Gwynedd house prices plunge as council acts on second homes
House prices in Gwynedd, a Welsh county, have fallen by more than 12% year-on-year, largely due to measures implemented by the local authority to regulate second homes and holiday lets. The introduction of planning requirements and a 150% council tax premium has made it less attractive for investors to purchase properties in the area, leading to a decline in prices. This trend is particularly notable in areas with high concentrations of second homes, where the availability of affordable housing for local residents is becoming increasingly scarce.
- The decline in house prices in Gwynedd highlights the unintended consequences of policies aimed at regulating second homes and holiday lets, potentially pricing out long-term residents who are being pushed out of their own neighborhoods.
- How will the ongoing efforts to balance the needs of local residents with those of investors and tourists impact the future of housing policy in Wales, particularly in areas where second homes have become a dominant feature?