Are you thinking about moving to Cornwall or investing in property in the region? If so, it pays to know where the property market is currently at, how it’s changed in recent years and where it’s heading in the future. To get you started, here are our Cornwall property market predictions from an experienced property finder working in the region.
The Picture So Far In 2019
Nationally, the story of house prices has been one of slowdown, in large part due to a fall in house prices in London and the wider South East region. Average house prices improved by 0.6% in the year to February 2019, a fall from 1.7% in January 2019. It’s the lowest nationwide annual rate since September 2012.
The South West and Cornwall within it, also saw a drop between January and February 2019 of 0.4%. However, there has been a 1.2% increase in the year to February 2019. The average house price in the South West as a whole in February 2019 stood at £253,730 according to the Office of National Statistics.
Research by Zoopla, indicates that in May 2019, the current average value of a Cornwall property is £280,507. This marks a rise of 4.62% in one year.
How Did Cornwall Perform In 2018?
As a Cornwall property finder, the areas of Lanivet and Luxulyan stand out as being the major success stories of 2018. There, the average price paid across 43 sales was £310,000, an impressive 37.7% increase on 2017 when the average was £225,000. St Erth and Leedstown also performed well with a 26% rise between 2017 and 2018, property prices rising from £210,000 to £265,000.
Unsurprisingly given its picturesque location and incredible views, Port Isaac is the most expensive area for property in Cornwall. Everyone wants a slice of that Doc Martin life! Average property prices in the fishing village have now reached £383,750, an increase of 10% from 2017.
At the other end of the scale, areas of Camborne and Tuckingmill had the lowest average property price in 2018 at £149,950. This was still an increase of 5% on the previous year.
Our Property Finder’s View On The Future Of The Cornwall Property Market
Looking ahead, we believe that Cornwall will continue to outperform other parts of the country, throughout 2019. Of course, whilst the Brexit situation continues to remain unsolved there will always be a chance that the property market may take a turn. However, the lack of much significant change following the 2016 referendum result does give us a degree of confidence. A bad deal or ‘No Deal’ Brexit could still prove problematic with second-home investors taking the opportunity to sell quickly, but the dip in foreign investment that has so clearly impacted London is less of a concern in Cornwall. If anything, Cornwall property may in fact benefit from greater numbers of people choosing to retire to the beautiful coast over continental Europe.
The property rental market in Cornwall is looking particularly strong. In fact, holiday cottage rentals have increased by 30% in the year to January 2019. This will in large part be driven by the favourable exchange rates. From an investor’s perspective, the more subdued property prices and lower mortgage interest rates offer the perfect opportunity to get a foothold in the Cornwall property market and at County Homesearch, we have certainly seen an increase in buyer inquiries for this purpose.
If you would like to discuss our Cornwall property market predictions by a property finder in greater detail, or are looking for help in finding your perfect property, get in touch today. Contact us on 0333 939 8300 to discuss how we can help you.