In a recent report by Rightmove, it was revealed that Cornwall experienced a notable shift in property interest in 2023. While London retained its top spot as the most searched-for location for buyers and renters, Cornwall, which ranked second, saw an 18% decrease in buyer searches compared to the previous year.
This change in buyer interest in Cornwall could be attributed to various factors, including the evolving property market dynamics and the shifting priorities of homebuyers. Tim Bannister, a property expert, noted that while traditionally popular areas like Cornwall maintained their allure, there was also a significant interest in more affordable areas, possibly due to the stretched affordability.
The property market in 2023 was influenced by high mortgage rates, which remained at historically high levels for most of the year, although they started edging down since July 2023. This financial climate might have prompted potential buyers to explore more budget-friendly locations.
Despite the decrease in search interest, Cornwall remains a highly sought-after location, known for its picturesque landscapes and quality of life. The overall property market in Great Britain saw lower-than-expected falls in asking prices and maintained good levels of demand for rightly priced homes.
Looking ahead to 2024, the property market is expected to be competitive, with a prediction of a 1% decrease in average new seller asking prices by the end of the year. Sellers in Cornwall and other areas are advised to price their properties competitively to attract buyers more quickly.
For those in Cornwall considering a move or sale in 2024, it’s crucial to stay informed about the latest market trends, including mortgage rates, which are showing signs of decreasing. Understanding these dynamics will be key to making informed decisions in the ever-evolving property landscape.
