Words by Marc Cottrell
Marc Cottrell discusses price, days-on-market, eco-credentials and the ongoing energy crisis.
Real estate brokers across the UK are facing the continued problem of low inventory, and while house price growth may have slowed over recent months, the number of buyers scrambling over such limited supply shows no sign of abating. However, while sales prices remain strong, largely due to the continued low stock levels, we are starting to see key market indicators such as ‘days on market’ beginning to creep up.
While well-presented, quality homes whose sellers have adopted a well-considered pricing strategy continue to fly off the shelves, those sellers who are slow to react to a shifting market are generally those whose properties remain unsold for longer periods. However, sellers who are quick to react by adjusting their pricing strategy continue to perform well against ‘new to market’ listings.
In terms of the quality of property here, and how architectural and interior design in the county has ‘levelled up’ the Cornish market, anyone who has attempted to hire carpenters, builders, electricians or plumbers over the past two years will testify to the time one can expect to wait to secure quality tradesmen. The level of investment in home improvements and indeed new construction across the area, reflects the demand for an improvement in the standard of housing that people have come to enjoy in the Duchy.
This continued strive for improved housing has kept architects across the region extremely busy. Many homeowners who may have failed to find a suitable onward purchase or who are not necessarily ready to sell in the immediate future are deciding to extend their current dwellings, with planning applications for both large- and small-scale alterations giving Cornwall’s planning department sleepless nights.
Within all of this, we continue to witness the importance of environmental impact becoming just as relevant as luxury detailing. Working with some of the world’s best builders and representing some of the most prestigious developments, more and more of the local Cornish developers we are considering partnering with are becoming more focused on energy efficiency and overall environmental impact as they cater towards a more eco-minded buyer.
What’s more, in light of the current energy crisis that is now impacting everyday living standards, we anticipate the cost of running one’s home becoming a major deciding factor across all price points in the Cornish housing market, as we are likely to see the continued rise of the cost for energy and fuel throughout Cornwall.