Welcome to LL&Co’s Cornwall Property Market Report for January 2025. By keeping a close eye on the latest market trends, we aim to help you make well-informed decisions whether you’re renting, buying, or investing in Cornwall’s housing sector.
UK Housing Market Overview – January 2025
As of January 2025, the UK housing market is navigating a mix of optimism and caution, shaped by several economic factors. Nationwide reported a modest 0.1% increase in house prices compared to December 2024, resulting in a 4.1% annual rise. While this marks a slight deceleration from the 4.7% growth seen in December 2024, it still indicates some stability.
Rightmove, on the other hand, reported a 1.7% rise in property prices for January 2025, suggesting a positive start to the year. However, the increase is still below the peak levels seen in May 2024, reflecting ongoing affordability constraints that continue to influence the market.
The Royal Institution of Chartered Surveyors (RICS) survey revealed that UK estate agents are optimistic about the future. In 2025, 37% expect property sales to rise, while 53% predict an increase in house prices.
However, challenges persist. According to the Office for National Statistics (ONS), the average private rent in Great Britain stood at £1,327 per month in December 2024, marking a 9.1% rise from the previous year. This increase in rental costs continues to place pressure on affordability for many households across the country.
UK Rental Market Trends – January 2025
In January 2025, the UK rental market showed signs of moderation in rental growth, although regional differences continue to shape trends. The ONS reported that average private rents rose by 9% in the 12 months leading to December 2024, a slight decrease from the 9.1% rise seen in November. This slowdown in rental growth suggests a potential easing after several years of rapid increases.
Rental growth remains uneven across the country. For example, London saw a 1.2% increase in rents, signalling a more restrained rise compared to other regions. In contrast, Northern Ireland experienced a 10.5% surge in rental prices, highlighting the varied dynamics across the UK.
The supply-demand imbalance in the rental market continues to push rents higher. Zoopla reported a 30% increase in the number of people seeking rental properties compared to 2019, exacerbating the shortage of available properties.
New legislation is also shaping the rental market. The Renters’ Rights Bill, introduced in September 2024, includes measures such as banning no-fault evictions and capping upfront rental payments to one month’s rent. These changes aim to provide more security for tenants and reduce financial barriers in the rental process.
Cornwall Property Market – January 2025
Cornwall’s housing market in January 2025 saw a slight decline in property prices. The average property price in the region stood at £342,000, which represented a 5% decrease compared to the previous year. Established properties were priced at £341,000, while newly built homes averaged £392,000. This dip in property values aligns with broader national trends influenced by factors such as rising interest rates and economic conditions.
Looking ahead, Cornwall’s housing market is expected to remain stable, with opportunities for both buyers and sellers. Predictions suggest that mortgage rates may decrease later in the year, potentially boosting market confidence. Increased construction activity is also expected to bring more housing options to the market.
Cornwall Rental Market – January 2025
The rental market in Cornwall remains highly competitive, with significant demand for properties. As of January 2025, there were 593 rental properties available, with 140 new listings added in the past fortnight. This steady influx of new properties highlights an active rental market. The average rent for all property types in Cornwall is £1,404 per month, which reflects the competitive nature of the region’s rental market.
There is a wide range of rental prices in Cornwall, with the majority of properties priced between £500 and £2,000 per month. Specifically, 226 properties fall in the £500 to £1,000 range, while 283 properties are listed between £1,000 and £2,000. For those seeking premium accommodations, 70 properties are available in the £2,000 to £5,000 range, and 7 properties are listed at over £5,000 per month.
In terms of property size, Cornwall offers a variety of rental options. One-bedroom properties average £861 per month, while two-bedroom homes have an average rent of £1,119. Three-bedroom properties, the most common in the region, are available for an average of £1,416 per month. Four-bedroom homes are listed at an average of £1,911 per month, while five-bedroom homes are available for an average of £3,041 per month.
Houses dominate Cornwall’s rental market, with 372 houses available at an average rent of £1,466 per month. Flats are the second most common rental type, with 191 flats listed at an average rent of £1,362 per month. Rooms are the most affordable option, with an average rent of £608 per month, although only 11 rooms are available for rent.
Overall, the rental market in Cornwall offers a broad spectrum of properties to suit different budgets and preferences. Although rents are rising in some areas, the availability of new listings in various price ranges ensures that tenants have options to choose from in this competitive market.
St Austell Rental Market – January 2025
St Austell’s rental market in January 2025 shows a balanced but slightly elevated trend in terms of rental prices. With 11 properties available for rent, the average rent in the area is £1,120 per month, while the median rent stands at £1,150 per month. This indicates a market that is slightly above average but still within a reasonable range for most tenants.
A closer look at the available properties reveals that most rentals fall within the £500 to £2,000 per month range. Five properties are listed between £500 and £1,000 per month, while six are priced between £1,000 and £2,000. There are no properties available below £500 or above £2,000, suggesting that the market is focused around these mid-range prices.
When broken down by property type, flats in St Austell have an average rent of £1,118 per month, while houses are listed at an average rent of £1,224 per month. Rooms are the most affordable, with an average rent of £607 per month, which could appeal to those seeking lower-cost living options.
Looking at the number of bedrooms, one-bedroom properties are listed at £900 per month on average, while two-bedroom properties are priced at £745 per month. Three-bedroom homes average £1,315 per month, and four-bedroom properties are listed at an average of £1,492 per month. The market seems focused on smaller to mid-sized properties, with larger homes less commonly available.
Overall, St Austell’s rental market remains stable, offering mostly mid-range properties that would suit smaller households or individuals looking for more affordable options. For landlords, the demand within the £500 to £2,000 per month range presents opportunities for steady returns, although higher-end properties are currently underrepresented in the market.
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.
