Welcome to LL&Co’s Cornwall Property Market Report for October 2025. We keep a close eye on what’s happening so you don’t have to, whether you’re buying, selling, renting or investing in Cornwall..
What happened in the UK housing market in October?
Prices edged up, but things stayed steady rather than surging. Nationwide reported a 0.3% monthly rise, taking annual growth to 2.4% and the average house price to £272,226. Halifax’s figures were slightly stronger, up 0.6% month-on-month, with annual growth at 1.9% and the average price hitting a new high of £299,862. Both point to a market holding its own, but affordability is still holding many back.
Demand is clearly there. Rightmove says sales agreed are 5% higher year-to-date than 2024 but price sensitivity is a big theme. Asking prices were up just 0.3% in October, and Zoopla noted buyer demand was down 8% compared to last year, with many households pausing until after the Autumn Budget.
Regionally, Northern Ireland continues to lead on annual growth. London saw slight falls, while Scotland, Wales and the North performed better. Rightmove highlighted that higher-value homes, what they call “top of the ladder”, saw the strongest price movements. First-time buyer and second-stepper homes were more or less flat.
Mortgage approvals are picking up slowly, but rates remain high and affordability is tight. The latest RICS data showed buyer enquiries and sales still in negative territory, and the mood remains cautious heading into winter. Still, if inflation keeps falling and interest rates ease off, there’s scope for a bit more movement into early 2026.
What about the rental market?
Rents are still high, but the market’s cooled off a bit with the seasons. HomeLet’s Rental Index put the average UK rent at £1,345 in October, up from last year, but only slightly higher than the month before. Rightmove showed average advertised rents hitting new highs (£1,385 outside London, £2,736 in the capital), though growth has clearly slowed.
Goodlord’s data showed rents agreed across England dropped 11% in October compared to September, and void periods lengthened from 16 to 21 days, a sign that tenants are taking longer to decide and negotiating more. Year-on-year, though, rents were still up 3.1%.
The ONS reported a 5.5% annual rise in private rents to September, the ninth straight month of slowing inflation.
There were regional differences. London’s annual rent growth was just 1.6%, while places like the North East and South East saw sharp increases in void periods, suggesting more stock coming to market and tenants being pickier.
RICS reported a steep drop in new landlord instructions, while tenant demand flattened out. They expect rents to rise another 3% over the next year due to lack of supply.
The Renters’ Rights Act got Royal Assent at the end of October, with Section 21 being scrapped and periodic tenancies on the way. Landlords are watching closely. Pricing fairly, offering flexible move-in dates and keeping voids low will matter more than ever this winter.
And how did Cornwall perform?
Cornwall’s market followed the national trend: calm, steady, and price-sensitive. The latest available data from the ONS puts the average sale price in Cornwall at £289,000 in August, up 2.9% year-on-year, slightly ahead of the South West average of 2.4%.
Rightmove’s October figures showed a softer-than-usual monthly rise in asking prices nationally (+0.3%), and a slight annual dip (-0.1%) in the South and South West. It’s a cautious picture, not a collapsing one.
Buyer demand and listings are still there, just more selective. Rightmove said new buyer enquiries and listings were 5% down year-on-year in September, with sales agreed down 2% on the month. Still, year-to-date sales are up 5% on 2024, so the market’s ticking over.
Zoopla echoed the same story, early Christmas slowdown, more homes on the market, buyers waiting to see what the Budget brings. They reported 7% more stock available than this time last year, giving buyers more negotiating power.
Within Cornwall, we’re still seeing good interest in family homes and relocations to places like Truro, Falmouth, St Austell and the TR1 and TR2 villages. Well-priced, well-presented properties are attracting attention. Central flats and homes near amenities are moving quicker than larger houses inland, unless priced competitively.
Rightmove noted that all four southern England regions were showing lower asking prices than a year ago. Higher transaction costs and more listings mean sellers can’t push pricing as much as they could in early 2024. But Cornwall’s numbers suggest modest year-on-year growth is still achievable, if sellers are realistic.
What about Truro?
Truro’s sales market is stable. Zoopla puts the average sold price in the city at around £336,700 over the past 12 months. Detached homes are averaging £476,700, terraced homes £306,100 and flats around £192,000. That matches what we’re seeing across Cornwall more broadly.
On the lettings side, rents are still high but slowing. ONS reported average private rents in Cornwall at £987 in September, up 7% year-on-year. Rightmove’s national tracker says rents outside London hit a record £1,385 in Q3, though growth is easing. Goodlord’s October index showed a seasonal drop in rents and longer voids, confirming tenants have more choice again.
In Truro, demand is strongest for tidy family homes and efficient flats close to jobs and transport. Listings are up on last year, so there’s more choice, but stock is still well below pre-pandemic levels. Coastal hotspots still carry a premium, but buyers have more room to negotiate inland and in the surrounding villages.
Student demand has settled for the season, and the usual autumn drop in tourism lets has eased short-term pressure on rentals. Rents remain high, but the pace of increase is much gentler than a year ago. On the sales side, interest is still there, but price sensitivity rules. There’s no room for overpricing right now.
Heading into the end of the year and early 2026, we expect more of the same: steady conditions, more listings, and a focus on realistic pricing. For landlords, strong EPCs, flexible terms and fair pricing will minimise voids. For tenants, this quieter season might offer better value, especially in less competitive locations.
That’s all for this month! If you’d like more detail or advice about buying, selling or renting in Cornwall, we’re here to help.
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