Cornwall saw one of the largest increases in average house price in the South West according to statistics released by the Office for National Statistics (ONS).
The average house price in Cornwall rose from £224,219 in December 2017 to £233,644 in December 2018: an increase of 4.2%.
This is 1.2% greater than Devon (increase of 3.0%), 3.8% greater than Dorset (0.4%) and 0.7% greater than Somerset (3.5%).
Cornwall Councillor for Housing Andrew Mitchell said: “The figures don’t come as a shock, but they are disappointing.”
“I think it emphasises the situation and the problems for people here in Cornwall. Families having full time work, possibly both partners, and to grasp hold of that goal of owning your own home just seems to get further and further out of reach.”
However, houses in Cornwall are still some of the cheapest on average in the South West region. According to the information released by the ONS, in December 2018 the average house in Devon costs £258,751. That’s 10.75% more than it’s Cornish equivalent, with a difference in price of £25,107.
The average house price in Dorset is even greater, costing on average £296,102, a difference of £62,458 (26.73%). Somerset’s average house prices are only slightly greater than Cornwall’s, sitting at £236,751. That’s a difference of £3,107 (1.33%).
The Cornwall Rural Housing Association (CRHA) is a charitable housing association that aims to build affordable houses to meet local housing needs in the rural areas of Cornwall and on the Isles of Scilly.
Chief Executive of the CRHA, Peter Moore, said: “The gap between what people can afford to raise by way of a mortgage and the average house price is quite significant. And if incomes aren’t going up and house prices are still increasing by a large rate, then they’re just becoming more and more unaffordable.”
The statistics are not so kind to the ever-increasing number of people renting properties. If you were renting a two bedroom apartment in Cornwall, your average monthly rent would range from a low of £582 to a high of £727. However, their neighbours in West Devon would be looking at a low to high monthly range of £534-£656. Spread out across the year that could be a difference of anywhere between £576-£852 a year.
The most expensive area to rent in the UK is Kensington and Chelsea, which boasts a monthly average rental range for a two-bedroom apartment between £2,312-£3,620, almost six times the upper average of its Cornish equivalent.