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The Effect of Second Home Ownership in Porthleven.

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The Effect of Second Home Ownership in Porthleven by Martin Reeves BA Business Administration Cornwall Business School 2003-2004 Contents Situation of the Housing Market in the UK 2003 3 Objectives and Aims 5 Methods and Ethics 7 References 8 Appendix 9 Situation of the Housing Market in the UK 2003 The rising number of second homes in the UK, appear to be at an all time high. This has been caused by the lowest interest rates for 30 years, low return on the stock market coupled with high consumer spending, creating a boom in second home ownership. But what effect does this have on the people in areas of low wages who can no longer compete with high earners chasing few homes that appear on the market. The UK is split into 12 main regions (invest-in-the-UK 2003) of these it has been said that the South East is one of the hardest hit areas for earnings gap/house price ratio increases (Hbosplc, 2003), with the SouthWest following closely second, but whilst the South East enjoys attention from central government in the form of affordable housing strategies and regional funding other areas must apply for what financial aid is left and formulate their own strategies. ...read more.


Objectives and Aims The objectives of this report are to highlight key areas in housing need that can be quantified with a sample questionnaire and collection of existing data on the housing market. Key points that concern this report are, * To determine if there is a pattern to ownership and if so is there any change in the pattern to second home ownership within Porthleven * To highlight the effect of second home ownership on local businesses * To measure the impact of second and holiday home ownership on the local population * To measure the impact of high prices on the local population With the current trend of house prices influenced by the purchase of second homes many villages in the Southwest have become property hotspots with local families priced out of the housing market. The aim of this report is not to criticize but to analyze the current situation, inform and propose strategies that could be adapted or used by councils and housing trusts within the SouthWest, however there are limitations on what can be achieved within the given timescale, and based on these limitations the reports main focus is on the parish of Porthleven. Porthleven is a typical Cornish village that has approximately 1650 Houses. ...read more.


to understand that a proportion of the residential areas are made up of rented homes which for the purposes of this report are still considered second homes. The design and implementation of the questionnaire needs to address some ethical considerations, whilst many of the questions asked could be considered anonymous, questions such as income level and address could make it obvious to a reader of the report of where that person lives, in taking this into consideration all addresses will be street level only and will not contain the house number or any indication of the exact location of the source of that questionnaire. Other issues that should be considered is the reluctance of the homeowner/renter to enter any details that they may feel uncomfortable with as the report writer lives within the village and may know the occupants, the opportunity for the occupier to opt out of selective questions will not be given as this will compromise the validity of information, if the situation arises where the occupier is reluctant another random house will be selected from that area. A statement will head the questionnaire offering the chance for the occupier to decline to take part without reason, however within the report a note will be made of the number of occupiers that do not wish to take part. ...read more.

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