MORE than £8,000 has been wiped off the value of homes in Cornwall, according to analysis by online estate agents Purplebricks.

The latest House Price Index reveals the average Cornish property lost £8,304 over the 12 months to August this year and is now valued at around £274,570.

Cornwall was one of the worst-hit areas in the South West of England, according to the report released on Wednesday, October 21.

House prices for August 2025 to 2026
House prices for August 2025 to 2026 (Purplebricks)

Despite this, properties in Cornwall are still marginally more expensive than the UK average of £273,000 – but lower than the England average of £293,525.

The report highlights an apparent slowdown in the market, with the average UK house price rising just 0.9 per cent annually, and a measly 0.3 per cent from July to August this year.

North Devon was the only region to perform worse than Cornwall, with homeowners losing £12,234 over the last year to an average of £280, 441.

This spacious four-bedroom detached house in Penzance is on the market with Purplebricks for £750,000.
This spacious four-bedroom detached house in Penzance is on the market with Purplebricks for £750,000 (Purplebricks)

It comes just days before John Healey’s first Budget and amid fears he may be weighing up whether to lower the Mansion Tax threshold from £2-million to £1.5-million, affecting high-value homes across the region.

Tom Evans, Sales Director at Purplebricks Estate Agency, said: “While this isn’t the outcome many Cornish homeowners wanted, the latest data shows just how subdued the property market has become.

This stunning five-bedroom detached home in Redruth offers stunning coastal views and is on the market with Purplebricks for £945,000.
This stunning five-bedroom detached home in Redruth offers stunning coastal views and is on the market with Purplebricks for £945,000 (Purplebricks)

“With mortgage approvals at their lowest since the start of 2024, buyer enquiries weak and mortgage rates climbing to six per cent, affordability remains the biggest barrier to people making their next move on the property ladder, while enabling those at the bottom to get a foot on it.

“However, we’re confident this is a period of adjustment rather than a trend and with wages continuing to grow, there are reasons to be optimistic about the longer-term outlook.”