Pirate FM News

The average home in Cornwall now costs almost £250k

The average home in Cornwall now costs almost £250k

Published by Sarah Yeoman at 7:27am 30th September 2018. (Updated at 8:10am 30th September 2018)

Photo: cc-by-sa/2.0 - © Oliver Mills - geograph.org.uk/p/4691487

The average home in Cornwall will now cost you close to a quarter of a million pounds.

Figures reached £234,000 in July and it is feared locals are being priced out of the places they grew up.

Libby Taylor's family live in Polruan but the 21-year-old had to move to Bodmin to get on the ladder.

She told Pirate FM: "It is really upsetting because it is my home and where I grew up, and it is just not an option for me right now, which is sad.

"A housing development has just finished building four big, million-pound houses in Polruan, and emphasis should be on building affordable housing in these beautiful places so people who live there can remain to live there with their families."

It comes as house prices in Cornwall increased by 1.9% in July, contributing to a 7.5% rise over the last 12 months.

housing

Across the South West, property prices have risen by 4.4% in the last year, to £259,971. The region outperformed the UK as whole, which saw the average property value increase by 3.1%.

The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry, and the equivalent bodies in Scotland and Northern Ireland.

The average homeowner in Cornwall will have seen their property jump in value by around £41,000 in the last five years.

The figures also showed that buyers who made their first step onto the property ladder in Cornwall in July spent an average of £193,138 - around £33,000 more than it would have cost them five years ago.

new home housing homes

"People are also waiting until we have got a clear idea on what Brexit means, before they make a big financial decision like buying a house.

"We are also starting to see a reverse ripple effect, which originally only hit London but now house prices in the South East and East of England are slowing as well.

"As house prices in London rose out of reach of many buyers, they looked out to the South East and East where they could get more house for their money.

"Now, house price affordability in those regions has also become stretched."

Lawrence Bowles, associate director of the research team at estate agents Savills

The highest house prices in the country in July were found in Kensington and Chelsea, London, where properties sold for an average of £1.42 million - 17 times the cost of a home in Blaenau Gwent, where the average property cost just £82,298.

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