A few weeks ago The Times published an article entitled:
Bolt holes at a bargain price
You think you can’t buy a second home in Britain for less than £100,000? Think again, says Lucy Denyer
Hmmm…… I wouldn’t mind being able to afford a first home for under £100,000. Unfortunately the Isle of Wight is one of those places they list, and indeed many people find it is a lovely place to own a second home. The trouble is said second home will be occupied for a tiny amount of the year, and the rest of the time lie empty, while many locals can’t even get in sight of the property ladder, never mind reaching the first rung. I believe average house prices on the Island are now ten times average wages (I can only find stats for 2004, when it was “only” 7.4).
So if you’re thinking of “investing” in a second property, why not think about investing in something else and instead renting your holiday accommodation? Saving resources is a big issue, we try and save water, save energy etc. as we are aware of the finite nature of such things. So can we please start thinking about how we use our limited housing resources?
Obviously I have a vested interest, as I live in a rented house, on a short term lease. But is it really so much to ask when my income is around 30% higher than the average for the area to be able to afford a modest family home without needing to borrow 7 times my income?
So Lucy Denyer, how about promoting shared bolt-holes rather than increasing the over-consumption of our precious housing resource?