The My Place Market Report, December 2020 / January 2021
Thinking of selling your house in Cornwall? Unsure if the time is right? Read on to hear our thoughts on the state of the Cornish property market on the cusp of a new year.
As 2021 begins, and we bid farewell to possibly the strangest 12 months on record, you may well be contemplating big life changes. You’re certainly not alone; prompted by all the upheaval caused by the pandemic – specifically by the shift to home working, which shows little signs of reversal – many surveys show that a big percentage of people are reassessing their living requirements.
Relocating to rural areas is a clear trend. The South West saw a big rebound in buyer registrations and sales after the first lockdown, but that was starting to flatten out at the end of 2020.
Properties with those new ‘must have’ factors of rural surroundings, a garden, and home-working potential, have been quick to sell, like this spacious property in Bodmin with its own substantial office annex.
At the time of writing this secluded rural property near Penzance was still on the market, but with all that space to roam we’re confident it will be snapped up soon!
So, if you’re thinking of selling in Cornwall in order to relocate in or out of county, where does that leave you? Is now a good time to sell your house in Cornwall, or should you hold off? Our Managing Director Richard Yeo presents the things to take into consideration.
How high is demand for Cornish properties right now? Changing lifestyles and priorities have undoubtedly fuelled demand for Cornish properties, particularly those in rural and waterside locations and at the higher end of the market. With the stamp duty holiday due to come to an end in March, that’s an added incentive for buyers to get a wriggle on with their property searches!
It’s a promising time for sellers, with properties moving off the market quickly and many with multiple offers and the asking price achieved. However, if you’re looking to stay in Cornwall you clearly need to factor this high level of demand into your own property search. Here at My Place, the team will do everything they can to help you achieve a smooth sale, putting you in the best position as you search for your next home.
Will I get a great price if I sell now? As with everything in life, nothing is certain! However, all our data shows that now is a good time for sellers keen to get on and off the market quickly. According to The Nationwide Building Society, UK house prices were 6.5% higher in November than the same period last year. However, a gradual slowdown is now expected.
So, if you’ve been considering selling your Cornish property for a while you might want to act now, especially with the end of the stamp duty holiday looming…
However, we always recommend that our sellers are realistic about the price they want to achieve. Despite high demand, prices aren’t going through the roof right now – at least not consistently and in the long term. There are many things which will keep a lid on this, including the prospect of an economic downturn, increasing redundancy and a rise in taxes caused by the pandemic. The impact of Brexit is also relatively unknown at this stage.
What about the longer term? Cornwall’s attractiveness to buyers will not diminish, and even if demand and prices drop elsewhere the Cornish market is likely to remain strong, especially in rural, coastal and premium areas. So, if you’re considering investing in home improvements before putting your house on the market you’ll probably still be in a good position to sell at a great price in a few years’ time – come and see us then!
Interest rates are at an unprecedented low and are likely to remain low for a while, but access to mortgages is becoming more difficult. More help for first time buyers might need to be introduced at some stage, which will help fuel demand at the lower end of the market.
How can we help? If you’d like to talk to us about your individual property we’d be very happy to help you put things into context, and of course we can provide a free evaluation at any time.
It’s also worth noting that My Place are forging ahead with innovative digital packages to help you sell your property, including virtual tours and viewings, detailed location reports and lots of lifestyle content aimed at attracting buyers to your Cornish property. With more people undertaking their property search remotely, all these tools will help you reach the right audience when you do decide to go to market.
So, is it time to start a new chapter? Give My Place a call on 01208 813874 or drop us an email at email@example.com