Estate agents in St Ives are in a flap about a drop in house sales. They say second home buyers ‘do not feel welcome’ after the neighbourhood plan vote to restrict the sale of houses as 2nd+ ‘homes’. Poor dears. Now, as a matter of urgency every other neighbourhood plan in Cornwall should include a similar restriction in order to help reduce the scale of this scandal.
Although most contributors agreed that second home were a problem in Cornwall one stated
second home owners spend a lot of money in Cornwall, we would be a lot worser off without them
Would we? What is the evidence for that?
Two basic points:-
1) Permanent residents would spend more in the local economy than second home owners as they would be living there throughout the year.
2) As all residents in effect pay a premium on house prices due to demand from second home owners, there is a negative cost to consider.
All in all second homes are not beneficial to the economy and as we know result in over-development.