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Ben Stephens, partner and Truro office manager, discusses the current property market and what the rest of 2024 may bring.
As we enter the Summer months, reports from our network of 22 West Country offices paint a picture dominated by improving consumer confidence, significant viewing activity, and an ever-increasing number of agreed sales.
Early months were affected by adverse weather; however, Spring saw a resurgence in demand with viewing numbers rising quickly above 2023 levels. New buyer enquiries in May exceeded 1000 on top of the existing 35,000 registered buyers. Both statistics indicate a market full of drive and intention. As we close in on the 4th July, and housing becomes a manifesto battleground for the General Election, I fully anticipate that buyers will ‘take a breath’ but experience tells me that we will quickly return to the status quo.
The supply of homes for sale has rallied, providing a bountiful choice for motivated buyers. A word of caution for sellers - the importance of an informed pricing strategy cannot be underestimated. Those properties which are correctly positioned are finding buyers within the all-important first few weeks. Vendors and agents with historic price expectations are finding life more difficult and risk achieving a lower price in the long run.
Land Registry statistics show that average house prices in England and Wales rose by 1.8% year on year, at the end of March. The South West came up short of this at plus 0.5% with Cornwall showing a negative figure of 1.7%. This improved affordability is most certainly feeding into recent activity trends.
The market for coastal property in Cornwall saw changing dynamics in 2023 with restricted demand and increasing stock levels. 2024 is witnessing a reversion to the norm with rising buyer enquiries, viewings, and sales. Fowey, Padstow, St Ives, and Rock remain sought after, while the less well-known sections of coastline, like the Lizard Peninsula, are attracting their own aficionados with recent sales including The Anchorage, a ‘stones-throw’ from Porthallow beach.
Guaranteed to generate interest is the recently launched Old Post Office in Coverack, commanding unrivalled views and available off a Guide Price of £975,000 through the Truro Office on 01872 264488.
The real trick is exploring some of the picturesque villages that the county has to offer, such as Blisland on Bodmin Moor with its village green and CAMRA award-winning pub, or St Breward with its 11th Century inn and highest church in Cornwall. Both villages have easy access to the A30, placing the North and South Coasts within driving distance.
What of the year ahead? The sun continues to shine, interest rates are set to fall, the election will soon be over, and more buyers are registering to find their dream homes. Those vendors who have accepted realistic pricing advice and chosen an agent with a proactive marketing strategy will reap the rewards of a sale in 2024.
