Homes in lesser known coastal villages set to make Cornwall a property hotspot

The South West of England has always been a popular place for second home owners and two locations in Cornwall have been named as up and coming property hotspots, particularly coastal villages.

South East Cornwall and the area around St Ives have been named by independent estate agents who are members of the Guild of Property Professionals as among the top 10 locations to watch out for.

The other locations highlighted are Wellingborough, Lincoln, Peterborough, St Albans, Wakefield, Biggleswade, Nottingham and Leytonstone in London which has been dubbed the new Hackney.

According to Scott Parry of Atwell Martin Estate Agents the stretch of coastline in South East Cornwall between Rame Head and Polruan has long been overlooked as a destination for those seeking to make a coastal lifestyle home purchase.

He has found that buyers who traditionally orientated towards the notable hotspots on the North coast have turned their attention to South East Cornwall and affordability and accessibility are major factors.

‘Many of the buyers are immediately employing local building companies and architects to refurbish or rebuild/reconfigure the houses that embrace the maritime location. Evidence of this can be observed by just driving through the coastal villages and seeing the amount of construction work being carried out,’ he explained.

‘Lifestyle is a driving force behind many people’s home purchase. Employment and schooling as well as improved transport links and more people working from home. There is no doubt that capital appreciation in coastal locations is more robust than the rural counterparts and market turnover remained healthy even during the recessionary years,’ he pointed out.

He predicts that coastal properties, particularly in South East Cornwall will retain their value and indeed in some cases see strong appreciation as more and more buyers seek to indulge their passion for the coastal lifestyle.

However, he also pointed out that these locations can be constrained by geography so there is less opportunity for large scale development. But he expects the market around Whitsand and Looe Bay with their beautiful cliffs and hinterland, parts of which is in the ownership of the National Trust, to prove attractive.

Meanwhile, Zoe Kent of Marshall’s estate agents, believes that while St Ives has always been popular due to its thriving culture enhanced by the Tate Modern, price has become an issue and those looking for a seaside and harbour view can expect to pay in excess of £1 million for a home.

However, she has identified nearby locations as potential hotspots including Carbis Bay and Hayle where owners can still enjoy the lifestyle and buzz of St Ives but life in a quieter place, especially when it comes to parking and tourists.
Wellingborough is names by Elaine Hanrahan of Martin Pendered & Co as an up and coming area, mainly due to its 50 minute rail commute into central London. ‘Prices in Wellingborough and the locality are low compared to all the surrounding areas, particularly Bedford which is only 15 minutes closer by rail, where prices are probably double,’ she said.

Sarah Green of estate agents Mundys has picked Lincoln, describing the cathedral city as ‘Britain’s hidden gem’. She reckons that location and access to the rest of the country are key attributes. ‘The A1 and recently duelled A46 make the journey from the South and the Midlands much quicker and from the North and North West, the M180 connecting to the A15 make for a straightforward journey. There are also train services into the city, and three airports within a 50 mile radius,’ she explained.

Peterborough is also described as a potential hotspot, just 45 minutes by train from London King’s Cross with this due to reduce to 38 minutes by 2019. There are a lot of new housing developments, good road connections, Stansted airport and quick access to Eurostar. Josh Hurford of Hurfords said that the city has ‘an excellent house price to earnings ratio that makes Peterborough attractive and affordable’.

Price growth forecasts of 38% in the next five years makes St Albans a thriving location, according to Nick Parker of Aubrey & Finn, and the city is also just 17 minutes by train from central London. He added that good schools, a wide range of property for young families and glorious surrounding countryside makes it a hotspot.

When it comes to London Leytonstone is the new Hackney, according to Diana Solden of agents Victor Michael. ‘Leytonstone has seen an influx in purchasers having sold their apartments in areas such as Hackney, Stoke Newington and Shoreditch,’ she pointed out.

Buyers are attracted by good schools, excellent transport links in to the City but also offering good value for money. ‘The new wave of young families purchasing in Leytonstone have the best of worlds enjoying city life as well as the peace and tranquillity of open spaces such as Hollow Ponds boating lake or Wanstead Flats,’ she added.