Summer Property Review
The summer has been a period of relative stability as the market has continued to gradually adjust to the Stamp Duty changes, Brexit and the general election. The uncertainty felt pre and post the EU Referendum and the surprise announcement of another general election has to date had little impact on the Cornish property market.
The month of June sees the number of sales agreed at this time of year up 7% on the same month a year ago, and it is the highest seen in May for ten years with the exception of a slightly better figure in 2014. However, there is a fall in the price of property coming to market of 0.4% (-£1,172), the first price fall at this time of year since 2009, and the first monthly fall this year. As a consequence, the annual rate of price increase has slowed to 1.8%, the lowest since April 2013.
The national average figures conceal large differences between different local markets and property sectors, which appear to be reacting in widely variant reactions to the country’s overall air of uncertainty. The typical first-time buyer sector with two bedrooms and fewer is now the fastest growing sector, and has seen newly-listed prices surge by 3.5% month-on-month and 5.5% year-on-year. Statistics sourced from Rightmove July 2017.
The South West average price last year was fairly consistent with an average price in June 2016 being £302,000 and in June 2017 being £312,764 an average annual change of 3.6% having increased slightly at the beginning of the year. This increase now appears to have slowed and compared to London and the south east there has been a slight price fall over the last couple of years. Small variables but worth noting that properties need to be realistically priced.
Most of the sales in Cornwall over the past year were detached properties which on average sold for £337,712. Terraced properties had an average sold price of £191,553 and semi-detached properties averaged at £209,407.
The majority of sales in St. Mawes during the last year were terraced properties selling for an average price of £503,229. Detached properties sold for an average of £934,988, with flats fetching £435,000.
St. Mawes, with an overall average price of £590,837, was more expensive than nearby Falmouth (£293,119), Penryn (£208,649) and Devoran (£431,679).
Cornwall, with an overall average price of £250,338, was similar in terms of sold prices to nearby Devon (£247,204), but was cheaper than Somerset (£274,554) and Dorset (£304,761). The most expensive area within Cornwall was Rock (£1,089,965) and the cheapest was Camborne (£161,431). In the past year house prices in Cornwall were 3% up on the year before and 8% up on 2007 when they averaged at £231,304.
"To Philip, James and all at Philip Martin, thank you for helping us to achieve the sale of the Century!"