Hot property

We catch up with Sean Johnston, Partner at Philip Martin, to discover more about the state of the Cornish property market.

It’s fair to say we’ve had a tumultuous few years, both on the national and global stage, with a fair degree of uncertainty, not least with the on-going Brexit negotiations. Keen to discover what this might mean for the Cornish property market, local expert Sean Johnston of Philip Martin Estate Agents, suggests there are good reasons to be postive.

“Why choose chaos in the city when you can run your business here with the sea as your setting.”

“18 months on from the referendum the fundamentals of the market remain strong,” says Sean. “Low unemployment, low interest rates, strong demand and historic undersupply of homes are mitigating any wobbles in confidence and as a result nearly half the properties on the market have sold signs across them.” In the past year, house prices in Cornwall were 3% up on the year before and 8% up on 2007 when they averaged at £231,285. House prices increased by 5% between August 2016 and August 2017 with an increase of 0.4% between July and August 2017 and in the south west 0.8% between September and October 2017. “It is important to emphasise that everything is relative when it comes to house prices,” adds Sean. “If the value of your house goes up, so does the property you want to buy.”

According to Sean, property in Cornwall remains in demand. “We continue to see thousands of people registering with us every year, actively looking to buy. The county is no longer considered just a place for a weekend retreat, it’s a lifestyle change people seek and there is a choice. Quality of life is what living in Cornwall is all about and with one of the most advanced broadband infrastructures
in Britain, working from home is now a
real possibility.

“Why choose chaos in the city when you can run your business here with the sea as your setting. Cornwall offers the opportunity to address the work-life balance which makes living in the county such an attractive prospect and it’s one of the reasons why the Cornish property market continues to thrive. Despite the uncertainty over Brexit we have no reason to predict that the market is likely to change for the foreseeable future.”