Wales ‘overtaking Cornwall as Britain’s holiday home hotspot’ says Telegraph

Wales is now overtaking Cornwall as Britain’s “holiday home hotspot” and buyer inquiries in Wales rose faster than any other region in the UK during June, according to the Telegraph.

The newspaper, which last week advised readers to “invest in the staycation boom” by buying a holiday home in Wales, said that the country had now been hit by “a huge desire for second homes and holiday lets”.

Part of the reason is that property in the country remains cheap in comparison to other holiday destinations in the UK, the newspaper says, becomes wages are lower there. The average house in Wales was more than 50pc cheaper than the South West of England, it notes.

Property prices in Wales increased by more than 13pc in the year to May 2021, according to the Office for National Statistics – the biggest rise in the whole of the UK. Property prices in Pembrokeshire and Ceredigion rose by 51% and 49%.

“With its promise of rugged coastlines, dramatic scenery and affordable property, it overtook Cornwall as Britain’s holiday home hotspot this year,” the Telegraph said.

The article quotes Lucian Cook, of estate agency Savills, who says: “Transaction levels are comparable to those in the most active parts of South West England.

Andrew Wishart, of analysis firm Capital Economics, adds: “Welsh house prices are also more affordable when compared to local incomes and this, combined with hybrid working allowing people to live further from the office, means there is more scope for house prices to continue rising.”

The article comes after hundreds of people met at the Tryweryn dam in Gwynedd this month to protest against the housing situation and call for the Welsh Government to act.

Last week, the Welsh Government said it was committed to tackling the “adverse impact that disproportionate numbers of second homes can have on communities”.

“We will work unstintingly to stabilise the number of second homes and, through the actions we and our partners take, to reduce them over time in areas where there are concerns,” Climate Change and Welsh Language minister Julie James and Jeremy Miles said.