House prices soar in village set to disappear under the sea in the next 30 years

manchestereveningnews.co.uk:

Househunters are snapping up homes in a North Wales village that is set to be submerged under water in the next 30 years.

The village of Fairbourne in Gwynedd has seen a surge in people looking to purchase houses and bungalows, despite the area destined to disappear beneath the waves.

Property prices in the village have shot up by 35 per cent in the last year, according to Rightmove.

All purchasers are however thought to be cash buyers, as few lenders will offer mortgages in a place with such an uncertain future, reports North Wales Live.

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Climate change, and the speed at which it is taking hold, is what will eventually push Fairbourne residents out of the area due to rising sea levels.

In the years leading up to 2054, homes are to be levelled in the seaside village.

Gas pipes and electricity pylons will be dismantled and, to add insult to injury, residents may be asked to contribute thousands of pounds for the privilege of razing their homes.

Compensation is not an incentive as this is not being offered to the 420 homeowners forced to abandon Fairbourne when the village is 'decommissioned' in the run-up to 2054.

From that date onward, the village’s seawall will no longer be maintained in the face of rising sea levels and there will not be any more money spent on defending the community.

One cohort driving the unlikely house price surge is thought to be second home and holiday let buyers.

Another is 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, setting pace last year as Fairbourne