DEVON & CORNWALL PROPERTY BRIEFING HOME TRUTHS ABOUT THE LOCAL MARKET DECEMBER 2020 Property profile Factors shaping the local market YOUR LOCAL MARKET Buyer interest remains high in Devon and Cornwall “South West England has been at the forefront of activity during the summer, driven by preferences for rural and lifestyle locations. But while the level of demand eased a little in November and December, the number of viewings and offers is still high and we are frequently agreeing deals within seven 63% to 10 days. We expect the market to remain busy through the The increase in new buyer new year and into spring. registrations in the Devon Although the coastal market has been more bouyant than and Cornwall market ever, it’s the country and town markets that have seen the most compared with 2019. significant increase in demand. We are meeting prospective buyers who are looking to move away from urban areas. Still, many people who register with us are relocating from 95% other rural locations too, such as the Home Counties and The percentage increase of the Cotswolds. They are trading the commute into London sales agreed in South Hams for more space, value for money and the coastal and country in October 2020 compared lifestyle of the South West. with the same period in 2019. Around half of buyers in Devon and Cornwall have relocated East Devon saw a +56% from other parts of the UK, and most of them are making a increase and Cornwall +52% full-time move to the region. Interestingly, many people who increase in the same period. already owned a second home here are selling that property and buying a larger one that will be their principal home. It’s testament to the popularity of the region when people see INTERNATIONAL BUYERS the right house for the right price, they will go ahead and buy The region doesn’t just appeal it. Across the region, 56% of properties have attracted multiple to UK buyers. In the past six offers, with sales agreed in excess of the guide price. For our months, prospective buyers Exeter office, our sales have achieved 99% of their guide price have registered from Europe, Source: Savills Research, TwentyCi and Savills Data on average. For Cornwall it reaches 100%. the USA and the Far East. So, whether you are thinking of selling your home, or buying, Around 6% of sales are to renting or letting, we’d be delighted to talk to you.” international buyers. COAST Prime house price growth across the coastal markets has outperformed the wider UK average. Over the past Sarah-Jane Bingham-Chick Chris Clifford 12 months to September Head of Residential Sales Head of Residential Sales 2020, average values have Devon and West Somerset Cornwall increased 3.9% for coastal [email protected] [email protected] properties compared to the +44 (0) 1392 455 743 +44 (0) 1872 243 201 UK regional average of 2.6%. 2 — SAVILLS.CO.UK PROPERTY VALUES ACROSS DEVON AND CORNWALL Renewed interest in coastal and countryside living means that both counties will continue to witness strong activity in the coming months Source: Savills Research using Land Registry “The South West has seen particularly strong activity Key levels since the reopening of the housing market back Average transaction in May, driven not just by pent-up demand but shifting values in the 12 months preferences for rural and lifestyle locations. Further to July 2020 Below £200,000 supporting demand across the South West is renewed £200,000-£300,000 motivation for coastal living and an increase in buyers £300,000-£400,000 Kirsty Bennison moving from London. £400,000-£500,000 Residential Research The average transactional value in Cornwall over the Over £500,000 [email protected] past 12 months to July was £276k, slightly higher than +44 (0) 207 016 3836 seen in Devon at £268k. Unsurprisingly, the most expensive markets are coastal locations such as Rock and Salcombe where the average values are significantly higher at £756k and £642k respectively. The top end of the market is particularly buoyant, with year on year increases in the number of homes sold for over £1m.” 3 — SAVILLS.CO.UK This lovely property in Perranuthnoe has stunning views of Local expertise St Michael’s Mount and was a holiday let investment for a Knowing the local local Cornish family. The coastal market has been more active market and having than ever during 2020, but such is the strength of our buyer national reach helps database and knowledge of the area that we were confident us find the right buyer we had exactly the right buyer for this property, even before Chris Clifford we went to see it. This instinct was confirmed when we Head of Residential Sales viewed the house. Upon receiving instructions from the seller, [email protected] we introduced the buyer, and within 48 hours, a sale was +44 (0) 1872 243 201 agreed in excess of the guide price. The seller was delighted with the price and that we had managed the sale off-market. PERRANUTHNOE, PENZANCE, CORNWALL We introduced the right buyer to this seafront property before it was on the market 4 — SAVILLS.CO.UK CHEVITHORNE, TIVERTON, DEVON A versatile family home close to excellent schools attracted overseas interest “This Grade II listed detached family home sits in a prime Competitive bids mid-Devon location. We recommended a guide price of A realistic valuation £1 million and the property was put on the market in early led to interest from June. From the first three viewings, we had three offers, buyers offering above two of which were for more than the guide price. the asking price Interestingly, someone viewed the property on behalf of Tom Bedford a family in Hong Kong. They had registered with us and Residential Sales were looking for a property close to the excellent local [email protected] schools. Their offer was accepted, and they exchanged +44 (0) 1392 455 717 contracts prior to seeing it. During the past six months, the South West has received increased interest from buyers based all around the world. We’ve achieved successful sales like this by adapting our services in terms of viewings and managing the process remotely.” 5 — SAVILLS.CO.UK LISKEARD, CORNWALL A sale was agreed for this family home within two weeks of coming to the market “This beautifully presented traditional cottage is Team effort surrounded by stunning countryside. Although it is We managed the sale located in a small hamlet on the border of Devon and successfully thanks to Cornwall, the client wanted to use our Exeter office as collaboration between the main hub rather than our Truro office, which was our network of offices closer. They felt that prospective buyers coming from Sarah-Jane Bingham-Chick London and the South East would use Exeter as their Head of Residential Sales base. There is a high level of collaboration between our [email protected] two offices, and we worked together to take the property +44 (0) 1392 455 743 to market. Indeed, it was the Truro office that introduced the eventual buyer, and we sold the property for £25,000 above the guide price.” 6 — SAVILLS.CO.UK National coverage Activity influencing the wider UK market REMOVALS OUR SERVICE BUYERS FROM LONDON TO YOU Our country offices are all reporting an uptick in buyers The right buyer for your property may moving from London. Of new already live in Devon and Cornwall or the buyers registering with us to buy surrounding area. Often, we see buyers a country property across the UK, 32% come from London move from London in search of great compared with 21% last year. schools, value and green spaces. Wherever they may be coming from, we’ll help them 53% find your property. Thanks to Savills The proportion of respondents to global network of offices, your property is our buyer and seller survey who visible across the UK and internationally. said a countryside location had become more attractive due to Each of our offices is dedicated to its local the experience of lockdown. market and understands its attraction and unique features. And once you’ve sold your STRONG ACTIVITY property, we’re here to help you move on to We have seen a 121% increase the next stage of your journey. in the number of sales agreed for Even if you are not looking to move soon, properties above £1 million across the South West since the market we are happy to provide a free appraisal reopened, compared with the same of your property. period a year ago. This reflects how quickly pent-up demand has returned to the market. 98% During 2020, our sales in the country have achieved 98% of Source: Savills Research, TwentyCi, Savills buyer & seller survey August 2020, Savills data their guide price on average. 7 — SAVILLS.CO.UK Savills Devon Savills Cornwall & West Somerset 73 Lemon St Sterling Court Truro TR1 2PN Exeter EX1 1QA +44 (0) 1872 243 200 +44 (0) 1392 455 755 Sarah-Jane Bingham-Chick Tom Bedford Amy Hart Head of Residential Sales Residential Sales Residential Sales Devon and West Somerset Exeter Exeter [email protected] [email protected] [email protected] +44 (0) 1392 455 743 +44 (0) 1392 455 717 +44 (0) 1392 455 733 Chris Clifford George Hill George Nares Head of Residential Sales Residential Sales Country House Department Cornwall Cornwall [email protected] [email protected] [email protected] +44 (0) 20 7016 3822 +44 (0) 1872 243 201 +44 (0) 1872 243 205.