Wednesday, September 17, 2008
City Bonuses
When we first arrived here I recall this story. A local was selling his cottage in Salcombe and as we know this has statistically the highest house prices outside London. A young couple in their twenties were looking around the house and the owner cautioned them that the price was 650K and beyond most folks mortgages. The response was "we're using our christmas bonus money". The couple worked in the city. I wonder what the future lays ahead for people like this?
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Every one in Salcombe has been obssessed with property prices for the last decade! Every local has sold for top dollar to wealthier incomers, and then moaned about wicked second home owners!Like everywhere the town is subject to market forces.Now we have a downward spiral in prices here and a flat market hopefully people will get on with their lives. The big bonus earners are pretty shrewd and despite the lack of bonu in the future will survive on their entrepreneurial skills.Its not just salcombe which has a problem with affordable housing, how about London?
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