House prices in Gwynedd declined after new restrictions on second homes. Some celebrate, while others express concerns about long-term effects.
This happened after the local council started to control home costs. People are worried since their property value tanked. The council made a rule about second homes last September. This rule limits turning regular houses into vacation rentals.
They also hiked council tax on second homes 150%. Changes to holiday let rules affect prices, too. All these make house prices drop even more.
One homeowner feels awful about a £30,000 loss. People are upset; they wish they never moved back. She blamed losses directly on the rule.
The council is trying to help locals afford homes. Reportedly, most residents couldn’t buy homes earlier. Too many vacation homes made it hard.
One person online calls the price drop fantastic news. They said that the second-home “scavengers” are running. They felt houses should be homes, not money-makers. Someone else said the council’s plan seems to work. Still, they are unsure if prices will drop low enough. They mentioned local jobs don’t pay well.
Another person thinks the joy will not last. Council plans can be short-sighted, they wrote. Locals need good jobs; otherwise, they still cannot buy. Another user wrote values rose artificially. Vacation homes raised prices, they think. Now the market is getting normal again. Locals can now buy those homes.
Someone else is happy for the young people. They feel this may even help businesses. Fewer young nurses might leave the area finally. Someone online said young people still struggle. Jobs pay badly in North Wales, they said. Retirees from England find the houses attractive too.
Another person claims many homes are under £200K. Locals can buy them now, they insist. Mortgages are vital, they pointed out. If you lack a job, you can’t buy.