Book a Property Valuation

Regional Property Market Update Summer 2022: Devon and Cornwall

Regional Property Market Update Summer 2022: Devon and Cornwall

News & Legislation GPEA 9th June 2022

Mixed Messages

The housing market remains busy. Compared to the last ‘normal’ market of 2019, buyer enquiries are up 31% and mortgage approvals and sales are up by 12% and 11% respectively. However, there are half as many properties available to buy and stock levels are down 55% (RightmoveHMRCBank of England). The prolonged mismatch between demand and supply continues to support prices. On average, properties are selling subject to contract in just 31 days, the quickest time ever recorded. With competition for properties remaining high, Rightmove report that asking prices have hit their fourth consecutive record high in as many months.


Over 433,000 homes in the UK changed hands in the first four months of 2022, making this the third busiest start to a year since 2007. Last year was an exceptional year due to Covid-19 and 2016 saw a surge prior to the introduction of the 3% additional homes surcharge. Except for last year, April 2022 has been the busiest since 2007 (Dataloft, HMRC). More than one in every 25 properties has changed hands across Devon and Cornwall in the past year. East Devon, Teignbridge and Torbay are currently the most active housing markets in the region.

Regional Property Market Update Summer 2022 Devon and Cornwall


A perfect storm

Economic headwinds are gaining momentum. Expectations of global and UK economic growth have been pared back, while consumer confidence has plummeted to its lowest level since records began in 1974. Optimism is weaker than during the global financial crisis, Brexit or Covid-19 (GfK). The Covid recovery, war in Ukraine and rising energy and food prices, alongside a strong labour market and low unemployment, have created a perfect storm. Inflation is pushing a 40-year high. Thanks to fixed-rate mortgages, many households are cushioned from the impact of the latest base rate rise, but day-to-day budgets are increasingly feeling the squeeze.


Double-digit property price growth remains evident in many localities in Devon and Cornwall, with annual price growth in the South West currently stronger than it was a year ago (ONS, UK HPI). Across the region there is less than two months of available stock left to sell, down by almost half on the historical norm.

Most active markets in the region

Slow gear change

For many, the question is when, not if, the property market will start to moderate. However, any gear change is liable to be slow and steady, and not an emergency brake as was the case in the global financial crisis of 2008. Forecasters still anticipate positive price growth over the course of the year. Market fundamentals remain strong. A strong desire to move remains in the minds of many and there is a shortage of properties, compounded by data indicating that new home completions remain below pre-Covid levels and short of the government’s 300,000 homes target.



Properties for sale in Devon and Cornwall

Newquay, Cornwall, 2 bedrooms


2 Bedroom House for sale in Newquay

Situated in arguably one of the most desirable developments in Pentire is this stunning fully detached two double bedroom home with a fantastic south facing lawned garden and allocated parking. All tucked away in a gated community just moments from the world famous Fistral Beach. The accommodation comprises of a main entrance hall leading into to a good size dual aspect living room with working gas fireplace, real wood flooring, and sea glimpses through the decorative windows.


Totnes, Devon, 3 bedrooms


3 Bedroom House for sale in Totnes


Situated in one of the most favoured locations within Totnes, this attractive former coach house is within close proximity to the town centre and offers beautifully presented, well-proportioned accommodation. The beautiful garden has been considerately designed and has a feeling of tranquillity, with the secluded courtyard leading up to a lawned area with herb garden and small water feature. In addition, there is a fantastic bespoke home office located at the rear of the garden.


Saint Austell, Cornwall, 4 bedrooms


4 Bedroom Detached House for sale in Cornwall

Situated at the end of a quiet lane in a tucked away position, just off the centre of this extremely popular village, is this detached chalet style family home which has flexible accommodation throughout and lots of scope for redecoration and personalisation. The property represents a very rare opportunity to acquire a home set within nearly an acre of land yet right in the heart of a village renowned for its superb facilities, school catchment and proximity to Cornwall's stunning southerly coastline.


Contact us

As property prices and demand continue to rise, sell your property with experts in the property industry this spring. Contact your local Guild Member today.


Pwy ydym ni?

Mae Williams & Goodwin The Property People yn aelodau o’r Gymdeithas Gweithwyr Eiddo Proffesiynol, Cymdeithas Genedlaethol y Gwerthwyr Tai, y Gymdeithas Asiantwyr Gosod Preswyl a Chymdeithas Genedlaethol y Priswyr a’r Arwerthwyr. Rydym hefyd yn Syrfewyr Prisio Siartredig ac yn aelod o Rwydwaith Cenedlaethol o tua 800 o Asiantau Tai annibynnol.

Mwy amdanom ni

Cyfieithwyd y wefan hon gan Bla Translation Ltd

Cysylltu â ni

Eisiau gwybod mwy am Williams & Goodwin a’r gwasanaethau rydym yn eu cynnig, ffoniwch neu anfonwch e-bost atom heddiw.

Caernarfon - 01286 677 775
Bangor - 01248 355 333
Llangefni - 01248 751 000
Holyhead - 01407 760 500
Property Management - 01248 72 40 40
All Wales Auction - 01248 75 39 39

Cliciwch ymai weld manylion llawn ein swyddfeydd

©2023 Williams & Goodwin The Property People Cymru. All rights reserved. Terms and Conditions | Privacy Policy | Cookie Policy | Members Login
Registered in England & Wales.