Welcome to LL&Co’s Cornwall property market report for February 2025. We keep a close eye on market trends to help you make informed decisions, whether you’re renting, buying, or investing in Cornwall’s housing market.
To put things into perspective, let’s first take a look at the wider UK housing market before zooming in on Cornwall.
UK Housing Market Overview – February 2025
The UK property market continued to show resilience in February 2025, despite facing some challenges. According to Nationwide, house prices saw a 0.4% monthly increase—the sixth consecutive rise—bringing the average UK house price to £270,493. On an annual basis, this reflects a 3.9% increase, though slightly down from January’s 4.1% growth rate.
One key driver behind this price rise is the upcoming changes to stamp duty in April, which will see the tax-exemption threshold for first-time buyers reduced from £425,000 to £300,000. This has encouraged buyers to move quickly before the new rules come into effect. Steady wages and low unemployment have also helped maintain confidence in the housing market.
However, the construction sector is feeling the strain. The S&P Global/CIPS UK Construction PMI dropped to 44.6 in February from 48.1 in January, marking the sharpest decline since May 2020. The housebuilding index also fell to 39.3, down from 44.9 the previous month, reflecting a slowdown in residential construction. Weak demand and higher borrowing costs continue to be major challenges for developers, which could impact future housing supply.
UK Rental Market Trends – February 2025
The UK rental market saw a shift in February, with rental price growth starting to slow after a period of rapid increases. According to the Office for National Statistics (ONS), private rental prices rose by 8.7% in the 12 months to January 2025, slightly down from the 9.0% recorded in December 2024. This suggests rental inflation is beginning to ease, though affordability remains a concern.
Regionally, London continues to see the sharpest rent rises, with an annual increase of 11.0%, while Yorkshire and The Humber recorded the lowest rise at 5.3%. However, the overall trend points to a cooling in rental price growth across much of the UK.
Zoopla reports that the average rent for new lets stood at £1,284 as of December 2024, with rents increasing by just 3% over the past year—the slowest growth in three and a half years. This slowdown is largely due to affordability constraints and a rise in first-time buyer activity, which has reduced rental demand.
Tenant demand has fallen by 17% compared to last year, but competition for rentals remains high. On average, 12 tenants are vying for each available rental property—double the pre-pandemic level—meaning the market remains challenging for renters despite the slight easing in price growth.
Now, let’s take a closer look at what’s happening in Cornwall’s property market.
Cornwall Property Market – February 2025
Cornwall’s housing market saw a slight dip in February, with average property prices falling to £342,000—down 5% compared to the same time last year.
Despite the overall decline, some parts of the market remained steady. Detached properties held their value relatively well, with an average price of £474,229, while terraced properties averaged £262,326, and semi-detached homes stood at £283,050.
There was also a slowdown in sales activity. Over the past 12 months, there were around 6,100 property transactions in Cornwall—a 21.9% drop from the previous year. Most sales occurred in the £300,000 to £400,000 price range, which accounted for 20.5% of all transactions, followed by the £200,000 to £250,000 bracket, which made up 16.5%.
These figures indicate that Cornwall’s housing market has cooled slightly, with both prices and transaction levels down. However, certain property types continue to hold their value, and demand remains strong in key price brackets.
Cornwall Rental Market – February 2025
Cornwall’s rental market remains highly competitive, with strong demand keeping rents at a high level. According to Home.co.uk, the average rent for properties in Cornwall now stands at £1,330 per month. A total of 162 new rental listings have come onto the market in the past fortnight, bringing the total number of available properties to 548.
Rental prices vary widely depending on property type and price bracket. Most rentals fall between £500 and £2,000 per month, with 229 properties listed between £500 and £1,000 pcm, and 251 between £1,000 and £2,000 pcm. At the higher end of the market, 50 properties are available between £2,000 and £5,000 pcm, while only seven rentals exceed £5,000 pcm. Affordable rentals remain in short supply, with just 11 properties available for under £500 pcm.
When looking at rental costs by property size, one-bedroom homes in Cornwall average £852 pcm, while two-bedroom properties rent for around £1,126 pcm. Three-bedroom homes sit at £1,311 pcm, and four-bedroom properties command £2,050 pcm on average. Larger five-bedroom homes come in at £2,623 pcm, reflecting the premium for additional space.
The type of property also affects rental prices. Rooms remain the most budget-friendly option at an average of £641 pcm, while flats are slightly more expensive at £1,324 pcm. Houses make up the majority of available rentals and come in at an average of £1,368 pcm.
With a steady flow of new listings but consistently high demand, Cornwall’s rental market remains competitive. While a variety of properties are available, affordability remains a key issue for renters, particularly for those searching at the lower end of the market.
Truro Rental Market – February 2025
Truro’s rental market remained stable this February, with a modest selection of properties available. Currently, there are 20 rental listings, with an average rent of £1,099 per month and a median rent of £1,025 pcm. Over the past 14 days, seven new listings have appeared, showing a steady level of activity in the area.
Most rentals in Truro fall within the mid-range price brackets. There are 10 properties available between £500 and £1,000 pcm, while nine fall between £1,000 and £2,000 pcm. Just one property is listed between £2,000 and £5,000 pcm, and there are no listings above £5,000 or below £500 pcm. This suggests that Truro’s rental market mainly caters to mid-range renters, with fewer budget or high-end options available.
Flats make up a significant portion of the market, with an average rent of £986 pcm. Houses, meanwhile, command a higher average rent of £1,375 pcm. For those looking for a lower-cost option, rooms are available at an average of £833 pcm, though prices vary depending on location and amenities.
Breaking it down further by bedroom count, one-bedroom rentals in Truro are averaging £1,000 pcm, while two-bedroom properties sit at £1,113 pcm. Three-bedroom homes rent for around £1,300 pcm, and four-bedroom properties are priced at £1,840 pcm. There are currently no five-bedroom properties available, which may limit options for larger households.
With few budget-friendly or high-end homes available, choice is somewhat limited. Mid-range renters will find a reasonable number of options, but competition remains strong.
That’s all for this month’s market report so if you’re looking for any further information about the Cornish property market, please feel free to contact us.
If you’re thinking of buying, selling, letting or renting property in the county, please don’t hesitate to get in touch. Click here for the easiest way to contact us.
