Cornwall Property Auction Sees Homes Smash Guide Prices – What’s Driving the Demand?

Cornwall’s property market continues to show strong demand, with homes and land selling well above their freehold guides at the latest Clive Emson Land and Property Auctioneers sale. The auction, held on Thursday, 6th February, saw competitive bidding on a range of residential properties across the county.

Homes in Penzance and Newlyn Fetch Higher-Than-Expected Prices

Among the standout sales was a two-bedroom semi-detached house in Mounts Bay Road, Penzance, which sold for £180,000, surpassing its freehold guide of £160,000 plus. The house, auctioned in arrangement with MAP Estate Agents, is set for a full renovation, with auctioneer David Henwood stating:

“The new owner has acquired a well-proportioned accommodation over two floors. After a comprehensive programme of improvement works, it will be suitable for owner-occupation, resale or letting.”

Meanwhile, in Newlyn, a character two-bedroom cottage in The Fradgan sold for £154,000, slightly above its guide of £150,000. It was auctioned in arrangement with Stacey Mann Estate Agents.

One of the biggest surprises came from Higher Carvossa Bungalow at Blowing House Hill, Ludgvan, which had a freehold guide of £140,000 plus but sold for £239,000 after a heated bidding war.

Former Public Toilets in Penryn Sell for Nearly Triple the Guide Price

Even unusual properties saw strong interest. In Penryn town centre, the former Permarin Toilets in Lower Market Street were snapped up for £28,000, comfortably exceeding the £10,000 to £15,000 guide price. Cornwall Council instructed the sale.

David Henwood remarked:

“These public conveniences proved in demand at auction. Their location, often in town centres or in tourist areas, usually prove popular, as in this case where the sale price exceeded the guide quite comfortably.”

Huge Gains on Properties in Brook Place

Brook Place saw some of the biggest price jumps of the auction.

• A three-bedroom terraced house went for £172,000, nearly £100,000 more than its £75,000 plus guide.
• A one-bedroom semi-detached bungalow sold for £91,000 – more than three times its £25,000 plus guide.
• Another one-bedroom semi-detached bungalow in the same area fetched £72,000, again three times its guide price.
• A two-bedroom terraced house in The Praze doubled its guide when it sold for £100,000.

Truro Sees Strong Bidding

Truro properties also attracted competitive bidding.

• A leasehold flat in Goodern Drive was sold for £130,000, well above its £100,000 plus guide. The two-bedroom second-floor flat was auctioned in arrangement with MAP Estate Agents.
• An end-terrace two-bedroom house with a garage in Harcourt Close went for £115,000, significantly higher than its £70,000 to £80,000 guide price.
• A fire-damaged semi-detached property in Trevose Road, previously arranged as two flats, sold for £52,000 against a £20,000 to £30,000 guide. Any future use will require planning consents.
• Another semi-detached property in Trevose Road, also arranged as two flats, fetched £133,000 – far above its £80,000 plus guide.

David Henwood commented on the trend of strong bidding for properties needing renovation:

“Buyers continue to recognise the potential to realise value through flats and properties requiring varying levels of renovation or refurbishment. The market remains strong as the sale of properties of this kind demonstrated in our first auction of the year.”

Land in Newquay Sells with Planning Permission

In Newquay, land in St Thomas Road with planning permission for demolition and reconstruction of a fire-damaged mid-terrace house was sold at a freehold price of £75,000.

Next Auction Dates Announced

Clive Emson Auctioneers, which has its regional office in Exeter, was recently named Residential Auction Service of the Year at The Negotiator Awards 2024, considered the Oscars of the UK’s residential agency sector.

The next auction, one of eight planned for 2025, will conclude on 20th March, with bidding going live 48 hours beforehand. Lot entries close on 24th February, with the catalogue available online from 27th February.

For more details, visit Clive Emson Auctioneers.