Anyone in Cornwall seeing house prices going up?

[Georgi5]

I started looking to buy in Truro, live further down the county, about 2 months ago houses that were typically being listed at about 385-400 are now being listed at 520+ houses with tiny gardens and no parking! It seems crazy like all the estate agents have agreed to this massive raise of price, is anyone else down here seeing this? I don’t understand what has caused the raise.

I'm not in Truro, but in a different part of Cornwall. Prices here are definitely falling- I've seen quite a few places drop their prices and agents are telling me that some types of properties are hanging around longer.

However, what I would say is it feels like prices are all over the place- you can see properties that to me look comparable with a difference in price of about 50k. I guess some of it may be due to things like primary school catchment, but it just seems random.

I think no-one is quite sure what the market is doing, so people aren't sure how to price. It also depends how keen people are to sell- e.g. ex buy-to-let standing empty, price will drop- family looking to upsize, will hold out for as much as they can get because they need it to buy the next place.

@Postapocalypticcowgirl Thanks! Yes it does seem random!

One one road similar houses - one is 520 and another a few doors down is 800! Only difference I can see is another bathroom. Just seems crazy.

It’s the houses that were around 400 a month ago now being priced at 520-550 that I’m scratching my head over really. Grr. Keep looking I suppose.

My DSis is an EA and says vendors are asking to put their properties on at a higher price because they know it's a buyer's market and interested people will expect to knock them down.

I'm selling a property in Cornwall atm, it was a second property. Yes I know, not popular on MN, but for various reasons I'm selling. I'd used it as a holiday let and then a residential letting.

I had to drop my price considerably before I got any offers. And this is a popular area.

I live in that area and constantly see prices being reduced on right move because they are going on too high. My own house sold recently and I ended up having to take a really reduced price (needed to sell unfortunately)

A lot of places in Truro do have no parking, you just have to park on the street

I thought that might be the case as it was similar houses all during the same few weeks.

Yeah I know it’s a thing, I grew up there. Unfortunately one of us is ill so need parking.

I'm near Truro, OP, and look at Rightmove daily. Prices seem to be falling back slightly but not hugely.

I live in Falmouth and don't think house prices have fallen at all yet.

I think Cornwall will be quite cushioned from house price crashes, as it's still quite a desirable place to move to post pandemic.

I really want to upsize, so am wanting a crash. There just doesn't seem to be hardly anything on the market atm though, it's been the case for years here.

Was thinking this morning isn’t it bad to set houses so high because it’s a buyers market, won’t they just sit there for ages and then that itself can put buyers off? All I can think is some of them don’t need to move? Or at least don’t need to move quickly.

Thanks for the replies

This kind of stuff happens in a rapidly changing market. There are some people who want to sell and adjust to new conditions, others that don't realise the market has shifted and refuse to lower the price to make a sale. So you get larger price discrepancies than you would normally see.

@GasPanic That makes sense, thanks.

@inky1991 I live in Falmouth too. There is a house opposite that was on the market for £350k, it's now STC. It was only on for a few weeks as well.

I'm also looking at buying in Cornwall. FTB here, and I've been looking seriously for nearly a year now. I check Rightmove several times a day. What has changed recently is that Estate Agents are actively calling me lately, whereby they didn't previously! I think there are a lot of disillusioned sellers still, still clinging to Covid highs! Time will tell.

I live in SW Cornwall, near Truro. We bought in September (originally from Penzance) some of the houses we seen/viewed at the time are still on the market at a much lower price. One we actually put an offer in for but ended up pulling out as the seller wanted us to send her 1k to hold the house for us as she's been mess around in the past, the estate agent told us not to do it and she got nasty so we decided we didn't want the hassle. That's still on the market and has been dropped by 50k.

In a really popular town in Cornwall

it seems to be slowing right down here. Houses aren’t getting snapped up at the rate they were and are clinging on online for absolutely ages. Definitely haven’t seen a rise in prices on right move!

We're in SE Cornwall and would love to move back to Pz / Marazion area. Houses in our town are definitely dropping, although I I laughed out loud at one going on for £400k this week - it's overpriced by at least £100k.

Lots of the overpriced ones from last year are still on the market. The new ones which are overpriced are definitely dropping, but only by £10-15k a time.

There's a new build estate going in a mile or two away. The cheapest houses start at £280k. 2 bed terraces with a garden and a designates parking spot. Absolutely batshit pricing yet there are very few plots left available 🤷🏼‍♀️

Deluded sellers are still a problem.

I think there are lots of overpriced properties in Cornwall, but then they do remain on the market for months or years. The rise in prices down here is utterly bonkers, and completely unfair.

We bought in 2011 for £600k. It's been valued recently by two agents at £1.8mil.

Sounds like greedy/ deluded sellers who haven't taken on board/ don't want to accept that the market is falling in the great majority of areas.
Reality will set in at some point and those that really want/ need to sell will need to drop the price to values that people can actually afford. There are a lot less second home buyers now and will probably be some second home sellers because of economic headwinds so this is likely to make falls worse in areas like Cornwall. It won't happen immediately though.

Devon border, I'm tracking a couple of local houses. Stuff that is selling quick is priced low. But there's lots like this example
First went on October 650k, dropped by Jan gradually to 600k.
Changed estate agent, in march new pictures, still 600k
Board has now gone up. No viewers over the bank holiday weekend.
So desperate to sell but not accepting it's vastly overpriced and in poor condition. It would have sold as a great lock down panic buy sale.
There's a website somewhere that will give you the full change estate agent, reset the clock information.

Thanks all. Grr I’m so fed up to be honest but just have to keep going.

ive tracked the street I’m interested in land registry and the price hikes over 2 years is just crazy and has now set the precedent unfortunately.

@PinkFootstool I know! There’s one around here priced ridiculously that made me actually chuckle out loud, I can’t quite believe the tag line for it and then the description because they differ quite a bit. Ugh I’m so fed up of it but move is essential unfortunately.

@rainingsnoring I think so, it looks like a lot of them are just sitting tight and then many are having to reduce every week which I guess are the people that truly need to sell up.

It's a pretty silly tactic, pricing at ridiculous levels and then reducing and reducing over months and months. The likelihood is you get a significantly lower price in the end and end up looking desperate or as if there is something wrong with the house.
Keep an eye out. If you consider the average Cornish wage, house prices are way out of kilter!

@rainingsnoring Yes all if that is so true!