Clearly, the current crisis is having an effect on the property market that to a degree has almost but not quite shut down.
We’ve been talking to some of our Estate Agent contacts and its been interesting to hear their views and find out their experience.
The Roseland, in particular, is an area of the county that is heavily influenced by the out of county buyer and the holiday home investor.
Two of the most active agents on the Roseland report that whilst a few agreed sales have fallen through in most cases this was not related to the Covid 19 crisis. They also report that since “Lockdown” several sales have been agreed and several vendors have asked to put their properties up for sale.
Restrictions are such that as it is not possible to arrange viewings and the consensus is that the likelihood of new sales being agreed is low.
The properties that are under offer however, are still progressing through the legal process and there has not been the flood of sales falling through which might have been anticipated.
Enquiries have dropped off. One agent thought that they may have seen an increase in casual enquiries from people in isolation with little to do browsing the property websites such as Rightmove and Zoopla but as yet this hasn’t happened.
Looking to the future there could be an increase in demand from the out of area purchaser when this is all over. There are many who have planned to relocate their families to Cornwall in the coming years. With advances in technology and the availability of Super-Fast Broadband, remote working is becoming increasingly common. Many are having remote working forced upon them and perhaps will bring forward these plans.
I think all of us who are lucky enough to live and work in this wonderful part of the country are now more so than ever thankful to be in Cornwall when we see everyday on the news the circumstances under which those living in the cities especially London are having cope with and how difficult it can be to self-isolate and to be able to exercise in the open.
In past recessions, the Cornish property market has faired better than many areas elsewhere in the UK and whilst undoubtedly the local market will be impacted there’s hope that Cornwall may suffer less than elsewhere.
Our levels of business have reduced significantly in the last few weeks and we have had to make some very hard decisions such as placing staff on Furlough but we have had a number of instructions from our major lender clients.
Please keep safe.