It’s been a pleasantly busy start to 2019 with plenty of market appraisal requests, building confidence that the property market in Cornwall is going to remain buoyant. Despite the doom and gloom we hear on the news every day, we don’t think the impact of Brexit is necessarily going to be the downfall of the property market this year.
In some areas of the UK, 2018 saw a slowdown of sales and a slight decrease in property values but in general, across the board, sales were slightly up on the previous year and it ended up being a very positive year for many estate agents. We don’t see any particular slowdown in 2019 and with a very buoyant house building agenda in the South West, this is creating significant demand and a raft of new opportunities.
We’ve seen a real shift towards renovation and refurbishment projects of older properties in Cornwall and quite often these properties are sold on to prospective buyers as soon as they are completed. The glorious summer of 2018 generated a new buzz in Cornwall, something that we haven’t experienced for many years and with this came a new level of enquiries for those who want to relocate to our beautiful county.
The weakened pound sterling may make travel abroad more expensive for us but on a positive note, travel to the UK may be significantly less expensive. The boom in holiday letting continues to grow year on year and we expect absolutely no slowdown in 2019 as more and more investors see a good yield from buying Cornish property suitable for holiday letting. In the past, the Cornish summer season was deemed to be the be all and end all of our economy but there seems to be an increasing demand to visit the county in autumn and winter, all of which helps to boost local employment and encourage plenty of people to spend money within our county.
In city areas such as London, where property prices have been heavily linked to overseas demand, the slight cooling of the property market has opened up new possibilities. Many homeowners see an opportunity to release equity or realise the value of their London pad to get much more bang for their buck in a place like Cornwall. Coupled with improved transport links such as the widening of the A30 and a new generation of faster, larger trains on the track, Cornwall was once perceived as a remote location which is now much more accessible to the rest of the UK.
An interesting development at Cornwall Airport with a brand-new route to London Heathrow also generates further opportunities for an influx of prospective buyers, looking to enjoy the Cornish country life at weekends. With the benefit of being back in London within 90 minutes for the new working week, it will be interesting to see if this generates further positive movement in the local property market this year.
The doom and gloom scaremongers may well be in full force, but we don’t see any evidence of a slowdown in the property market on the horizon, in fact, we expect property sales transactions to increase during 2019 with prices remaining similar, if not slightly higher than in 2018. There’s a decent volume of jobs available in Cornwall and wage growth continues to rise whilst inflation and interest rates remain low, this all points towards a positive future for the county.
What’s the value of your property? Book your free market appraisal and get moving in 2019!
The above is based on our own research and predictions and we cannot be held responsible for any inaccuracies.