House prices TRIPLE along Welsh coastline despite fears 1,300 homes could be swept away by flooding

The tide has turned for a seaside village deemed to be ‘doomed’ as house prices have tripled along the Welsh coastline – despite fears some 1,300 homes could be swept away by flooding.

Families feared the worst when it was warned that hundreds of properties would eventually be swallowed by waves in Fairbourne, because the government is to stop repairing sea defences.

But people are now flocking to buy houses and bungalows in the picturesque village with panoramic views over the sea.

Property site Rightmove says that in the past year, prices shot up by some 35 per cent in some areas.

It comes against warnings that sea walls and barriers in 48 areas round the coastline will only be maintained for the next 15 years before they are left to be battered by high tides.

But that has not stopped the stampede of people making the most of the sea views. Most purchasers are thought to be cash buyers as few lenders will offer mortgages in a place with a finite lifespan.

The tide has turned for a seaside village deemed to be ‘doomed’ as house prices have tripled along the Welsh coastline – despite fears some 1,300 homes could be swept away by flooding

Families feared the worst when it was warned that hundreds of properties would eventually be swallowed by waves in Fairbourne, because the government is to stop repairing sea defences

A two-bedroom, semi-detached house in Belgrave Road recently fetched £129,950 – having sold for £45,000 in 2002

Some increases were even more spectacular: a three-bedroom bungalow on Ffordd Corsen snapped up for £65,000 in April 2017, was sold for £195,000 last July

People are now flocking to buy houses and bungalows in the picturesque village with panoramic views over the sea

Most purchasers are thought to be cash buyers as few lenders will offer mortgages in a place with a finite lifespan

Another factor is thought to be second home and holiday let buyers – along with the recently retired who are happy to spend their pension pots without worrying about investment prospects

Property prices in the village have been rising since the start of the Covid pandemic and they gathered pace last year as Fairbourne enjoyed a staycation boom

Over the past 15 years, property prices in the village have swung violently. In 2014, its residents discovered they were to become Britain’s first ‘climate refugees’, the local property market crashed

Over the past 15 years, property prices in the village have swung violently. In 2014, its residents discovered they were to become Britain’s first ‘climate refugees’, the local property market crashed

There were concerns Fairbourne would become a ‘ghost village’, its homes and amenities left to deteriorate in the absence of habitation and investment. But the reverse has happened

Last year, according to Rightmove, the 15 properties sold in Fairbourne averaged £122,530, down 10% on the 2007 peak of £136,786

Gwynedd council says it can afford to maintain defences in the North Wales seaside town of Fairbourne, near Barmouth, for 40 years

But people wanting to buy in the village cannot get mortgages as companies want security for 60 years

The Welsh government’s coastal plans have been drawn up with expert advice from specialist engineers and hydrologists and have been adopted by councils

Another factor is thought to be second home and holiday let buyers – along with the recently retired who are happy to spend their pension pots without worrying about investment prospects.

Property prices in the village have been rising since the start of the Covid pandemic and they gathered pace last year as Fairbourne enjoyed a staycation boom. It’s estimated a quarter of the properties are now second and holiday homes.

One resident said: ‘It is staggering how many homes are now holiday lets – I suppose it makes sense.

‘If you can get £1,200-£1,300-a-week for letting a property in the summer, you will soon cover its purchase price.’

Over the past 15 years, property prices in the village have swung violently. 

In 2014, its residents discovered they were to become Britain’s first ‘climate refugees’, the local property market crashed.

House sales fell through, mortgage offers were hurriedly withdrawn and prices slumped 40%.

There were concerns Fairbourne would become a ‘ghost village’, its homes and amenities left to deteriorate in the absence of habitation and investment.

But the reverse has happened. A two-bedroom, semi-detached house in Belgrave Road recently fetched £129,950 – having sold for £45,000 in 2002.

Some increases were even more spectacular: a three-bedroom bungalow on Ffordd Corsen snapped up for £65,000 in April 2017, was sold for £195,000 last July.

One retired doctor said: ‘I could move to be nearer my son in England but house prices are much higher there and so are crime rates,’ said the pensioner, who also asked not to be named.

‘As a retired person, I want to live in a safe area and there is virtually no crime here. Fairbourne is also a vibrant community with lots of shops and amenities.’

Last year, according to Rightmove, the 15 properties sold in Fairbourne averaged £122,530, down 10% on the 2007 peak of £136,786.

Gwynedd council says it can afford to maintain defences in the North Wales seaside town of Fairbourne, near Barmouth, for 40 years.

But people wanting to buy in the village cannot get mortgages as companies want security for 60 years.

The Welsh government’s coastal plans have been drawn up with expert advice from specialist engineers and hydrologists and have been adopted by councils. 

The experts say it is financially unviable to maintain the sea defences.