Local Housing Affordability in Cornwall
Summary
This research is an examination of local housing affordability in Cornwall. Rather than looking at affordability in Cornwall as a whole, we have conducted analysis down to postcode level for both buying and renting. The overall conclusion is that whilst there are variations in house prices and rents across postcodes, there are very few postcodes where there is no affordability crisis.
There are six postcodes where there is positive affordability for flats. By this we mean that there is no gap between earnings and mortgages. Sadly, in these 6 postcodes only 12 properties were sold in the last year. The story for terraced housing is that there are many more properties sold in the cheapest six postcodes (246), but there was an affordability gap in each of these postcode areas. Camborne was the lowest priced location, and had an affordability gap of just under £11,000. Conversely the most expensive location for buying a flat was Port Isaac – St.Endellion with a mortgage gap of £441,674! The locations where the most properties are sold are often the most expensive, which is likely the function of a property market, in Cornwall, that is shaped by affordability of those purchasers outside of Cornwall and buying into the Cornish property market Renting is equally difficult. We took a census of properties listed for renting on Rightmove on the 30th June this year. There were only 171 for rent across the whole of Cornwall!
The only locations where there was positive affordability, based on the median monthly salary were Redruth, St. Austell and Liskeard. Unfortunately, at the time of our census there were only 14 properties available for rent in those towns. The following report provides detail on the methods we used, the most expensive and least expensive areas to buy or rent flats or terraced houses, and the places with most available. At the end of the report there is a table of affordability to buy for all Cornish postcodes.