Property Market Review 2018
2018 has been a stable year for the property market. Demand continued to outstrip supply meaning that if the property is marketed at the right price it is likely to move quickly.
The Rightmove price index reports that most of the sales in Cornwall over the past year were detached properties which on average sold for £358,150. Terraced properties had an average sold price of £202,069 and semi-detached properties averaged at £224,085. Cornwall has an overall average price of £261,100. The most expensive area within Cornwall was St. Mawes (£1,213,624) and the cheapest was Redruth (£167,831).
In the past year house prices in Cornwall were 3% up on 2017 and 9% up on 2015 when they averaged at £238,698. The average time to find a buyer is 60 days, with an average of 13 viewings to achieve a successful sale. The average time it has taken from an offer accepted to exchange of contracts is 15 weeks or 3 and a half months whilst we have achieved just over 98% of our asking price on properties which we have sold.
Across the UK the price of property coming to market falls by an average of 1.7% (-£5,222) in November. It is the norm for new seller asking prices to fall at this time of year to attract buyers who are increasingly distracted by the run-up to Christmas. Continued uncertainty over what Brexit means for the UK economy and how it will impact household finances will persist for the foreseeable future but has not thus far been too disruptive to house prices and movement.
"Motivated sellers still must ensure that their property has been priced realistically from the start. Those which have are still seeing good viewing numbers, offers and in some situations, best and final offers. The key with price reductions is to drop the price to bring in a new set of buyers within a new price bracket. The mistake often made by sellers is to reduce the price on consecutive occasions which can put buyers off. It is more sensible to significantly reduce to a new price bracket to bring in higher levels of interest, with the aim to generate competition between buyers.”