Devon and Cornwall Home Truths

Watch our experts discuss how the Devon and Cornwall property market is performing.

Values, trends and forecasts for Devon and Cornwall's residential property market

A snapshot of the Devon and Cornwall property market

Devon and Cornwall, Britain’s well-loved, neighbouring seaside counties, are not short on an abundance of natural beauty and things to do.

With spectacular coastlines to the north and south, and swathes of dramatic countryside between, it’s no wonder that Devon and Cornwall are often referred to as the jewels of England’s crown.

Blessed with an abundance of natural beauty, from its miles of breathtaking coastline to its three National Parks, Bodmin Moor, Dartmoor and Exmoor, you’re never far from sweeping countryside or winding coastal walks in either county. Rich in history, the region is also home to an impressive three World Heritage Sites. Over the border into West Somerset, you are treated to yet more treasured landscapes, not least the Quantock Hills, the first Area of Outstanding Natural Beauty to be designated.

The moorland landscapes, exceptional waters, rugged cliffs and charming coves of Britain’s southwest coast make it a haven for outdoor enthusiasts

With many blue flag beaches around the peninsula, surfers flock to the famed surfing destinations at Croyde Bay in Devon and Fistral Beach in Newquay, and the numerous tidal estuaries play host to countless sailing schools to choose from for a day out at sea.

The counties’ green pastures, fresh sea air, charming fishing villages and gorgeous market towns beckon a change of pace for many, enticing buyers from all over the UK – and the rest of the world. The calming coastlines attract working professionals and those looking to retire, while an enviable selection of schooling options in Devon and west Somerset is a draw for many families.

Research and insights

Property and rental values across Devon and Cornwall.

It has been well documented that the Covid-19 pandemic sparked a lifestyle change among many home buyers. There were those looking for more space, but also lots of relocators wanting a wholesale change in the way they live. An ability to be more flexible around when and where they work has also supported these moves.

New stock coming onto the market was unable to keep pace with these rising demand levels and so this imbalance led to strong price growth and high levels of transactions.

But more recently, economic uncertainty, rising living costs and higher interest rates has led to some caution among buyers as their spending power has come under pressure from disruption in the mortgage market. And whilst the prime housing markets tend to be more driven by equity than debt, they aren’t completely immune to these pressures.

The prime housing markets across Devon and Cornwall have benefited significantly from the rise in demand from those looking for a change in lifestyle and so we’ve seen values across these markets increase by an average of 25% since the start of the pandemic in March 2020.

But following two years of significant increases, we have begun to see price growth slow and annual growth totalled 5.4% in the year to September, down from a peak of more than 15% at the same point last year.

Often the perception is that the majority of buyers in Devon and Cornwall are buying second homes but our data suggests many buyers are either completely relocating from elsewhere within the UK, or indeed the world, or they’re upsizing or downsizing locally.

Looking ahead, we have already begun to see some more caution among buyers, and we expect the prospect of further rate rises to weigh on buyer sentiment over the coming months.

That means we are expecting that some of the price gains made over the past two years are likely to be eroded over the next year or so, as a result of softer market conditions. The extent to which that occurs will depend on the level at which interest rates peak and for how long they remain elevated.

Specifically for Devon and Cornwall, around two thirds of buyers over the past year have been cash buyers, so this could go some way in insulating these markets against these pressures.

Importantly, sensible pricing will be fundamental to achieving a successful sale and both buyers and sellers will need to be realistic on both the length and complexity of chains.

^{Source: Savills prime regional index, Q3 2022}

Property sales in Devon

Bringing our expertise in every property sale.

Sold | Broad Park, Broadhempston

Architecturally outstanding property attracted press coverage and multiple offers.

The owners partnered with Savills because of our knowledge and understanding of the immediate area, as well as our marketing capabilities. The property attracted a lot of press coverage due to the calibre of its design, which resulted in a high level of viewings with multiple offers. It sold to a buyer who was relocating to the area for a lifestyle change.

Set upon 15 acres of the rolling South Hams countryside, this house – built by award-winning developers – showcases contemporary architecture at its finest. Located 5 miles from Totnes, this property is not short on showstopping features.

A glass bridge that stretches across the upper floor bathes the home in natural light, and the open-plan living area offers unparalleled and far-reaching views across the surrounding countryside. A spectacular double-height dining hall opens out onto the adjoining terrace and is flanked by glass fronted, temperature controlled wine cellars.

Sold | Claremont, Exeter

An iconic listed family home, sold to a buyer returning to Devon.

Our extensive local knowledge was the main draw for the owners when it came to choosing an agent. It attracted a worthy level of interest, selling to a buyer returning to Devon after spending their business life in London.

Based on a private and secluded road within the heart of St Leonards, this outstanding listed family house dates back to the 1800s and is one of the largest residential properties in Exeter.

Enhanced to a superior standard, the property enjoys a fine twist of period charm and modern living, spanning over 6900 sq. ft of impressive accommodation, as well as a two-bedroom detached lodge house – perfect for multi-generational living. The basement has also undergone an extensive upgrade, featuring a superb cinema, gym and games room.

Property sales in Cornwall

Sold | Morva, Carbis Bay

Savills achieved multiple viewings and full asking price.

Originally working with a local agent and attracting limited interest, the owner decided to turn to Savills. After a new write-up and a property facelift, we achieved several viewings and secured the full asking price from buyers relocating from Reading.

This beautifully presented, five-bedroom house sits in a magnificent, elevated position overlooking Carbis Bay, with spectacular uninterrupted views across the coast, thanks to the property’s panoramic windows and glass balustrade balcony.

The unique split-level house is light and airy, with a spacious kitchen looking out at sea, a large principal bedroom, and a family bathroom equipped with a luxurious sunken bath.