With the recession and the drop in housing prices can people afford to get on the property ladder in Devon? Er, no.
Even with an 18 per cent fall in house prices in the region since last April, the average house price in the South West at £159,704 is still 4.5 per cent more expensive than the national average.
What it means for people like shipwright John McShea, who lives in Totnes with his wife and two young children, is that you can’t save enough for a deposit.
He told the BBC: “We would love to have a house, it’s something that just passes beyond us.
“The amount [house prices] are coming down is nothing like the amount that would make a difference to a working person down here.”
But what about second home owners, who make up the bulk of John’s clientele?
According to one-time Lid Dem candidate and spokesperson for the National Association of Estate Agents, Devon estate agent Richard Copus said even though some houses are being going to locals, the second home owners are starting to re-enter the market, because the low interest rates makes property a better investment.
posted by Cptn
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