress.

What is your childhood house worth today, and what do you think it was worth when you were a child?
 
My childhood home in London we sold in 08 for £278k last sold for £1.1 million in 2019.
Houses in same road are worth roughly between £800k to a million recently.
No logical reason for that growth, it’s all artificially inflated in one way or another.

It’s just insane there’s nothing special about the house and it’s in a **** hole part of east London.
 
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Thats impressive, clearly the house must have been improved some since then (costs to maintain etc. are reasonable in a price). Also put your price into a inflation calc as money has at least halved, maybe a third of its value start of 1980. I know my old house from that era was a similar price (2000) and it was normal, we had a staircase and everything :D Uk currency got destroyed in the 1970's into 80's with 30% inflation
 
silversurfer said:
Thats impressive, clearly the house must have been improved some since then (costs to maintain etc. are reasonable in a price). Also put your price into a inflation calc as money has at least halved, maybe a third of its value start of 1980. I know my old house from that era was a similar price (2000) and it was normal, we had a staircase and everything :D Uk currency got destroyed in the 1970's into 80's with 30% inflation
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According to various websites that value property, our childhood house gained +50% value between 2019 and now.

That's not explained by general inflation, is it.
 
Camborne and Redruth are not exactly the most amazing places in the world, but you can do worse, especially in places near them but not actually in them. I lived at the foot of Carn Brea for 3 years and it was bleddy ansum I tell ee :p
 
Zefan said:
Camborne and Redruth are not exactly the most amazing places in the world, but you can do worse, especially in places near them but not actually in them. I lived at the foot of Carn Brea for 3 years and it was bleddy ansum I tell ee :p
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I guess it's slightly better than living on that floating garbage island in the middle of the ocean. Slightly better.

But yeah, that whole area is a ghetto for locals. It's a dive. Massive issues with drugs, family abuse, crime, gangs, vandalism, etc, etc. The usual things you get with high rates of poverty and disillusioned youth.
 
Generally housing is no longer affordable commensurate with the kind of jobs people have, some areas worse than others, I'm surprised there isn't more kick back, but like the the implosion of NHS dentistry people seem almost resigned to it, despite the fact a rapidly increasing number of kids are going to grow up not getting adequate dental care.

I'm just thankful as things stand I'm not directly affected by it.
 
Allnamestaken said:
My childhood home in London we sold in 08 for £278k last sold for £1.1 million in 2019.
Houses in same road are worth roughly between £800k to a million recently.
No logical reason for that growth, it’s all artificially inflated in one way or another.

It’s just insane there’s nothing special about the house and it’s in a **** hole part of east London.
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Bank of England interest rate in 08: almost 6%

Bank of England interest rate in 19: under 1%

I wonder why the house prices went up
 
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I was talking to another surfer about this in Polzeath how community's are wrecked as the shiny glass boxes are erected one by one ,the latest batch of townhouses are 2m and they all get snapped up for holiday rentals and 2nd home or combo
but yes big problem now all over the county a few at work have landloards who are getting out of long term rentals so they are struggling to find anywhere
I am on the deeds of my childhood home, new it was £1500 i think now not sure similar to mine
 
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My childhood home is probably worth the same amount. Though the house opposite my mums is up for rent at £750pm! (1 bed).

This is in a old mining village with zero amenities, no bank, no gym, the park recently got burned down by some youths, no jobs since mining stopped, community centre looks like a prison, nearest big shop is 15 minute drive away or even a post office.

A butchers reopened this year, got robbed the same week and swiftly shut down. Don't understand how the property can be worth that kind of rent in such an area.
 
My childhood house isn't in this country, and it was a flat and my parents rented as that was the norm in Europe!

When we moved to the UK was over 20 years ago. The 4 bed terrace in London now seems to be worth around 996k! :eek:
 
FoxEye said:
But hey ho, that's Cornwall for you. The UK's retirement home and BTL + 2nd home paradise. Where people from London retire to en masse, and thereafter attempt to block any new housing developments in "their" area, citing lack of infrastructure or spoiled views from their villas. But I digress.
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Don't worry... Going by the reports, the entire Cornish coast is highly sensitive to sea level rises so the shiny boxes will soon be underwater :cry:
 
FoxEye said:
The first house I ever lived in was a small cottage in a tiny hamlet in Cornwall a few miles inland from the coast. I lived there for the first 5 years of my life, only.

We must have bought it for somewhere between £10k and £20k, back in 1980. My parents were stony broke, mostly. And it was a fixer-upper, for sure. We had to use a ladder to get to the first floor, as the staircase was rotted away..

The valuation of this property in 2023? A shade under £700k. All the surrounding properties in roughly a 10 mile radius are more than 1/2 million squid.

Note, this is not a trendy coastal/ ex-fishing village. This is a few miles inland. When people say that Cornwall is affordable outside of coastal villages, what they really mean there are a couple ghettos for locals - Camborne and Redruth. Where everybody priced out of literally every other place in the county is inevitably forced to locate to.

But hey ho, that's Cornwall for you. The UK's retirement home and BTL + 2nd home paradise. Where people from London retire to en masse, and thereafter attempt to block any new housing developments in "their" area, citing lack of infrastructure or spoiled views from their villas. But I digress.

What is your childhood house worth today, and what do you think it was worth when you were a child?
Click to expand...

Who valued it?
 
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