There are plenty of inspiring places across Cornwall with a pretty character surface, but there is one particular place that has long claimed the hearts of those looking to call it home.
The crazy property boom of the past two years has not been kind to Padstow. Its desirability skyrocketed higher than ever – surprising those who thought it couldn’t get crazier in the process.
The town – famous for its picturesque harbor and range of prestigious restaurants – has always been a huge hit with holidaymakers and second home buyers, but with increasing numbers of people wanting to move to Cornwall, average asking prices have risen significantly .
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According to Rightmove, it has seen the biggest increase in house prices of any UK coastal town, and estate agents say they cannot keep up with demand for properties with a constant waiting list and no enough properties for everyone.
Price increases mean that the average cost of a Padstow the house was 20% more expensive in 2021 than it was in 2020, with the average cost now being £658,588, down from £548,382 previously.
St Ives and Newquay also popped up with an average asking price increase of 15% and 13% respectively, placing them third and sixth on the list of highest price increases.
Rightmove said: “Britain’s long stretches of coastline and sandy beaches have really captured the imagination of homebuyers over the past year, a trend that is set to continue into 2022.
“Some of the most popular coastal areas have seen strong increases in average asking prices, particularly in the West Country, with several towns and villages in Devon and Cornwall seeing the strongest price growth over the past 12 months.
“Padstow in Cornwall tops the list, but the beautiful beaches of North Yorkshire, Wales and Lincolnshire have also proven to have an irresistible appeal for shoppers looking for a whole new way of life. “
But what do those who know the city well think of the rising prices? We visited real estate agents to see if they were surprised by the news.
Daniel Dearling is a senior negotiator at Stratton Creber estate agency and he was unsurprised when Rightmove revealed his office location has seen the biggest rise in property prices in UK coastal towns .
It has always been a working-class area with a special “old world vibe”, he says, and its charm has only increased over the years as celebrity chefs Rick Stein and Paul Ainsworth attract more people here. .
“Padstow has always had a pretty high level of desire,” he said.
“Like many of these similar towns it is very idyllic and has grown from a normally affluent area to even more so. It has become exceptionally popular alongside places like Harlyn Bay, Trevone Bay and places like this along on the side.”
“But a lot of people want Padstow himself,” he continued. “It’s always been one of those really popular places. It has that appeal with Rick Stein and a kind of old world craft feel. Once people come to Padstow they never want to go there again.
“There are never a lot of properties available compared to other towns, so you’re working on a much smaller fraction if you’re looking and the desire to move to the area is hugely popular.”
Jackie Stanley Estate Agents is an independent agency in the Padstow area. Founded in 1994, it has seen significant changes within the city.
Manager Simon Poole has been with Jackie Stanley for over ten years. He says the Padstow property market has steadily grown to its current level of importance during this period.
“One of the reasons is that it has become a ‘foodie’ destination,” Mr Poole said.
He said people love coming to Padstow and being “a part of it all”. Regular TV appearances have played a huge role in that lately, he says.
“Food has always been the number one draw and that’s what put Padstow on the map,” he says. “It’s still a quaint and active fishing village with a charming old town and lots of character, and it’s of course also close to all those great beaches.
“The beautiful old buildings and the charm of the protected old town, people love it, but the restaurants and the exhibition are really what did it I think.”
He says it wasn’t entirely the pandemic that drove real estate demand to where it is today.
“A few years before the pandemic, we were here thinking things couldn’t get any busier,” he said. “But the furor has really built up and last year has been the busiest we’ve ever seen. Attendance has been huge and the lack of property to meet demand means prices can only go up in a sense.”
“The demand has pushed the prices that way and I’m not surprised they’re 20% higher on Rightmove now. Some people selling where the prices are going up probably made the decision for them.
“They probably thought they couldn’t afford not for sale in this market and you never know what to expect, as we learned.
“A lot of people are moving into the area and working from home, but people have also left. If people are buying, then people are selling. It goes hand in hand.”
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