We live in the seaside town with Britain’s fastest rising house prices – no one can afford a deposit…it’s nuts
RESIDENTS in a UK seaside town have told how "nuts" house prices are preventing them from getting on the property ladder.
Hastings in East Sussex boasts a charming seafront promenade and seamless transport links to London - making it an appealing location for buyers.
However, paralysing inflation and a cost of living crisis, combined with spiralling property prices are dashing hopes for would-be homeowners.
Fresh ONS (Office for National Statistics) figures compounded that misery, placing Hastings second on its list of 50 property-boom towns across the UK.
The seaside town climbed sharply from the average price of £137,090 to £295,030 - constituting a jaw-dropping 115% spike.
Carol Williams, 67, moved to Hastings from Northampton to spend her retirement years on the seafront.
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She explains that she wasn't surprised by how expensive her new property would be.
Carol said: “We wanted to be by the sea on the south coast in somewhere we could afford.
“It was expensive to buy here but we were expecting that.”
Locals tell of how landlords make it difficult for would-be renters to move in - with many on the financial fringes being pushed onto the street.
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New mum Melissa Pearson, 25, is one of those struggling to get on the housing ladder.
She revealed: “They [landlords] make it so hard with renting.
“The want so much money up front now.
“There is a lot of homelessness here.
“It makes it much harder to buy a place, even if you can afford the cost of a mortgage deposit.”
Others flocked to the historical town before the crippling climb in property prices.
Kevin and Lucy Walsh moved to Hastings from Edinburgh - opening their seafood restaurant St Clement’s five years ago.
Lucy said: “We moved down five years ago when we found our perfect restaurant.
“Prices were a third to a quarter of what we were looking at in Edinburgh.
“We bought just at the beginning of COVID before the prices went really nuts.
“It wasn’t a master plan, we were just lucky."
The influx of former London residents has helped to swell the restaurant's popularity.
"There are people here with money to spend,” Lucy mentions.
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Kevin interjects: “Yeah, because they’ve sold up in London and moved down here.
“With all the new people moving down, a place can lose what it was that attracted you in the first place but we still love it.”
