MARKET REPORT

So, the Summer is well and truly upon us and the town is busier than ever preparing for a bumper season. Our town is getting bigger and bigger as Newquay and Quintrell Downs get ever closer to one another with the monster development at Nansledan creating a whole new age of town belt living along with a range of attractive shops, eateries and amenities. Prices in Newquay generally continue to out-perform the national average with prices as high as we have seen them and seemingly endless demand in certain sectors as a result of the lack of supply. 

The main question on everyone’s lips though seems to be “how long will these prices last and is the housing market going to crash?” In truth, it is impossible to call as the housing market stands and falls on a variety of factors, but I suspect these strong prices are set to be around for a while yet. Interest rates look set to remain low for a good while and with buyer demand at such a high level, it is hard to see that this consumer led hunger for property is going to wane anytime soon? Ultimately, if demand is high and supply is low, prices will rise. That said, every market has a ceiling point and prices cannot simply continue to rise indefinitely as this would neither be sustainable or affordable in the longer term.  We are still seeing a lot of sales stock, particularly in the family low to mid-range sector going to “best and final offers”, sometimes with 10 or more formal bids on an individual property (see my best and finals agents guide here), so it will no doubt take some time to work through that level of demand.

It is often said lately that there is “nothing to buy” and that everything that comes on the market sells regardless of price. However, at the time of writing, there are in fact over 100 available properties in Newquay (+ 1 mile), ranging from a one bedroom flat at £125,000 to £1,500,000 for a detached house overlooking Fistral Beach (source: rightmove.co.uk). Of course, all properties will not suit every requirement and budget but there is still stock out there, so if you are searching for a property my advice would be don’t be too specific with your initial search requirements, expand your search areas and your criteria a little as this might open up opportunities you had not otherwise considered. Also, if you are registered for property, don’t simply rely on the email arriving in your inbox as some of the bigger portals don’t always re-issue email alerts when, for example, something comes back to the market having fallen through. Periodically, go back and do a broad search up to a certain price and just check through everything that is listed. 

As an agency, we still have less to sell and less to rent than we would like, so if you are considering selling or renting a property why not give us a call and see what we can do for you? You can reach us on (01637) 875847. In the meantime, brace yourselves for the summer holidays and some busy roads!

Bradley Start

PARTNER, START & CO