Second homes boom creates longer wait for cheap housing

Click to follow
The Independent Online

Waiting lists for affordable housing have risen by two-thirds in the past five years in areas of England popular with second homeowners, figures show today.

Housing waiting lists increased by an average of 66 per cent between 2002 and 2007 in the top 10 areas of England for second homeownership, according to the National Housing Federation. The group said nearly 240,000 properties in England were registered as second homes, but demand for property from people outside some regions had pushed prices to unaffordable levels for locals.

The number of people on waiting lists for affordable housing increased by 115 per cent in the City of London, where a quarter of properties are owned by someone who does not live there full-time. The majority of areas affected are rural. Waiting lists for example rose more than 80 per cent in North Cornwall and South Lakeland in the Lake District.

The federation's chief executive David Orr said: "People have every right to buy a second home. But we must recognise that, in many cases, this has priced out local people."

Looking for credit card or current account deals? Search here