Padstow tops asking price list as values surge

AN idyllic Cornish seaside town has topped an asking price list as property values continue to surge in some of the county’s most popular places.

Padstow, already known for its expensive houses, now has an enormous average asking price of £658,588.

The stunning north Cornwall town had its average prices increase by 20 per cent in 2021, compared to 2020 prices, according to Rightmove. This is the largest rise in average prices of any coastal place in the UK.

Rightmove has published the top ten risers, with Padstow not the only Cornish town on the list.

In second place is Whitby, North Yorkshire, which has an average price of £254,218 (but a 17 per cent rise), followed by St Ives with a rise of 15 per cent to £473,161.

This is followed by Porthcawl (South Glamorgan, £307,051, 14 per cent rise), Mablethorpe (Lincolnshire, £173,612, 13 per cent rise) and another Cornish entry in Newquay (£317,846, 13 per cent rise).

The significant price tag jump as demand for coastal properties booms could make getting on the housing ladder more of a struggle for some people.

2021 has been a year of property market insanity for Cornwall, with dozens of stories published by CornwallLive about unaffordable houses for locals, a lack of rental properties, a surge in AirBnbs depleting housing stock - and prices going out of control.

All this has led to more evictions, more people struggling to find a home and, in turn, more people turning to local authorities for help to get somewhere to live. This demand has not been met, leaving many to sofa surf or even live on the streets.

Rightmove compared activity on its website between January 1 and November 24, 2021, with the same time period in 2020 to make the findings.

Tim Bannister, Rightmove’s director of property data, said: “After a year where coastal locations really captured the imagination of British buyers, it’s interesting to reflect on how the overall picture looks at the end of the year.

“In terms of average asking price growth, homeowners in Cornwall and Devon are the real winners this year, with properties in some areas outpacing the national average, though this does mean that it is increasingly difficult for some locals to get onto the ladder.

“The speed of this year’s market really is astounding, seen in the time to find a buyer in some areas, particularly in Scotland.

“Overall, this has been the year that either through changed lifestyle priorities, or the ability to work remotely, living in coastal areas has become possible for more buyers, which is reflected in the data we’re seeing in this study.”