The latest House Price Index will not make welcome reading for homeowners in the Duchy, which was also one of the eleven areas across the 28 South West regions to lose value, according to the new data. In general, property prices in the South West dropped 0.2% from June to July this year and over the 12 month period, making the average home worth £302,298.
House prices for July collated by Purplebricks (Iliffe)
Average house prices in Cornwall are now £275,642 after a 0.7% annual price plunge, equivalent to £2,072.
This is the first time in three months that Cornish properties have lost value in the House Price Index. Despite the price plunge, Cornwall remains an attractive place for holidaymakers – though its appeal as an investment hotspot has waned somewhat since council tax hikes hit second home owners.
North Devon was the biggest loser in the West Country, where the average property lost 2.7% or £6,991 over the 12 months to July this year, making most homes worth £282,633.
Exeter was the second-biggest loser across the West Country, with a year-on-year drop of 1.7% or £4,907, meaning most properties are priced at £282,696.
Bath and North East Somerset, as well as Devon, also sustained losses of £2,941 and £2,322, respectively, all of which were bigger losses than Cornwall.
Across the wider South West region, South Hams was the biggest loser with homes losing 5.3% year-on-year, equivalent to £19,937 and pricing the average property at £355,483.
But, it’s not all bad news in the South West as homes in North Somerset gained a 3.8% or £11,492 boost, hitting an average price of £313,638.
This is closely followed by South Gloucestershire that also saw a boost of £11,310 or 3.4% to an average of £341,833.
In total, 17 of the 28 South West regions recorded positive gains in value this month.
However, this month’s report is generally positive for the wider country.
Homeowners in the North West and East Midlands were the biggest winners in the latest report from the Office for National Statistics, released on Wednesday, September 16.
Overall, UK house prices rose by 1.4% – about £3,768 – over the 12 months to July 2026 and increased 0.7% from June to July this year, making the average property worth £273,000.
While in England specifically, homes have increased by 1.1% over the year to an average worth £293,479, the fourth month in a row, which has seen England gain value overall.
Tom Evans, Sales Director at Purplebricks Estate Agency, said: “The housing market continues to show resilience despite a difficult economic backdrop.
“Although buyer activity has softened, the positive news is that wages continue to grow steadily, and employment has held up better than many expected or predicted, which should help support those who want to make a move in the housing market.
“With prices still around 25% higher than they were at the end of 2019, homeowners remain in a relatively strong position and have more than enough reason to remain optimistic about the market.”
