Cornwall’s cheapest areas to buy property revealed
Cornwall isn’t a cheap place to buy a house, but the most recent Land Registry data has revealed where buyers might find the best deals.
Just to preface, I don’t believe that people should be buying properties in any of these areas as second homes – this is a big problem in Cornwall.
However, for people looking to buy somewhere to live in Cornwall, here are the cheapest places.
Where was most affordable?
Redruth, Camborne, and Bodmin have were designated as the most budget-friendly areas in Cornwall, boasting lower average house prices that make them appealing for first-time buyers.
Of course, it’s worth noting that these areas are all inland – houses buy the coast cost a lot more in Cornwall!
Prices of these areas
In Redruth, the average house price over the last year stood at £240,909, making it the cheapest postcode in the area.
Close behind was Camborne, with an average price of £242,283, followed by Bodmin at £248,682.
One thing I do like about these areas is that they feel a lot more authentic than many other places in Cornwall. My family and ancestry is from Camborne, so I’m a bit biased, but I think it’s an underrated place with a fascinating amount of history!
Contrast with coastal locations
On the flip side, the data revealed that Fowey, Padstow, and Wadebridge remain the most expensive areas to buy property in Cornwall.
With average prices soaring to £703,836 in Fowey, £652,591 in Padstow, and £542,318 in Wadebridge (I’m guessing Rock skews this data), these locations cater to a more upscale market – and of course, are ever-popular with second home owners.
Two different markets
The divide between the most affordable and most expensive areas in Cornwall is stark. While areas like Redruth and Camborne have affordable housing (although even these rates have soared recently), the luxury markets in Fowey and Padstow continue to thrive despite their high price tags, driven by their desirability as holiday destinations and their stunning seaside views.
Market dynamics
The report also highlighted notable shifts in the housing market dynamics within the region. For instance, Marazion saw a dramatic decrease in property prices, with average costs dropping by 26.7% to £366,875, alongside a decrease in sales volume. This is despite what must be one of the world’s most expensive loos being sold there recently! (see my article about that if you haven’t already!)
In contrast, Fowey experienced a significant increase in house prices, up 35.5% from the previous year.
The most popular place to buy a house
Falmouth stood out in the report as the busiest area in terms of property transactions, with 336 homes changing hands over the past year. The average house price in the area reached £440,193. This doesn’t surprise me – I’ve considered moving to Falmouth myself!
Looking forward
There’s a real housing crisis in much of Cornwall, and while property prices are cheapest in Redruth, Camborne and Bodmin, they’re still more costly than they should be.
Hopefully, more regulation and awareness on second home owning will aid this and make the housing situation more sustainable for locals.
