We live in the seaside town with the fastest rising property prices in the UK – nobody can afford a deposit… it’s crazy
RESIDENTS in a British seaside town have told how ‘crazy’ house prices are preventing them from climbing the property ladder.
Hastings in East Sussex has a charming seafront promenade and seamless transport links to London, making it an attractive location for shoppers.
However, crippling inflation and a cost-of-living crisis coupled with soaring home prices are devastating hopes for prospective homeowners.
New figures from the ONS (Office for National Statistics) compounded this misery, placing Hastings second on its list of the UK’s top 50 property boom towns.
The seaside town rose sharply from an average price of £137,090 to £295,030 – a stunning 115% increase.
Carol Williams, 67, moved to Hastings from Northampton to spend her retirement by the sea.
She explains that she wasn’t surprised at how expensive her new property would be.
Carol said: “We wanted to be by the sea on the south coast, in a place that we can afford.
“It was expensive to buy here, but we expected that.”
Locals tell how landlords are making it difficult for potential tenants to move in – and forcing many of the financially marginalized onto the streets.
New mom Melissa Pearson, 25, is one of those struggling to climb the apartment ladder.
She revealed: “You [landlords] Make it so difficult for yourself with the rent.
“They want so much money up front now.
“There are a lot of homeless people here.
“It makes it a lot harder to buy a home even if you can afford the cost of a mortgage deposit.”
Others flocked to the historic city ahead of the crippling rise in property prices.
Kevin and Lucy Walsh moved to Hastings from Edinburgh and opened their seafood restaurant, St Clement’s, five years ago.
Lucy said: “We moved downstairs five years ago when we found our perfect restaurant.
“Prices were a third to a quarter of what we saw in Edinburgh.
“We just bought at the start of COVID before prices got really crazy.
“It wasn’t a master plan, we were just lucky.”
The influx of former London residents has helped increase the restaurant’s popularity.
“There are people here with money to spend,” Lucy mentions.
Kevin interjects: “Yes, because they sold in London and moved here.
“With all the new people pulling down, a place can lose what initially attracted it, but we still love it.”