House prices subdued

According to the Halifax who are the biggest mortgage lender in the UK house price growth will continue to be subdued whilst Brexit uncertainty remains.

Halifax are reporting that prices fell by 1.6% in March but overall are 2.6% higher in the first 3 months of 2019 than the first 3 months of 2018.

But what does this mean?

It must be remembered that these statistics are national based on the UK as a whole but we thought it would be interesting to look at things on a more local basis.

According to Propdex in TR1 which principally covers Truro there were 211 homes sold in the last 6 months which is a 21% fall year on year. Prices rose on an annual basis of 3.5% but they fell over the last month by 2.5%.

In TR15 which covers the Redruth area there were 208 sales in the last 6 months which is a 17% fall year on year. Prices fell over the last 12 months by 1.7% but rose over the last month by 0.4%.

In TR3 which includes Threemilestone, Carnon Downs, Perranwell Station and Feock there were 117 sales in the last 6 months which is a fall of 3% year on year. Prices in this post code rose by 6.3% over the year and 6.3% in the last 12 months.

In PL25 St Austell there were 239 sales in the last 6 months which is a fall of 25% year on year and prices fell on an annual basis of 6.2% and 2.5% in the last month.

In TR7 the Newquay area there were 290 sales in the last 6 months a 3% rise year on year. Prices rose by 5.9% over the year and 3% last month.

Statistics can be viewed in many ways but it seems from the above that there is variety locally in how the market is performing and there are certainly areas where prices are stronger but overall it does show that the level of transactions has reduced and this could well be caused by Brexit.

Back to News