Cornwall has long had a property market with its own distinctive features, making it very different from most other parts of the UK. On the one hand, pay levels for most locals are below those enjoyed elsewhere, while on the other a high proportion of properties are snapped up as second homes or holiday lets, posing affordability challenges for aspiring Cornish buyers.
However, house prices are never just the result of local market conditions. The general state of the economy, interest rates and national conditions all play a part too. All that means anyone keen to see a mortgage broker in Cornwall will have much to consider.
The most recent data from the Office for National Statistics suggested prices stabilised in September, with the UK-wide average price being £295,000, unchanged from August.
Any thought that this might be a blip after a lengthy period of steep price growth was dismissed by the Office for Budget Responsibility, which published a prediction that house prices will drop across the UK by nine per cent over the next two years.
Most mill consider that predictable, give the expectations of a recession, the squeeze on incomes provided by the cost of living crisis and the recent rises in the base rate that have pushed up mortgage costs, with more rate rises expected as the Bank of England continues to fight inflation.
According to On the Market, the average sold house price in Cornwall in the year to November 15th 2022 was £476,000 - well above the UK average.
However, that overall figure may conceal a significant differential between large and attractive properties sold as second homes to wealthy buyers and smaller properties generally bought by locals. In effect, Cornwall can be considered as having more than one market, with some of the wealthier buyers having the means to still buy a property despite the wider economic gloom.
The key, therefore, is to speak to a mortgage advisor who can direct you, whether it is a local home to get on the housing ladder that you are seeking, or a sought-after second home by the sea.
Cornwall has long had a property market with its own distinctive features, making it very different from most other parts of the UK. On the one hand, pay levels for most locals are below those enjoyed elsewhere, while on the other a high proportion of properties are snapped up as second homes or holiday lets, posing affordability challenges for aspiring Cornish buyers.
However, house prices are never just the result of local market conditions. The general state of the economy, interest rates and national conditions all play a part too. All that means anyone keen to see a mortgage broker in Cornwall will have much to consider.
The most recent data from the Office for National Statistics suggested prices stabilised in September, with the UK-wide average price being £295,000, unchanged from August.
Any thought that this might be a blip after a lengthy period of steep price growth was dismissed by the Office for Budget Responsibility, which published a prediction that house prices will drop across the UK by nine per cent over the next two years.
Most mill consider that predictable, give the expectations of a recession, the squeeze on incomes provided by the cost of living crisis and the recent rises in the base rate that have pushed up mortgage costs, with more rate rises expected as the Bank of England continues to fight inflation.
According to On the Market, the average sold house price in Cornwall in the year to November 15th 2022 was £476,000 - well above the UK average.
However, that overall figure may conceal a significant differential between large and attractive properties sold as second homes to wealthy buyers and smaller properties generally bought by locals. In effect, Cornwall can be considered as having more than one market, with some of the wealthier buyers having the means to still buy a property despite the wider economic gloom.
The key, therefore, is to speak to a mortgage advisor who can direct you, whether it is a local home to get on the housing ladder that you are seeking, or a sought-after second home by the sea.
