According to recent figures from the UK House Price Index, property prices in Cornwall are growing at their fastest rate in nearly eight years.
The figures state that in the year to July, house prices have surged across Cornwall by 7.5% which makes the average house price £234,128. This is now the largest growth since October 2010 when prices grew by 7.9%. When compared with July 2017, the figure has risen by £16,410.
While these figures may be daunting for potential property buyers, local estate agent Andrew McKnight at MAP Estate Agents has said that these figures should be taken with a pinch of salt. Additionally, he always said that these figures are a misrepresentation of what is happening throughout Cornwall. He said:
“I wouldn’t say that house prices in Cornwall are dramatically on the rise at all. House prices are steady, and there is good demand.
“With Cornwall being a small area that sees a small number of sales, what we sometimes see is a number of high price sales going through that can have a dramatic influence on average figures such as these. People think of Cornwall as being a big place when in fact it is not when compared to areas such as London, which experience significantly greater levels of activity in the property market.”
These figures have been calculated by using data from the HM Land Registry, which has lists of the price paid for every property which was purchased at market value. Andrew continued by saying:
“All it takes is for two or three seven-figure sales to go through for average sales prices to dramatically increase.”
In some of the latest figures from the Office for National Statistics, it had shown that average house prices in the United Kingdom had increased by 3.1% in July 2018 when compared to July 2017 which is the lowest annual rate since August 2013 when the figure was at 3%.
In July 2018, the average house price in the United Kingdom was £231,000, which is £6,000 higher when compared with July 2017 as well as being £2,000 higher when compared with last month.
When there is a fluctuation of house prices, this can often put many potential buyers off of their purchases. Although buying and moving home may be practical for those looking to relocate, you may be able to carry out work to your existing property instead.
If you are looking to extend your property instead of relocating, why not contact us regarding planning applications in Cornwall and the surrounding area? If you have any questions regarding this, then please do not hesitate to call us on 01579 345 777.
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