Pirate FM News 3 minute read

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.

Contact Us

If you would like to submit a query or provide more information on this story please get in touch below.

Please wait...
  • Up to 3 JPG or PNG images, 2MB max size
  • We will always endeavour to credit you when we publish your pictures.
  • By uploading you are agreeing to this non-exclusive reuse, royalty-free, across all Pirate FM platforms, which extends to our partner broadcasters.
  • You retain copyright to all images.
  • If you would like to send us a video, please upload to YouTube or similar and paste the video URL into the message above.
Email Icon

Sign up for exclusive news, competitions and offers.
Proper Local News updates from Pirate FM

Suggested articles

Six new confirmed coronavirus cases in Cornwall last week

Cornwall News: Across the South West the number of people in hospital with Covid-19 has dropped by a third

Latest updates on major road schemes planned in Cornwall

Cornwall News: Several have been impacted by the coronavirus crisis

Newer articles

Pets invited to 'Dog Day' at Cornish seapool

Cornwall News: Here is how to swim with your pooch in Penzance

Kayaker helps save couple and dog cut off by the tide

Cornwall News: An RNLI crew member scaled rocks to reach them

Older articles

Lifeguard patrols in Cornwall scaled back for winter

Cornwall News: Check which beaches still have patrols in the Duchy

More details on murder investigation in Bugle

Cornwall News: Detectives given more time to question a woman

Most read

Big fire breaks out at old Cornish primary school

Cornwall News: Firefighters from seven towns are on the scene near St Austell

12 people rescued from flash rip current at Cornish beach

Cornwall News: A mass rescue was carried out as bathers were dragged out to sea

Pirate Extra Pirate 70s Escape LoveCornwall