Home is where the heart is

Following a somewhat bumpy end to 2022, we speak to some of Cornwall’s leading estate agents about what lies ahead for the Cornish property market in 2023.

Words by Hannah Tapping

The last few years have been a rollercoaster for property markets across the country. Cornwall in particular saw a sharp rise in house prices during Covid as buyers identified the benefits of moving closer to the coast. The ability to work from home and those seeking a positive work-life balance drew buyers out of the city. This, in turn, put pressure on the number of available properties and for a time it really was a seller’s market. Fast forward to the autumn mini-budget and the property market was thrown into disarray as mortgage rates sky rocketed and asking prices fell consecutively in November and December. As we enter 2023, Rightmove reports that average new seller asking prices have risen by 0.9% (+£3,301) in January and although it’s early days, there are signs of positivity, which along with a softening of mortgage rates has resulted in a bounce of buyer activity compared to the end of 2022.

Sean Johnston, Partner at Philip Martin (philip-martin.co.uk) echoes these sentiments: “Interestingly, new data shows that the number of property sales agreed in the first week of this year is slightly higher when compared with the corresponding period last year suggesting that buyer demand in Cornwall is still strong, and the market is surprisingly robust. After almost three years since the start of the Covid pandemic and the frantic housing market, we expect that 2023 will be a calmer market with the property trends heading back to those last seen in 2019.

“The market in 2023 is likely to favour the buyer, although buyers who transact this year will undoubtedly be more cautious and more price sensitive than in recent times and therefore realistic pricing from sellers will be crucial to achieving a sale. Affordability, both in terms of household costs and mortgages, will undoubtedly impact the market and it is predicted that lending by banks and building societies will return to pre-Covid levels.”

Evidence of the strength of Cornwall’s market can be seen in the current homes in Philip Martin’s portfolio, an example of which is Riverbank (guide price £1.395M), an impressive detached riverside house in Malpas. This four-bedroom property has panoramic views over the Truro and Tresillian River that can be enjoyed from the expansive sundeck. Completely rebuilt ten years ago, the finish throughout is to a very high standard with a vast open plan living space spanning the whole of the ground floor. The four bedrooms occupy the first floor, terraced, landscaped gardens stretch behind the property and at road level a triple garage, workshop and utility room complete the picture.

In contrast, and showing the diversity of property on the market in Cornwall, is Trevoole Manor (guide price £1.2M). This detached period house is accessed via a long private lane meaning it has both privacy and far-reaching countryside views. The main house has many traditional features including exposed stone and sliding sash windows, and with four to five bedrooms, would make a spacious family home. What really sets this property apart is that it also includes Trevoole Old Manor, a one-bedroom holiday property as well as a single storey former garage which is currently used as overflow accommodation but could be equally ideal as a studio, therapy room or home office. Externally, mature gardens and an enclosed paddock mean that the plot extends to just over six acres.

Martyn Rohrs and Matthew Rowe, directors at Rohrs & Rowe (rohrsandrowe.co.uk) believe that high quality marketing, combined with the correct strategy, is a key factor to success in the market: “Those who keep half an eye on the news will have seen that in more recent months the sentiment in the market has been more negative than positive, with rising interest rates and cost of living increases having a cooling effect on what has been one of the busiest ‘boom’ periods on record. However, there are many people still wanting to move and Cornwall continues to be a highly desirable location that lots of people wish to buy within – and this has been reflected in the numbers of enquiries we are receiving and viewings that have been taking place.

“Buyers are naturally bound to have concerns about the market and property prices in general, so the key to selling at the best price in 2023 will involve marketing a property in the correct format and using an experienced and professional estate agent. The correct marketing strategy should include high quality marketing that will make a property stand out against any competition and it will also generate high levels of interest, which in turn reassures buyers that they are not overpaying. We expect there will be some stagnation towards the lower end of the market as these markets are naturally driven by purchasers with higher percentage levels of mortgage finance. In the mid to high range however, many buyers have no need for a mortgage and as such they are far less constrained or affected by rising interest rates.”

What could be more motivating for a buyer than Penmore in Perranuthnoe (guide price £1.45M) currently on the market with Rohrs & Rowe; a five-bedroom home just a few hundred yards from the beach. Its elevated position results in impressive sea views from all principal rooms, including a 360 degree panorama from the orangery style conservatory. With a master bedroom suite that has its own balcony this is a property that affords ocean front living at its best. An integral double garage and additional workshop both have potential for alternative uses or as additional accommodation subject to the necessary consents.

Moving from coast to countryside and Trescullion Barn near Padstow (guide price £1.85M) has recently returned to the market due to a change in buyer’s circumstances. This detached, modern, eco barn conversion sits within approximately four acres of grounds just under two miles from Padstow. In terms of sustainable design features it has solar PV panels, ground source heat pump heating and there is permission and established infrastructure for a wind turbine. Set in a peaceful location and with beautiful surroundings, its configuration is such that it could be lived in as a family home or, if required, part of the ground floor could be separated off to provide a very spacious and fully self-contained annexe for either a dependant relative, guest or holiday accommodation.

Senior Valuer at Mather Partnership (thematherpartnership.co.uk), Helen Retallack reaffirms a return to a more stable property market in the Duchy: “Whilst we have certainly now moved out of the overheated post-Covid market, stabilising interest rates alongside a steadier political environment seem to be restoring buyer confidence. Despite a partial return to offices and normal social interactions, country and coastal living remains hugely popular, with many buyers still seeking to improve quality of life with lifestyle-based moves providing space to work from home.

“Whilst more debt-dependent first-time buyers are possibly likely to find themselves less able to transact until affordability improves, there is still a huge amount of cash coming into the county and correctly priced and well marketed properties are generating excellent levels of interest and strong final sale prices. In conclusion, we are simply now in a more ‘normal’ market which for many will be a more comfortable market place with less pressure and more time to consider the most important purchase many of us will ever make.”

When it comes to important purchases, the Mather Partnership is currently marketing this unique three-bedroom property set in a blissfully quiet spot overlooking a freshwater lake. Tresowes (guide price £900,000) is a three-level property currently used as a spacious family home with the addition of a self-contained annexe, which would add a fourth bedroom if desired. The open-plan living space has been designed to make the most of the stunning views and with a sweeping lawn this is a perfect place to entertain both
inside and out.

Another exceptional property on their books is Sandpiper, a contemporary new build situated in the coastal hamlet of Praa Sands (guide price £895,000). With its mile-long stretch of golden sand this is a much sought-after location. The living area is nothing short of outstanding with expansive bi-fold doors that reveal a large deck and a breathtaking view across the golf course to the ocean beyond. All four of the bedrooms are en suite, two of which benefit from those stunning sea views.

Jane Thomas, Sales Manager at May Whetter & Grose’s Fowey office (maywhetter.co.uk) affirms that location plays a key part in the strength of Cornwall’s property market:
“I write this on a grey, wet January day with the memory of warm sunshine and busy streets in Fowey somewhat distant!

The market towards the end of last year and beginning of this year has returned to much more ‘normal’ conditions with interest rate increases and concerns about the cost of living playing a part in purchasers decisions to buy property. We were expecting this adjustment in the market, however with Cornwall, and particularly the Fowey estuary area, rising in popularity over the last few years, the autumn/winter market here has been strong and we are still seeing cash purchasers looking to relocate to the area.

“We have agreed sales ranging from £200k to figures in excess of £1M, which confirms there are still buyers wanting to purchase, either for use as a main home or luxury second home.  With stock in the area limited, pricing remains strong although we do not expect to see much in the way of an increase for some time. However, optimism is building as spring approaches, with new stock coming to the market over the next few months as we look forward to those heady days of summer.”

The Cormorant (guide price £1.195M) in Golant, is an example of the kind of quality property you can expect from May, Whetter & Grose. With exceptional river views, this luxury, three-bedroom home is part of collection of nine, new-build riverside homes. Designed by renowned architect Charles Mador, and with gardens designed by Richard Sneesby, a fellow of the Landscape Institute, this is a stand-out property. The internal specification is second to none, and coupled with its desirable location and easy access to the water this property is not to be missed. Shifting from the contemporary to the characterful, Church on the Hill (guide price £750,000) offers a two-bedroom chapel conversion situated in the heart of Fowey. Benefiting from stunning harbour views, the accommodation is arranged over three floors. With the addition of a south-facing walled garden as well as a first-floor balcony from which to soak up those views, this would make an ideal pied-à-terre from which to enjoy all this wonderful area has to offer.

Ben Davies, director at Shore Partnership, (shorepartnership.com) recognises the importance of taking a pragmatic approach in changing times: “After the frenzy of the second half of 2020, 2021 and first half of 2022, this year sees the return of ‘business as usual’. Following an unprecedented level of price growth in a short period of time, 2023 looks likely to be a calmer year that will favour buyers, many of whom would have been outbid in the red-hot post-Covid market. For buyers able to obtain a mortgage and a buyer for their own property if selling, they are less likely to be involved in a bidding war and will therefore find better value. For sellers, the importance of fair pricing, the best possible property presentation and outstanding marketing will be vital. We are likely to see more properties entering the market as pent-up supply from homemovers filters through, levelling prices and producing a more balanced Cornish housing market.”

When it comes to presentation, Sylvania in Feock (guide price £1.65M) is a truly sensational property from Shore Partnership. This award-winning modernist masterpiece, designed by Cornish architects Kast, sits at the head of Pill Creek. Constructed to make the most of its location the first floor cantilevers out into the trees to maximise the views down the creek. Natural stone and larch cladding mean that Sylvania is perfectly at home within its beautiful natural setting. The interiors have been designed by 3idog of Truro with a subtle palette that enhances rather than competes with the views.

Lime Tree House (OIEO £1.35M) is a complete contrast and no less impressive. This Grade II Listed former Georgian vicarage sits in over an acre of private grounds, which includes a walled kitchen garden, on the edge of Penryn just above St Gluvias Church. The interiors have been carefully styled to give them a contemporary elegance which work seamlessly with the retained original features. There is a former coach house on the plot which has planning consent for residential conversion into a three-bedroom detached dwelling making this a very versatile property in a desirable and highly convenient location.

Josephine Ashby, Managing Partner at John Bray Estates (johnbrayestates.co.uk) is highly experienced in the prime north coast property market and has this to say about the coming year: “We are off to a reassuring start in 2023 despite there being a calmer approach due to all the obvious. The market has returned to a slightly more seasonal level of activity but there are good shoots of life for those well-located and appropriately priced, with continued strong activity on the very prime properties remaining. With plenty of valuations and instructions in the pipeline, a great level of stock will help balance the market, unlike the undersupplied previous two years.”

Full Circle (guide price £750,000) is an example of the quality stock you can expect from John Bray Estates and is a property that has just come to market. This detached and well-maintained two-bedroom bungalow sits on a good size plot, offering excellent potential for redevelopment in an ultra-prime location on Rock Road.

In contrast, Plot 8 Highcliffe (guide price £2.5M) is an energy-efficient holiday home arranged over two floors and finished to a very high specification throughout, available to secure off plan. It will offer far-reaching sea views towards Stepper Point and is part of a collection of unique homes nestled in the heart of Trebetherick, and includes membership use of a brand new state-of-the-art gym, fitness studio, and café and existing Highcliffe tennis courts. This exciting opportunity will offer five-bedrooms, four-bathrooms, a private patio, garden and plentiful parking, conveniently positioned between Polzeath and Daymer Bay with easy access to the South West Coast Path.

For Dean Lonergan, Residential Sales Manager at David Ball (davidballagencies.co.uk), the fact that Cornwall is now very much on the map in terms of a desirable location makes a big difference: “As we enter 2023 we are feeling very optimistic about the local Cornish property market as Cornwall is still very high on people’s agenda for permanent relocation post pandemic. The recent Virgin Orbit space launch has again brought Newquay and Cornwall to the forefront of not only UK but also worldwide headlines, which in turn only fuels people’s desire to relocate to this charming county even more.

“A recent property report by Zoopla indicated that house prices remained steady over the past month with the typical home in the county worth £313,300 and taking an average of 38 days to go under offer. We feel this trend will continue on a similar path into the spring market and over the next six-month period. As with any market there will always be some supply and demand issues, those mainly being three to four-bedroom properties in desirable areas, i.e. close to schools, with views and nearby beaches.”

Headleigh Road, Newquay (guide price £625,000) is one such example from David Ball. Completely refurbished just three years ago, this is now a superb four-bedroom family home, with beautiful views across Trenance boating lake to the National Trust countryside beyond. Interiors are of the highest quality with no expense spared on the latest technology and gadgetry. Two enclosed gardens, a double garage and parking for three cars makes this a very versatile family home in the heart of this popular seaside town.

In juxtaposition, The Old School (guide price £795,00) dates back to the early 1900’s and boasts many of its original features including the bell tower and exposed ceiling beams. Situated in Mitchell, an ancient rural village and former market town, the location is idyllic. With three bedrooms, this would make a very happy family home, but equally due to its location and unique history as a former village primary school, could have excellent holiday letting potential.

In summary, while news reports are still somewhat gloomy when it comes to the property market, it appears that Cornwall is bucking the trend. The draw of the coast and Cornwall’s equally attractive countryside is keeping the market buoyant, while its plethora of unique properties are expertly marketed by agents whose experience ensures both buyers and sellers receive the best possible service.