Welcome to LL&Co’s Cornwall property market report for November 2024. In this report, we’ll provide a snapshot of the broader UK housing market trends and zoom in on the Cornwall property and rental markets to give you a better understanding of current conditions.
What Happened to the UK Housing Market in November 2024?
In November, the UK housing market showed signs of stability and cautious optimism, despite ongoing economic pressures. According to Nationwide, house prices increased by 0.1% in October, bringing the annual growth rate to 2.4%. This slow but steady increase is influenced by the ongoing high borrowing costs, which are limiting more significant price growth. Experts predict a slower growth rate in 2025, with a 4% increase expected across the UK, with regional differences. London’s growth will be more modest, while areas like the Midlands and North will see stronger growth. Transaction volumes and mortgage approvals are improving, slowly returning to pre-pandemic levels, aided by a recent base rate cut from the Bank of England Cornish times | News
UK Rental Market Trends in November 2024
The UK rental market continues to face high demand and limited supply. In October, the average rent in England reached £1,348 per month, up 8.8% from the previous year. However, rental growth has started to slow, especially in larger cities, with London seeing a deceleration from 13% to 5%. This slowdown is partially due to affordability issues. Despite this, tenant demand remains strong, particularly in prime areas like central and outer London. However, ongoing legislative changes, such as the Renters’ Rights Bill, are expected to influence the future of the rental market by limiting rent increases and abolishing no-fault evictions. Cornish times | News
Cornwall Property Market in November 2024
Cornwall’s housing market remains competitive, with a strong demand for properties. In September 2024, the average house price for cash buyers was £303,000, reflecting a slight dip from £310,000 the previous year. Despite this, Cornwall ranked as the third-highest area for property sales in the UK during the first quarter of 2024. The county continues to be a desirable location for both tourists and those relocating from regions with higher property prices. This influx has intensified the affordability crisis, particularly affecting local residents and first-time buyers. Cornish times | News
Cornwall Rental Market in November 2024
In the rental market, Cornwall is experiencing significant demand, with the average rent across the county at £1,281 per month. A total of 648 properties were available for rent, with 184 new listings appearing in the past fortnight. However, the overall number of listings remains relatively low, contributing to continued competition for available properties. The majority of rentals fall within the £1,000 to £2,000 per month range, with 313 listings in this bracket. Smaller flats and rooms tend to be more affordable, but houses remain the most common rental option, averaging £1,353 per month. Rental prices vary significantly by the number of bedrooms, with larger homes commanding higher rents. Cornish times | News
Focus on the Helston Rental Market in November 2024
The rental market in Helston is relatively stable, with 14 properties currently available for rent. The average rent is £1,044 per month, and the median rent stands at £925 pcm. This suggests a balanced market with a mix of affordable and more expensive listings. Seven properties are priced between £500 and £1,000 pcm, while another seven are in the £1,000 to £2,000 range. Flats are the most affordable, averaging £736 pcm, while houses cost more, averaging £1,274 pcm. There is also a shortage of rooms for rent at the moment, limiting options for shared accommodation. In terms of bedroom sizes, three-bedroom homes are the most common, and rents for larger homes, such as four and five-bedroom houses, are listed at £1,750 pcm and £1,800 pcm respectively. Cornish times | News
Overall, the Helston rental market is stable but offers limited options for those seeking affordable or larger premium properties. The market predominantly caters to those seeking mid-range accommodation.
If you would like more information about Cornwall’s property market, whether you’re looking to buy, sell, or rent, don’t hesitate to get in touch with us for tailored advice.
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.
