People wanting to rent or buy in Cornwall face 'dire situation' new study shows

St Ives is on the list as one of the most expensive areas for flats when looking at the so-called 'affordability gap'

People looking to rent or buy homes in Cornwall face a 'dire situation', according to a new study.

Researchers who examined postcode data found there are few places in the Duchy where mortgage or rental prices are within the means of people earning the average income for the area.

They found six "affordable" postcodes - where there was no gap between the maximum average lending and the average wage.

But only 12 properties were sold in these postcodes between mid-2021 and 2022, land registry records show.

The University of Exeter study shows there were 246 terraced houses sold in the cheapest six postcodes during the same period, but there was an affordability gap in all those areas.

Camborne was the lowest priced place and had an affordability gap of just under £11,000.

The most expensive location for buying a flat was Port Isaac/St. Endellion with a mortgage gap of more than £440,000.

The only places where there was good affordability for renting were Redruth, St. Austell and Liskeard, but there were only 14 properties available for rent on Rightmove in those towns.

Professor Malcolm Williams, who led the study, said: "This data shows a dire situation in Cornwall.

"As of 2018 Cornwall's population was 565,968, but on the 30th of June 2022 only 171 properties were advertised for rent across Cornwall. In May 2019 there were 395 homes for rent on the same site.

"The 'cheapest' rents were for rented rooms within shared flats, but the average cost was £889.

"The three cheapest postcode areas - St Austell, Redruth and Liskeard - provided affordable housing, but there were only 13 properties available.

"Our research shows long term Cornish residents are competing in a property market where prices for renting and buying bear no relation to wages.

"Higher salaries are unlikely to help significantly as there is also an issue with supply and the areas with more housing available can be the most expensive."

The most expensive areas for flats and their 'affordability gaps' were:

Wadebridge: £331,639

Downderrry: £253,591

Fowey- Polruan: £242,883

St.Ives: £229 878

Mousehole - St.Buryan: £220,478  

Falmouth: £219,765

The most expensive areas for flats and their 'affordability gaps' were:

St.Cleer- Pensilva: +£70,784

The Lizard: +£62,872

Clay District: £+60,534

Camborne: +£41,284

Liskeard: +£40,247

Boscastle - Lesneweth: +£35784

Only 20 flats were sold in all these areas during May 2021 and June 2022, although it is likely there are few flats among the housing stock in these parts of Cornwall.