House prices increased slightly, by 0.4%, in Cornwall in May, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 1.2% annual decline.

The average Cornwall house price in May was £299,100. Land Registry figures show a 0.4% increase on April.

Over the month, the picture was similar to that across the South West, where prices increased 0.6%, and Cornwall was lower than the 1.2% rise for the UK as a whole.

Over the last year, the average sale price of property in Cornwall fell by £3,600 – putting the area 21st among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in Bath and North East Somerset, where property prices increased on average by 10%, to £449,000. At the other end of the scale, properties in South Hams lost 5.5% of their value, giving an average price of £377,000.

First steps on the property ladder

First-time buyers in Cornwall spent an average of £245,800 on their property – £2,700 less than a year ago, but £58,200 more than in May 2019.

By comparison, former owner-occupiers paid £336,600 on average in May – 36.9% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Cornwall in May – they increased 0.7%, to £434,008 on average. Over the last year, prices dropped by 1.7%.

Among other types of property:

Semi-detached:
Terraced:
Flats:

How do property prices in Cornwall compare?

Buyers paid 6% less than the average price in the South West (£318,000) in May for a property in Cornwall. Across the South West, property prices are higher than those across the UK, where the average cost is £285,000.

The most expensive properties in the South West were in Cotswold – £497,000 on average, and 1.7 times the price as in Cornwall. Cotswold properties cost 2.2 times the price as homes in Plymouth (£224,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in May

  • Cornwall: £299,100
  • The South West: £318,223
  • UK: £285,201

Annual change to May

  • Cornwall: -1.2%
  • The South West: +2.3%
  • UK: +2.2%

Highest and lowest annual growth in the South West

  • Bath and North East Somerset: +10%
  • South Hams: -5.5%