‘It’s a glorified holiday camp’: St Ives fights losing battle over second homes

As property prices in the Cornish town soar, residents are dismayed that a landmark policy to curb investment buyers has proved ineffective

Holiday let, holiday let, holiday let," says Leo Walker ruefully, as he leads the way through the historic fishing quarter of St Ives in Cornwall, pointing to successive properties.

As the afternoon sunshine breaks through the clouds and gaggles of tourists devour ice-creams at the nearby harbour beach, Walker is reminiscing about how this area - known locally as downlong" - was once affordable for young renters and was populated with traditional B&Bs.