The Cornish and Devon Post received a letter from Nick Cole, Bude, it said:

"The problems associated with the lack of affordable homes is not unique to Bude, but the people of the town do have a very long history of resisting development that encroaches on what they have seen as “their” land and for two hundred years they have recognised that the attraction of the town is its unspoilt open countryside and downlands. 

"However, there is now so much money to be made building properties, that capitalise on this unspoilt beauty, that local views can be overridden by careful terminology which will include a specified number of so called “affordable homes”.

"I have often argued that an economy based on the value of property is a false economy. But I also feel that it is unsustainable, affects negatively the local economy and ultimately it destroys communities. The most obvious manifestation of a false economy is that fact that average house prices are now at least ten times the average annual wage. In the early seventies, a typical detached three-bedroom house was little more than a third of an annual salary. 

"There is no doubt that building high value new properties, beyond the reach of local people, does bring people to the area, who inject an initial sum into the local economy. And, of course, local trades people will be employed carrying out these improvements. 

"It is equally understandable that a developer will choose to build in an area that will attract buyers who can afford inflated house prices, maximising the developer’s profits. But this has the consequences, as house prices rise disproportionate to the local economy. It also raises the value of land on which could be built low-cost housing. 

"Bude already had property-cost induced poverty, but this has greatly increased with the effects of high interest rates. Homeowners who committed to large borrowings, to get on to the property ladder, are now being hit with significant increases in their mortgages; as are people who have borrowed to buy property to let. These costs are now being passed on to those who can least afford it, namely those who are renting.

"These increases in the cost of homes reflects on disposable income levels which in turn results in a fall in money spent locally. This too negatively affects the local economy.

"Of course, the influx of people to our beautiful piece of countryside raises population levels beyond the capabilities of local infrastructure and services needed to sustain the population levels. The high property costs make it impossible for our young people to buy and they are forced to leave their home area to find better prospects elsewhere. This adversely affects the age balance within the area and negatively impacts on the local economy as they are not available to contribute to the earning workforce. We know too that younger people who have needed skills and want to move to the area cannot do so owing to the shortage of homes. There is therefore a total age imbalance in the make-up of the population.

"There are further well-known negative impacts on health, wellbeing and negative societal implications when a large proportion of a population find themselves in poverty not of their doing.

"A report to the House of Lords on Renting says, “cities that fail to step up with affordable housing solutions drive out residents, lose potential workers, and discourage growth in their local economies. While those who already have safe and stable housing may not feel the true cost of poverty, the effects are real and can have a serious detriment on our communities”.

"The House of Lords report continues, “high housing prices can slow down a local economy, leaving jobs unfilled and less spending power in a community. But, when affordable housing is readily available, more opportunities become available for people at all income levels. More money is available for spending in a community, and long-term change can begin to take root”.

"The question is whether there is a collective myopia driving this; or is it that too many people have a sense of ease as they sit on property that is increasing in value, or is it that the affects of the high cost of housing are not fully appreciated?

"I do feel that many will feel a sense of inevitability about this; the demand is there, developers will respond to this need as long as people will pay for these inflated properties. But experience from other parts of the world show that there are big longer-term consequences on communities that do not arrest this trend, or take action to create an economy that can support a higher wage economy."