Record House Sales in Falmouth

Thu 20 Oct 2016

It wasn’t very many weeks ago that Brexit was at the forefront of everybody’s minds and I’m sure that everybody will recall the plethora of apocalyptic predictions of impending economic doom and gloom that would ensue were we to vote out! Well, vote out we did, albeit by the smallest of margins, but has the property market noticed? Maybe not if the Falmouth office of Millerson’s results over the last three months are anything to go by because, if anything, since the referendum business has improved dramatically! It’s not the prospect of the UK departing the European Economic Union that poses a threat to the local market at present, nor on the face of it the 3% increase in Stamp Duty that came in to being 1st April this year, it’s the short supply of property coming to the market that is likely to rein in activity.

Joint Managers of the branch, Sue Richardson and Penny Churcher, are on one hand thrilled with the number of sales agreed over the quarter (July – September) which, together with those that have exchanged contracts, add up to over £11,500,000 pounds worth of local homes. Sue and Penny comment that ‘demand for homes across the property spectrum has been incredibly strong both pre and post the Brexit referendum.’  They go on to say that ‘although the stamp duty changes earlier in the year initially dampened demand it has since bounced back led largely by investors looking for property that can be let to the large student population in the town’.  On the other hand, however, they are concerned that demand is outstripping supply in the Falmouth area.

Considering the shortage of available homes in the market place it is no surprise then that many of the recent sales agreed by Millerson in Falmouth have been on properties new to the market such as an impressive 7 bedroom home on Florence Place that came to the market and went under offer within a week at £760,000. Another property that went under offer at first viewing was a detached bungalow on Dracaena Avenue at £300,000. It’s not only the larger homes that experience high demand though. A three bedroom semi on Little Oaks with an asking price of £239,950 was sold subject to contract within 48 hours of being released to the market, and likewise a two bedroom end terrace home on Longfield, where the asking price was £175,000, was sale agreed within 2two days to the first viewer.

Amongst those that have exchanged within the period was Wodehouse Place on highly sought after Wood Lane in Falmouth. This significant Regency style home of over 6,000sq ft was sold off an asking price of £795,000 and was arranged as 5 separate apartments.

Summing up the quarter Sue and Penny are urging anybody who is selling their house or might be considering a move to get in touch on 01326 311666 as they have potential buyers looking for properties of all types and size and many of those potential buyers are wanting to buy as soon as possible!