What Happened in the Cornwall Housing Market in July 2024?
In July 2024, the Cornish rental market saw notable activity, continuing trends observed earlier in the year. The average rent in Cornwall rose to £1,423 per calendar month (pcm), marking a significant increase from the previous month’s average of £1,252. This jump, partly attributed to a few high-end properties entering the market, reflects the competitive nature of the rental market in the region.
The number of available rental properties remained relatively stable, with 345 properties listed, a slight decrease from 346 in June. This consistency in availability, coupled with rising rental prices, indicates sustained demand for rental properties across Cornwall.
The housing market in Cornwall also showed resilience. The average house price for properties bought with a mortgage remained stable at £296,000 in May 2024, slightly lower than the South West average of £323,000. Despite economic pressures, the market has demonstrated stability, with minimal fluctuations in house prices year-on-year.
In response to ongoing housing challenges, Cornwall Council announced a £79 million investment in social housing over the next five years. This initiative aims to improve the energy efficiency and general condition of approximately 2,000 council homes, with upgrades including new roofs, kitchens, and bathrooms. This substantial investment underscores the commitment to enhancing living conditions and addressing the housing crisis in Cornwall.
These trends highlight a dynamic and evolving housing market in Cornwall. For tenants, the rising rental prices emphasise the importance of timely action when securing properties. Landlords, on the other hand, can expect sustained demand, making it a potentially lucrative period for rental investments. The stability in house prices suggests a balanced market for buyers, despite broader economic pressures.
By keeping a close watch on these trends for you, we want to ensure that you can make informed decisions, whether you’re renting, buying, or investing in Cornwall’s housing market.
Focus on the Penryn Rental Market
Let’s take a closer look at the rental market in Penryn in July.
There are currently 15 rental properties listed, offering a mix of flats, houses, and student accommodation. Recently added properties include both small and large options with at least 3 one-bedroom properties available, with rents starting around £700 pcm. There are approximately 5 two-bedroom houses and flats on the market, with prices ranging from £895 to £1,100 pcm. About 4 three-bedroom listings are available, with rents ranging from £1,100 to £1,450 pcm. There is a notable listing for a four-bedroom student house at £2,400 pcm.
The majority of the available rentals are houses, with a smaller selection of flats. This variety caters to both families and students. The market is influenced by Penryn’s proximity to Falmouth University, which increases demand for student accommodation.
These details highlight a competitive market in Penryn, with steady demand for both standard and student rentals. Prospective tenants are advised to act promptly due to the high interest in available properties. For landlords, the sustained demand represents a stable investment environment.
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.
