Spring is traditionally a buoyant time in the property market here in Cornwall, as in other parts of the UK. So, with the daffodils now in full bloom, Harding Laity’s property report is here to bring you bang up to date on the latest Cornish house buying and selling trends.
Right now, our experienced estate agent teams in St Ives and Wadebridge are busy working with new sellers, advising them on bringing their properties to market. And, despite the market cooling a little, our offices are taking lots of enquiries every day from prospective buyers keen to find their next home in this beautiful part of the world.
However, yet again we write at a time of global uncertainty and instability which affects our lives on many levels. So, let us try and guide you through some of the factors that will impact the Cornwall property market in the months ahead.
2022 a year of increased stability? Maybe not…
After the turmoil of 2020-21, with high levels of demand driving house prices in Cornwall to unprecedented levels, we were anticipating a more stable and ‘normal’ year in 2022. However, there are a couple of major factors at play as we head into spring that could have a significant impact on supply and demand – and therefore house prices.
Upward pressure on the cost of living here in the UK is going to have a big impact. Energy and food price rises will squeeze the household budgets of many families.
For the property market this may mean fewer people are able to take the next step on the housing ladder this year, as much as they might like to. However, others could decide that it’s a great time to downsize to a home which is cheaper to run.
The Covid-affect could start wearing off
You will have heard time and time again over the last few years about home working and other lifestyle factors changing the property landscape in the UK. There’s no doubt that the Covid-19 pandemic prompted a big exodus to the coast and countryside, with Cornwall naturally attracting a lot of attention.
It’s not over yet, and January 2022 was the busiest ever start to the year in the UK housing market, with a further rise in asking prices. It seems many households are still reconsidering their priorities and where they want to live after years of Covid restrictions.
However, with the government plan to ‘live with Covid’ now firmly established, those push/pull factors which saw Cornish and other rural property in such high demand have diminished in strength. One sign of this is that prices in London saw the highest annual rate of price growth since 2016, as people returned to the office.
A glimmer of hope for frustrated buyers?
The hope is that we’ll see a rise in the number properties coming to market in Cornwall this spring, meaning more choice for buyers with less intense competition.
Sadly it’s still really tough out there for buyers struggling to break into the housing market for the first time, but perhaps this year there is a glimmer of hope on the horizon.
The Bank of England could potentially ease one of its key lending rules in 2022, making it easier for some buyers to pass affordability assessments. Low deposit mortgages and help to buy schemes will continue to give some aspiring home owners a leg-up. Fee-free mortgages and cash back incentives from banks could also help get some over the final hurdle.
Spring 2022 – a key moment for buyers and sellers!
Taking into account all of these factors and our many years experience of the property market here in Cornwall, we consider spring 2022 to be an optimal moment for tentative sellers to get their Cornish property on the market.
This market insight is backed up by research from the UK as a whole: Rightmove data shows that March is considered to be the best month to get a house on the market, followed by April and then May.
For buyers too, this could be an opportune moment to ‘spring’ onto, or further up, the ladder! Our advice as ever is to get all your ducks in order – mortgage agreements, credit checks, local research etc – so that you’re ready to move quickly, with all the right info at your disposal.
Whether you’re a buyer or seller, why not contact us today? We’d be happy to discuss your individual circumstances. We’re already helping many buyers actively look for their next property, and have a great track record of smooth and successful sales. Read our Seller’s Guide for some of our top tips and valuable insights.
We hope you found this latest update on the Cornish property scene insightful – keep an eye out for our next seasonal property market evaluation in a few months’ time…