Always favored by tourists, Great Britain’s Cornwall and Devon counties have seen their respective housing markets flourish since the beginnings of the pandemic.
Miles of Beaches in Southwestern England Attracting Britons & International Buyers
The bucolic counties of Cornwall and Devon have been two among many countryside housing markets all over the world to benefit from people “re-evaluating their lifestyles” amid the pandemic.
Despite being among Britain’s poorer areas, the housing markets in both Cornwall and its neighboring coastal county of Devon have seen sharp increases in demand and prices.
According to Mark Wilson, the director of H Tiddy Estate Agents, “After the first lockdown, we experienced dramatically higher volumes of buyers registering with us, caused by lifestyle changes and working from home, with many people yearning for a better work/life balance.”
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High End of Market Especially Strong
According to Savills, there were 151 property sales worth a total of more than L1M or $1.36M in Cornwall in 2019, 288 property sales at or above that price point in 2020 and 425 agreed sales at or above that price point of $1.36M in 2021. Such a steep increase in sales volume in such a short amount of time is unusual.
Lucian Cook, head of residential research with Savills, said, “You’ve got some very strong concentrations of high-value markets in coastal Cornwall. These are clear hot spots that attract domestic (and international) wealth.”
Transaction totals came to L45M or $61M in 2020 and 2021 respectively, more than doubling the transaction volume in each of the three years before the pandemic.
Price Specifics
The average home price in 2021 was approximately L1.1M or $1.49M. Prices for coastal properties throughout Cornwall jumped close to +19% in 2021 compared with increases of +15% for similar properties countrywide.
Even though Cook anticipates price growth to slow in 2022, he also believes that sellers will continue sitting in the pricing driver’s seat due to inventory shortages and high demand.
The Cornwall Council, a local services and data delivery system, noted in its 2021 housing report that “Cornwall is the number one searched location in England and Wales from 2021” based on data from the UK’s largest online real estate portal, Rightmove.
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Cornwall/Devon Buyers
For years, the vast majority of Cornwall/Devon buyers has been and continues to be British citizens. Its few and far between international buyers tend to purchase residential properties at the upper end of the market.
It will be interesting to see whether or not climate concerns will boost international buying in Cornwall and Devon counties as such concerns have already boosted sales in mild weather zones such as Brittany.
Thanks to The New York Times.
