House prices dropped by 1.4% – more than the average for the South West – in Cornwall in February, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 5.2% annual growth.
The average Cornwall house price in February was £314,387, Land Registry figures show – a 1.4% decrease on January.
Over the month, the picture was similar to that across the South West, where prices decreased 1.2%, and Cornwall underperformed compared to the 1% drop for the UK as a whole.
Over the last year, the average sale price of property in Cornwall rose by £15,000 – putting the area 21st among the South West’s 26 local authorities with price data for annual growth.
Owners of terraced houses fared worst in Cornwall in February – they dropped 1.7% in price, to £249,329 on average. But over the last year, prices rose by 5.3%.
Among other types of property:
- Detached: down 1.1% monthly; up 5.5% annually; £465,590 average
- Semi-detached: down 1.6% monthly; up 5.7% annually; £305,603 average
- Flats: down 1.2% monthly; up 2.6% annually; £169,361 average
First steps on the property ladder
First-time buyers in Cornwall spent an average of £257,000 on their property – £12,000 more than a year ago, and £69,000 more than in February 2018.
By comparison, former owner-occupiers paid £356,000 on average in February – 38.5% more than first-time buyers.
How do property prices in Cornwall compare?
Buyers paid 3.7% less than the average price in the South West (£327,000) in February for a property in Cornwall. Across the South West, property prices are lower than those across the UK, where the average cost £288,000.
The most expensive properties in the South West were in Cotswold – £495,000 on average, and 1.6 times as much as more than in Cornwall. Cotswold properties cost 2.2 times as much as homes in Plymouth (£221,000 average), at the other end of the scale.
The highest property prices across the UK were in 160.
Average property price in February
- Cornwall: £314,387
- The South West:£326,616
- UK: £287,506
Annual growth to February
- Cornwall: +5.2%
- The South West: +5.8%
- UK: +5.5%
Best and worst annual growth in the South West
- The Forest of Dean: +14.2%
- South Hams: +0.8%