HOUSE PRICE TRENDS IN CORNWALL 2003 TO 2013 – Which property types have been most popular, what has been happening to house prices over the past decade and, how the volume (number) of sales has changed. The graph summaries show data points taken every April from April 2003 to April 2013 for Cornwall
Volumes: Transactions peaked in the decade in 2004 with 1,098 completed sales in the Duchy. By April 2009, transaction numbers had dropped by 37% to just 409. 2010 saw a brief recovery in sales but this dipped again last year.
House prices: Whilst volumes were dropping from 2004, prices didn’t peak until 2008, when the average price reached £205,830. By the following April, the average price had dropped by 15%. 2010 saw a rebound, back up by 7% and, for the past 3 years, prices have remained relatively constant across the Duchy as a whole.
Housing as an investment: For most people, house purchase isn’t about making an investment, it is about buying a home for the family; however, many also rely on the capital growth in value of their homes to fund purchases and, provide a nest egg for their retirement. Property investment itself, can offer very lucrative returns for the shrewd investor and spectacular short-term gains can be made. However, losses of a similar magnitude are also all too common in the short to medium term.
An ‘average’ home bought in April 2003 is now worth 29% more than the purchase price of a decade ago (it never works quite like that in reality but, it will give you a guide). All figures are taken from HM Land Registry data
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About Chris Wood: Chris is an estate agent with over 25 years of property experience. His business, PDQ Estates Ltd is based in Penzance and Helston, West Cornwall. He has worked with all sizes and types of businesses from single office independents to the management team and board of RBS and Tesco. A former President Elect of the NAEA and board member of NFoPP until he resigned in 2009, Chris has always championed the highest professional standards for estate agents in the UK. No stranger to the media, he has appeared on various programs including BBC, News 24, ITV, independent and BBC radio and is a regular contributor to trade journals, local and national Newspapers. Chris is on Klout LinkedIn Ecademy Facebook and Twitter
Married to Amanda, he lives in Penzance with their children who are slowly flying the nest and his three dogs. In his spare time; Chris likes to keep fit and is a long-standing member of the Territorial Army. In 2010 he mobilised for a tour of duty in Afghanistan with 1 Rifles as part of 3 Commando Brigade.