Housing market issues part 3 evidence base

Housing in Cornwall Part 3 Evidence Base

About this report

This report draws together key data about housing in Cornwall relevant to the refresh of the Strategic Economic Plan for Cornwall and Isles of Scilly Local Enterprise Partnership.

It provides headline analysis and draws out key messages. It does not attempt to pass comment on every aspect of the data presented. Where appropriate national trends and context are provided.

Part 1. discusses key issues facing the housing market in Cornwall, and highlights area for further discussion as part of the SEP refresh, and in terms of formulating responses to these issues Part 2. will precis evidence and issues for the Isles of Scilly Part 3. contains detailed data analysis and sets out core Census characteristics, house price and house rental value data.

Charts and Tables can be reused, and should be acknowledged as created by Understanding Data Ltd. Maps can be reused keeping the note about data source and creation.

THIS PAPER COVERS PART 3 ABOVE

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PART 1 1) Introduction Cornwall and Isles of Scilly LEP commissioned a report to consider key issues that shape and influence the housing market locally, and to highlight key areas for discussion and consideration, to help with ongoing dialogue as part of the LEP’s refresh of its Strategic Economic Plan (SEP 2016).

The Government has recognised the vital role that housing has to play in driving economic growth. Housing matters are clearly central to the heart of the work of Local Enterprise Partnerships (LEPs) and the Regional Growth Fund as these offer important mechanisms to stimulate growth at the local level.

Local Enterprise Partnerships have a key role in providing leadership and establishing a strategic vision of growth for their area. Government looked for an approach which brought together the LEP and its partners across the LEP area around a common growth agenda. These plans were to explain the drivers and barriers to growth specific to each LEP area, but to have regard to national policy on growth, including for example on housing, transport, skills, industrial strategy, flooding and rural economies.

In line with the guidance published by government in July 2013 on what SEPs need to have regard to, this report is a contribution towards the debate about how the local economy can grow and develop in the coming years, highlighting key evidence and issues that follow from this analysis, pertinent and relevant to housing issues.

Part 2 Analysis of the housing market a) Housing Stock Housing stock can be measured through considering the registered properties paying council tax. The total stock in Cornwall has grown since 2001, from 227,285 to 263,537 in 2015. This represents a 15.9% growth.

Chart 1 Council Tax Stock 2001-2015

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The Census also provides estimates of dwellings and household spaces.

Chart 2 Census Housing Stock Estimates 1991-2011 Census stock estimates provide three categories related to housing.

Dwellings is a measure of total stock which could be lived in.

Household Spaces with residents is the Census base for units that are occupied.

A dwelling may include several household spaces.

The 2011 Census figure for occupied household spaces used most commonly is 230,389, highlighted in orange on the left.

The overall stock in Cornwall has clearly grown in recent years. Looking at the longer time period that the Census provides show that for the period between 1991-2011,   

household spaces have increased by 51,847 or 25% between 1991-2011, dwellings by 53,100 or 26%, and occupied household spaces by 47,400 or 26%.

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b) Geographies used Figure 1 Small Areas used for sub Cornwall analysis & 2011 population Area

2011 Population 19,575

Area

1

Bodmin

2

Bude

16,879

16 Newquay

3

Callington

17,764

17 Padstow

6,561

4

Camborne Redruth

58,891

18 Penzance

26,386

5

Camelford

12,341

19 Saltash

20,916

6

China Clay

24,057

20 St Agnes Perranporth

17,163

7

Falmouth Penryn

42,986

21 St Austell

29,119

8

Fowey Lostwithiel Polruan

22 St Blazey Tywardreath

11,464

9

Hayle

14,402

23 St Ives

11,435

10 Helston

23,930

24 St Just

12,366

11 Launceston

18,682

25 Torpoint Rame

11,834

12 Liskeard

20,760

26 Truro

40,686

27 Wadebridge

13,524

7,806

13 Lizard

8,917

14 Looe

10,283

15 Mevagissey Roseland

2011 Population 6,934

Cornwall 2011 Population Total

26,612

532,273

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This report provides detailed analysis across Census characteristics and house price data, which shows some of the variation across Cornwall. The map above shows the areas used for this analysis.

c) Housing Tenure Tenure Tenure provides information about whether a household rents or owns the accommodation that it occupies and, if rented, combines this with information about the type of landlord who owns or manages the accommodation.

There are four relevant tenure categories. These are: 

owner-occupied. This includes accommodation that is owned outright or is being bought with a mortgage/loan.



rented privately, defined as all non-owner-occupied property other than that rented from local authorities and housing associations plus that rented from private or public bodies by virtue of employment. This includes property occupied rent-free by someone other than the owner.



rented from housing associations; and



rented from Local Authorities.

National Context Between 1991 and 2001, there was relatively little change in the tenure structure in England and Wales, as owner occupation stayed relatively unchanged at about 7 in 10 households. The significant change over the decade was within the rental sector, where the proportion of households privately renting increased for the first time since 1918.

12% of households were privately renting in 2001, while those socially renting had decreased to 19%.

Renting from private landlords almost doubles over the decade to 2011, the number of owner occupied households in England and Wales remained more or less unchanged at about 15 million, while the number of households increased. This means that the overall proportion of owner occupier households fell by 5 percentage points to stand at 64%.

The number of households who were renting went up 1.6 million to 8.3 million.

The rapid increase in the number of households privately renting could be linked to the decline in the number of able to purchase a house, usually through a mortgage. This is mainly because of the increasing difficulty for first time buyers to raise deposits for a mortgage.

A few possible factors contributing to this include:

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

High house prices. The average house price for those who were first time buyers increased by about 96% between 2001 and 2011. This meant larger deposits which are linked to the house price, were required.



Tighter lending requirements, especially in the wake of the recent recession meant a larger percentage of the house value was required as a deposit, as the era of near 100% mortgages became a thing of the past.



Declining wage growth and rising inflation over the period exerted pressure on household spending and eroded the value of savings. While in 2001 the average house price in England and Wales was six times the average gross wage, by 2011 the average house price was nine times larger than the average wage. This meant households needed to save for a longer period in order to provide a deposit.

The fall in people buying their homes and the subsequent rise in people privately renting has seen schemes such as ‘Buy-to-Let’ flourish over the decade.

Cornwall Tenure Data Figure 2

Data used here from 1991,2001 and 2011 census

The tenure breakdown on the left is from the 2011 Census, and is expressed as the tenure that individual households occupied as of March 2011.

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Chart 3 Tenure from 2011 Census. Data expressed as % split of total e.g. area totals = 100. Living rent free expressed to 1 decimal point

There are clear variations between tenure categories.

Owner Occupation ranges between 61 % (Camborne, Pool, Illogan and Redruth – CPIR) and 75% in Torpoint and Rame.

Social renting (from a Housing Association or Local Authority) ranges between 7% in Launceston to 18% in CPIR and Saltash.

Private renting ranges from 13% in Mevagissey/Roseland and Torpoint/Rame to 22% in Wadebridge.

The following Charts (4,5 and 6) set out the main categories shown in Chart 3 above, into smaller sub divisions.

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Chart 4 2011 Census Tenure - Owner Occupation – data here breaks down the Owned category into two elements – owned outright or with a loan

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Chart 5 2011 Census Tenure - Social renting data here breaks down social renting into two categories rented from council or RSL/ Housing Association

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Chart 6 2011 Census Tenure - Private Renting – data split into four categories

Note a large variation in levels of private renting from a landlord /agency. The low figure for Helston and Torpoint, is possibly linked to activities around the military bases located close by these two towns. This is also seen in the corresponding higher levels of “other category� renting for these two towns.

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d) Accommodation Type Figure 3 Data is for Cornwall and sourced from 2001 and 2011 Census

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Chart 7 Accommodation Type All 2011 Census data

There is significant variation in the distribution and percentage of flats across Cornwall. Areas with very high levels, Newquay, Penzance, Falmouth are coastal, and there is likely to have been significant conversions and adaptations of large buildings, or rebuilds, of previous hotels, as part of a wider tourism market shift away from large serviced accommodation. There is clearly some flux in this segment of the market, and blurred lines between full time residential use, second homes, holiday lets. The Census data here is showing all occupied household spaces/dwellings as of March 2011.

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Chart 8 Accommodation Type – Whole House broken down into three types

In a similar fashion there are equally large variations in the types of houses, between the categories of detached, semidetached and terraced.

Towns with an older (pre 1930s) residential development pattern, tend to have more terraced dwellings, and rural and coastal smaller areas more detached dwellings. Of particular note is the level of terraced housing in Penzance and Torpoint, at 46 and 38%, and the high level of semi-detached dwellings in the St Blazey area (43%).

There is a further rural concentrations of detached dwellings in Mevagissey, the Lizard, Camelford (all 62%) and St Agnes/ Perranporth (59%).

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Chart 9 Accommodation Type – Flats data broken down into three further types

Reading across the chart above, shows clear variations.

Camelford, Padstow and the Lizard have high levels of flats converted from commercial buildings.

St Ives, Fowey, and Bude have high levels of flats that are part of a converted or shared larger house.

Bodmin has a striking concentration of purpose build blocks of flats.

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e) House price sales House price Changes Prior to the recession in 2008, the national housing market saw a period of sustained growth, with the mean house price tripling from £73,117 in 1996 to £222,619 in 2007.

Growth was relatively uniform across all regions in England, stimulated by a high level of demand and increased mortgage availability, with higher rates of lending.

In 2008, however, the effect of the global economic downturn on the housing market became clear, with reduced confidence in the banking industry leading to a reduction in lending. This led to a protracted period in which households faced difficulty in obtaining a mortgage and accessing housing. Nationally, this resulted in the total number of transactions falling by around 50% between 2007 and 2008.

With reduced mortgage lending, and many households struggling to afford the costs associated with moving home, the level of effective demand for property fell, with the national average house price in 2008 seeing a year-on-year fall for the first time in over ten years. Poor market conditions were sustained into 2009, where only around 587,000 properties were sold in England, compared to around 1.25 million at the height of the market in 2006. Responding to this fall in demand, the average house price fell for a second consecutive year, with households either reluctant to move or unable to afford the cost of doing so.

Since this point, it is now widely acknowledged that the housing market has shown signs of recovery, with consumer confidence growing and improved credit conditions supporting the return of many first-time buyers. This has also been supported by Government initiatives, such as Help to Buy, which was taken up by around 19,000 households during its first year, of which around 88% were first-time buyers.

It is, however, also recognised that there is a distinct spatial dynamic to the housing market recovery in England, with evidence of overheating markets in the south east in particular. This has fueled substantial increases and disparity in house prices, stimulating issues of housing affordability with households now required to spend a greater number of years’ income on the cost of purchasing a home.

There remains uncertainty and an unevenness across housing markets. Many new builds have been “bought to let”, both responding and in part driving the shift towards more private renting. There is almost political (national) acceptance of the need to build more houses. This is less clear at local level. However, given that this has been a priority, with consensus national support, there is no suggestion that a change to the national level of house building deemed necessary, is imminent.

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A (mostly) southern England issue?

Figure 5 Countrywide factors

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House price issues regionally The South West Regional Development Agency in the August 2005 RDA Economics Review, published an article called SW House Prices. It set out to consider the extent to which the historically high house price rises in the South West over the preceding ten years had been influenced by large scale inward migration and subsequent population pressures.

This article took a view shared by the more widely known, Barker Review of Housing Supply whose core tenet was that housing supply needs to be increased to reduce volatility of affordability in the housing market. It simplified matters to consider the correlation between dwelling growth (supply) and population growth and net inward migration (demand). At a local authority level, it expected to find that those areas that had experienced the highest “excess demand” would have experienced the largest price rises. The economic relationship, however, is not consistent, the correlation between price rises and migration is weak.

The article ended up questioning the central assumptions behind the Barker review.

“Population pressures have not played a major role in determining house price increases at local authority level. It is likely that wealth effects have probably been the prime determinant, with the potential for capital gains driving up prices.

The changing nature of housing demand – from being an asset whose price principally represents its “shelter” value to an asset whose price also reflects capital investment value – has shifted the market. Increasing housing supply at any feasible rate, given construction capacity, has not and will not, necessarily dampen people’s expectation of further capital or rental gains. Recent price rises have been based on these demand shifts, almost irrespective of supply. There has been a debate as to whether these shifts are permanent, based on sound assumptions of value, risk and return, or whether a “bubble” has emerged. There is even more debate as to whether any “bubble” may be deflated slowly and relatively painlessly or rapidly with a market “shock”. Whether the current market slowdown will restore a sustainable equilibrium or is simply a short term adjustment remains to be seen. It will be interesting to view the impact that any downturn has on people’s investment behaviour and what subsequent impact this has on the structure of demand.”

This August 2005 RDA article identified the following house price drivers Drivers for housing demand are:     

Net increases in real wealth or incomes; Investment substitution from other asserts (and increasingly globally); Net in migration; Natural population growth; Changes in social and household structure (single living, divorce/separation etc.)

There are four linked further factors relevant to Cornwall1 1

Demographic Change in Cornwall, 2006 Miller for Cornwall and Isles of Scilly Economic Forum.

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   

Location of housing stock as a key factor – 70% of all dwellings are within three miles of the coast; Structure of the housing stock Cornwall has the 9th highest percentage of any English unitary/County Council of detached houses. 38.2% (Cornwall) compared to 22.4% England (2011 Census); The influence of the holiday industry – brand marketing perception – Cornwall as a good place to visit …influences use of the stock, demand to move permanently and provides additional competition in the housing market; and (linked) The influence of use. Dwellings can be used as permanent residences, temporary residences, second homes, holiday homes/lets, businesses. They can be owned, outright or with a loan/mortgage, or under shared equity, rented from a range of providers. Holiday and second home use are most likely to be linked to certain (coastal) locations and certain types of dwellings (some of which may be viewed as unsuitable for full time occupation e.g. no parking).

Post-recession trends Reading the 2006 RDA article now, it sets out some very pertinent and insightful issues, that hinted at much that was to follow.

Is there any sense in which the market has changed pre and post- recession, as hinted at in the RDA SW House prices article?

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Current (national) Market state 1. Current rising house prices The ONS mix-adjusted House Price Index (HPI) is a measure of house price inflation over time and is calculated as a weighted average of prices for a standard mix of tenure. This removes the effect of the changing composition of properties.

Figure 5 Mix-adjusted House Price Index (HPI), UK, 1980 to 2013

  

On average house prices have increased by 6.9% per year since 1980.

Since 1980, the greatest annual increase in house prices was 25.6% in 1988.

In 2013, the average price (mix adjusted) of a property in the UK stood at £242,000.

There were seven years between 1980 and 2013 where, on average, UK house prices fell – the majority of which occurred during the recession of the early 1990s. The biggest drop, however, was 7.6% in 2009.

The economic downturn in 2008 had a considerable impact on the UK housing market. The decline in house prices was accompanied by reduced mortgage availability and stricter lending criteria, and this is a major reason in the UK for the continuing low level of housing transactions.

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The number of property sales in the UK almost halved from a peak of 1.67 million in 2006 to 0.86 million in 2009. Since 2009, however, the number of sales has partially recovered – increasing to 1.07 million in 2013.

2. Declining number of first time buyers

Figure 6 Number of mortgage loans for first time buyers, UK, 1980 to 2013

Rising house prices could partially explain the decline in the number of first time buyers taking out a mortgage. Between 1980 and 2002, the number of mortgages agreed for first time buyers was averaging around 486,000 per year. However, in 2003 there was a 31% decline in the number of mortgages for first time buyers from 2002.

2008 saw a further 47% decrease from 2007 as the effects of the economic downturn impacted on the housing market. While some recovery in the numbers of first time buyers has been apparent in 2013/2014, the level remains below the average seen prior to 2003.

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3. Decreasing numbers of younger homeowners

Figure 7 Percentage of each age group that are home owners, England, 1981 to 2012

The reduction in the numbers of first time buyers has subsequently had an impact on the age of homeowners. In 1991, 67% of the 25 to 34 age group were homeowners. By 2011/12, this had declined to 43%.

There were also reductions in home ownership over the same period for the 16 to 24 age group (from 36% to 10%) and for the 35 to 44 age group (from 78% to 64%). By contrast, home ownership has increased among older age groups.

4. Increasing deposits paid by first time buyers

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Figure 8 Deposit as a percentage of purchase price by type of buyer, UK, 1988 to 2013

Another likely contributing factor to the decline in numbers of first time buyers is the rise in the value of deposits paid to secure a mortgage.

For first time buyers, the average deposit as a percentage of purchase price increased by almost 10 percentage points between 1988 and 2013, standing at 22% of the price of the house. Deposits for first time buyers peaked during the economic downturn in 2009 at 28% of the purchase price. Since 2009, deposits for first time buyers have steadily fallen – though figures remain among the highest for the last 25 years. For former owner occupiers (existing owners) the level of deposit being paid remained fairly stable, with an overall increase of 1.2 percentage points between 1988 and 2013. However, at 36% this is still higher than throughout the entire 1990s and the beginning of the 2000s. The difference in deposit paid by first time buyers and existing owners has therefore narrowed over time.

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House Price Sales Analysis Cornwall The analysis in this section is based on 2011-2016 house price sales. This allows for in depth analysis of over 40,000 sales.

About the data Data produced by Land Registry Š Crown copyright 2016. This should be included if any of the tables or data is reused.

Price Paid information is not personal but property related information. All commercial transactions, sales that have not been lodged with Land Registry or sales that were not for full market value are excluded.

House Prices in Cornwall Traditionally in assessments of housing market trends, house prices are a key market signal, and are prominently analysed. The form of this analysis is often set out for smaller geographical areas using the average (typically the mean value) price for the area.

A representation like this would look like:

It shows the broad spatial differences in average price. It is often fixed to a single years’ worth of data.

This style of representation is helpful to identify broad areas and some clustering can be identified, which suggests similarities in local housing markets.

However, the geographical areas show only the average value of sales for the given period. For this report, a more comprehensive approach has been taken.

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The following analysis has been undertaken:    

Five years of data used, with sales of individual properties from 2011-2016 analysed and mapped. By pooling prices achieved over this period, it is more robust to deep dive the analysis at smaller geographies, with a larger base of sales.

The data has been checked and cleaned. The source data set contains large commercial property sales as well as residential sales. Only residential sales have been included.

The data has been configured to match the geographies used elsewhere in the report (27 small areas). The data has been presented to show the differences across local areas, by type of sale (detached, semi-detached, terraced and flats), by age, (new build/Existing older stock), by price band and by decile analysis.

The mapping is of individual sales, not composite larger areas. This gives a much more distinctive and detailed spatial awareness of the range of sales, their proximity and patterns.

The following maps are included:   

Whole of Cornwall as a zoomable.

Three large scale maps covering west, mid and east Cornwall Three more detailed local maps illustrating the range of sales across three major urban centres, Camborne and Redruth, Falmouth and Penryn and the wider St. Austell area.

This represents a unique and detailed look at house prices across Cornwall.

The following section contains: Price by    

Mean and Median & Minimum and Maximum values Decile and Price Band Analysis – All, Detached, Semi Detached, Terraced and Flats New Build & Existing Older Stock

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Table 1 House Price Analysis

CORNWALL BODMIN BUDE CALLINGTON CAMBORNE REDRUTH CAMELFORD CHINA CLAY FALMOUTH PENRYN FOWEY LOSTWITHIEL POLRUAN HAYLE HELSTON LAUNCESTON LISKEARD LIZARD LOOE MEVAGISSEY ROSELAND NEWQUAY PADSTOW PENZANCE SALTASH ST AGNES PERRANPORTH ST AUSTELL ST BLAZEY TYWARDREATH ST IVES ST JUST TORPOINT RAME TRURO WADEBRIDGE

AVERAGE PROPERTY PRICE Mean Median £228,064 £190,000 £192,638 £165,000 £227,265 £200,000 £198,941 £174,700 £169,120 £155,000 £224,691 £195,000 £159,329 £140,000 £259,509 £220,000 £292,410 £247,950 £206,685 £189,475 £218,600 £194,775 £193,728 £165,000 £203,710 £175,000 £277,504 £245,000 £236,657 £210,000 £388,890 £290,000 £213,235 £190,000 £349,730 £265,500 £211,046 £183,000 £193,870 £172,500 £266,007 £237,250 £193,200 £174,583 £171,590 £150,000 £313,792 £270,000 £233,151 £200,000 £191,910 £165,000 £252,185 £215,500 £363,212 £272,000

Areas with lower averages are Camborne / Redruth, St Blazey and the China Clay Area.

The coastal towns/villages of Padstow, St Ives, St Mawes, and Rock and Polzeath have the highest values

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Table 2 House Price Analysis Minimum & Maximum Sale Values

CORNWALL BODMIN BUDE CALLINGTON CAMBORNE REDRUTH CAMELFORD CHINA CLAY FALMOUTH PENRYN FOWEY LOSTWITHIEL POLRUAN HAYLE HELSTON LAUNCESTON LISKEARD LIZARD LOOE MEVAGISSEY ROSELAND NEWQUAY PADSTOW PENZANCE SALTASH ST AGNES PERRANPORTH ST AUSTELL ST BLAZEY TYWARDREATH ST IVES ST JUST TORPOINT RAME TRURO WADEBRIDGE

Min Value £16,000 £32,750 £30,000 £31,000 £29,000 £35,000 £23,750 £30,000 £56,000 £16,000 £32,000 £34,500 £36,000 £52,750 £38,475 £38,000 £38,000 £30,000 £34,500 £45,000 £35,000 £27,500 £50,000 £47,500 £34,000 £34,000 £45,000 £50,000

Max Value £4,400,000 £925,000 £960,000 £700,000 £1,400,000 £1,335,000 £1,240,000 £2,650,000 £2,500,000 £925,000 £1,700,000 £795,000 £795,000 £1,500,000 £1,400,000 £3,675,000 £2,850,000 £3,300,000 £850,000 £740,000 £1,375,000 £1,835,000 £799,950 £1,450,000 £1,100,000 £850,000 £3,275,000 £4,400,000

Sorted by Maximum Value CORNWALL AVERAGE WADEBRIDGE MEVAGISSEY ROSELAND PADSTOW TRURO NEWQUAY FALMOUTH PENRYN FOWEY LOSTWITHIEL POLRUAN ST AUSTELL HELSTON LIZARD ST IVES CAMBORNE REDRUTH LOOE ST AGNES PERRANPORTH CAMELFORD CHINA CLAY ST JUST BUDE BODMIN HAYLE PENZANCE TORPOINT RAME ST BLAZEY TYWARDREATH LAUNCESTON LISKEARD SALTASH CALLINGTON

4,400,000 4,400,000 3,675,000 3,300,000 3,275,000 2,850,000 2,650,000 2,500,000 1,835,000 1,700,000 1,500,000 1,450,000 1,400,000 1,400,000 1,375,000 1,335,000 1,240,000 1,100,000 960,000 925,000 925,000 850,000 850,000 799,950 795,000 795,000 740,000 700,000

The minimum sales values are actual recorded sales values.

The 27 highest sales values totalled over £45 million. Highest values were seen in Wadebridge, Padstow, Mevagissey and the Roseland (likely to be St Mawes) and Truro.

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Decile Analysis A decile is any of the nine values that divide the sorted data into ten equal parts, so that each part represents 1/10 of the sample or population This data shows the distribution of sale values by bands. A way of interpreting it would be 40% of sales (4h decile) are under ÂŁ149,000 in the Bodmin area.

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Table 3 House Price by Decile

DECILES Min

1

2

3

4

5

6

7

8

9

Max

CORNWALL

£16,000

£115,000

£136,000

£154,995

£170,000

£190,000

£216,250

£245,000

£285,000

£375,000

£4,400,000

BODMIN BUDE CALLINGTON

£32,750 £30,000 £31,000

£100,000 £117,000 £100,500

£124,000 £143,000 £125,000

£135,000 £163,000 £137,500

£149,000 £180,000 £152,000

£165,000 £200,000 £174,700

£187,981 £227,000 £195,000

£225,000 £250,000 £226,500

£250,000 £298,500 £260,000

£308,500 £370,000 £322,250

£925,000 £960,000 £700,000

CAMBORNE REDRUTH CAMELFORD CHINA CLAY FALMOUTH PENRYN FOWEY LOSTWITHIEL POLRUAN HAYLE

£29,000 £35,000 £23,750 £30,000 £56,000 £16,000

£99,000 £120,000 £93,000 £135,000 £125,000 £115,000

£118,000 £137,000 £112,900 £159,950 £160,000 £138,750

£129,750 £157,000 £123,050 £177,500 £180,000 £155,000

£143,000 £177,500 £130,000 £199,950 £217,000 £170,000

£155,000 £195,000 £140,000 £220,000 £247,950 £189,475

£168,000 £220,780 £155,000 £245,000 £276,000 £210,000

£182,000 £247,900 £170,000 £275,000 £315,000 £235,000

£210,000 £292,200 £192,000 £328,400 £375,000 £260,400

£249,997 £375,000 £235,600 £430,000 £500,000 £322,050

£1,400,000 £1,335,000 £1,240,000 £2,650,000 £2,500,000 £925,000

HELSTON LAUNCESTON LISKEARD LIZARD LOOE MEVAGISSEY ROSELAND

£32,000 £34,500 £36,000 £52,750 £38,475 £38,000

£124,815 £100,000 £120,000 £140,000 £110,000 £155,000

£145,000 £124,950 £136,900 £168,600 £150,000 £190,800

£160,000 £136,000 £150,000 £194,750 £168,000 £224,600

£176,200 £150,000 £163,000 £220,200 £190,000 £250,000

£194,775 £165,000 £175,000 £245,000 £210,000 £290,000

£215,000 £185,000 £195,000 £270,000 £227,500 £340,160

£240,000 £215,000 £215,000 £310,000 £255,000 £385,000

£275,000 £250,000 £248,200 £362,000 £325,000 £475,000

£350,300 £322,400 £313,650 £440,000 £385,000 £689,000

£1,700,000 £795,000 £795,000 £1,500,000 £1,400,000 £3,675,000

NEWQUAY PADSTOW PENZANCE SALTASH ST AGNES PERRANPORTH ST AUSTELL

£38,000 £30,000 £34,500 £45,000 £35,000 £27,500

£116,800 £134,238 £119,950 £115,200 £134,550 £105,000

£138,000 £157,500 £135,000 £135,000 £160,000 £128,000

£155,999 £197,500 £150,000 £147,500 £187,500 £145,000

£172,000 £230,000 £165,000 £160,000 £216,200 £160,000

£190,000 £265,500 £183,000 £172,500 £237,250 £174,583

£209,000 £310,000 £208,000 £187,000 £257,000 £189,950

£230,000 £370,000 £235,000 £213,000 £300,000 £210,000

£250,000 £460,000 £267,000 £240,000 £359,995 £235,000

£315,000 £640,000 £340,000 £295,000 £428,670 £285,000

£2,850,000 £3,300,000 £850,000 £740,000 £1,375,000 £1,835,000

ST BLAZEY TYWARDREATH ST IVES ST JUST TORPOINT RAME TRURO WADEBRIDGE

£50,000 £47,500 £34,000 £34,000 £45,000 £50,000

£104,900 £156,750 £117,550 £107,000 £144,000 £150,000

£124,950 £187,000 £144,000 £125,000 £160,580 £182,500

£134,000 £219,500 £161,000 £137,975 £175,000 £211,000

£140,000 £245,000 £180,000 £150,000 £193,800 £239,950

£150,000 £270,000 £200,000 £165,000 £215,500 £272,000

£165,000 £300,000 £227,000 £180,000 £237,000 £320,000

£181,030 £348,500 £254,620 £207,000 £263,400 £370,000

£207,900 £419,950 £319,200 £245,000 £305,000 £450,000

£249,960 £535,000 £391,500 £318,700 £397,000 £642,000

£799,950 £1,450,000 £1,100,000 £850,000 £3,275,000 £4,400,000

27

Chart 10 All Sales Decile data This table of decile data is further presented as a line chart.

The lowest decile of values (1st Decile) is highlighted in green, this shows lower values are found in Callington, Camborne/Redruth, Camelford, China Clay, Hayle, Launceston, Liskeard, St Blazey and Torpoint.

The 9th (highest) decile is highlighted in orange, and the higher values reached in (from left to right) Falmouth, Fowey, St Mawes (Mevagissey/Roseland), Padstow, St Ives and Wadebridge are clearly shown.

28

Table 4 Sale Value Distribution Price bands (number of properties) £0-£150k CORNWALL

BODMIN BUDE CALLINGTON CAMBORNE REDRUTH CAMELFORD

11,655

£150k-£200k 11,339

£200k-£300k 12,152

£300k-£500k 6,051

£500k-£1m 1,558

£1m+ 177

Total 42,932

521 612 470 1,977 264

308 725 293 1,342 260

311 841 311 759 306

116 460 135 202 166

21 78 27 24 28

1 1

1,277 2,716 1,236 4,305 1,025

CHINA CLAY FALMOUTH PENRYN FOWEY LOSTWITHIEL POLRUAN HAYLE HELSTON LAUNCESTON

859 618 130 249 394 521

394 972 140 262 542 339

194 1,390 240 301 559 313

65 744 182 109 231 145

12 217 68 13 31 21

1 21 11 1 -

1,525 3,962 771 934 1,758 1,339

LISKEARD LIZARD LOOE MEVAGISSEY ROSELAND NEWQUAY PADSTOW

118 74 75 68 697 100

131 109 91 84 784 104

103 206 121 211 873 179

38 145 78 202 247 171

8 38 10 98 70 90

2 1 30 6 22

398 574 376 693 2,677 666

PENZANCE SALTASH ST AGNES PERRANPORTH ST AUSTELL ST BLAZEY TYWARDREATH ST IVES

588 469 252 804 388 118

553 504 281 814 248 213

558 379 562 636 138 483

251 120 398 174 38 396

41 21 78 36 7 160

1 2 6

1,991 1,493 1,572 2,466 819 1,376

ST JUST TORPOINT RAME TRURO

189 523 448

203 392 1,035

219 275 1,283

151 142 581

25 19 158

1 18

788 1,351 3,523

WADEBRIDGE

129

216

401

364

159

52

1,321

All Sales 177 sales over £1 million value (0.4% of the total), 29% in the Wadebridge area including Rock and Polzeath.

27% of sales over this period were up to £150,000 26% of sales were £150,000-£200,000 28% of sales were £200,000-300,000 14% of sales were £300,000-£500,000, and 4% over £500,000

29

DECILES

Table 4 Sale Value Distribution Price bands (number of properties) CORNWALL

Min £34,000

1 £115,000

2 £136,000

3 £154,995

4 £170,000

5 £190,000

6 £216,250

7 £245,000

8 £285,000

9 £375,000

Max £4,400,000

BODMIN

£35,000

£170,875

£195,000

£220,000

£235,000

£248,500

£265,000

£285,000

£322,300

£400,000

£925,000

BUDE

£65,000

£175,000

£200,000

£220,000

£240,000

£250,000

£285,200

£322,100

£365,000

£437,400

£960,000

CALLINGTON

£35,000

£153,000

£180,000

£197,475

£220,000

£240,000

£259,950

£287,250

£325,000

£428,750

£700,000

CAMBORNE REDRUTH

£35,000

£145,000

£160,000

£175,000

£189,950

£205,000

£225,000

£245,000

£276,800

£335,000

£1,400,000

CAMELFORD

£79,000

£169,000

£190,000

£207,500

£225,000

£245,000

£275,000

£310,000

£360,000

£432,500

£1,335,000

CHINA CLAY

£36,250

£130,000

£150,000

£162,860

£175,000

£187,000

£200,000

£225,000

£249,986

£330,000

£1,240,000

FALMOUTH PENRYN

£68,000

£212,300

£236,050

£250,000

£276,600

£300,000

£340,000

£386,500

£440,000

£586,000

£2,650,000

FOWEY LOSTWITHIEL POLRUAN

£71,000

£190,000

£238,000

£256,000

£280,000

£310,000

£342,000

£374,950

£435,000

£560,000

£2,500,000

HAYLE

£60,000

£170,000

£199,600

£218,340

£233,800

£245,000

£260,800

£285,000

£325,000

£393,000

£925,000

HELSTON

£55,000

£176,800

£199,950

£215,000

£231,200

£249,995

£267,500

£299,980

£355,000

£425,000

£1,700,000

LAUNCESTON

£62,500

£159,000

£181,920

£200,000

£215,700

£239,000

£250,000

£285,000

£330,000

£412,000

£795,000

LISKEARD

£78,000

£149,400

£176,600

£190,200

£207,000

£217,250

£240,000

£250,000

£296,370

£394,000

£795,000

LIZARD

£70,099

£182,500

£213,000

£236,950

£250,000

£283,000

£315,000

£350,850

£407,000

£517,700

£1,500,000

LOOE

£75,000

£186,700

£224,970

£241,500

£262,400

£285,495

£335,000

£363,700

£401,800

£458,400

£1,400,000

MEVAGISSEY ROSELAND

£91,000

£220,000

£250,000

£275,000

£310,000

£349,975

£378,000

£446,350

£583,000

£864,500

£3,675,000

NEWQUAY

£71,000

£188,000

£214,000

£230,000

£245,000

£250,000

£272,500

£300,000

£345,000

£450,000

£2,850,000

PADSTOW

£75,000

£197,250

£247,398

£278,500

£325,000

£369,950

£427,000

£495,000

£616,000

£786,000

£3,300,000

PENZANCE

£92,472

£182,350

£211,340

£235,000

£250,000

£278,000

£304,400

£345,000

£396,200

£468,250

£850,000

£100,000

£170,300

£190,000

£210,000

£223,022

£240,000

£250,000

£272,050

£305,400

£385,000

£740,000

ST AGNES PERRANPORTH

£65,000

£199,000

£227,500

£250,000

£275,300

£312,500

£347,900

£380,000

£420,000

£495,000

£1,375,000

ST AUSTELL

£40,000

£160,000

£176,400

£190,000

£205,000

£218,875

£232,930

£250,000

£287,700

£390,450

£1,835,000

ST BLAZEY TYWARDREATH

£75,000

£147,000

£169,970

£180,200

£195,000

£215,000

£228,200

£248,000

£280,600

£340,750

£799,950

ST IVES

£124,000

£225,000

£250,000

£287,500

£310,700

£340,000

£372,300

£434,965

£525,000

£625,725

£1,450,000

ST JUST

£68,000

£179,000

£210,600

£235,800

£250,000

£285,000

£330,000

£360,000

£405,000

£485,500

£1,100,000

TORPOINT RAME

£34,000

£150,000

£170,000

£190,000

£208,800

£225,000

£247,500

£285,000

£331,000

£408,000

£850,000

TRURO

£45,000

£205,000

£230,000

£250,000

£274,000

£295,000

£320,000

£357,500

£420,000

£549,700

£3,275,000

WADEBRIDGE

£53,000

£218,500

£249,000

£280,000

£310,000

£355,000

£395,000

£472,500

£585,000

£820,000

£4,400,000

SALTASH

30

Table 5 House price by band Detached PRICE BANDS (NUMBER OF PROPERTIES) £0-£150k CORNWALL BODMIN BUDE CALLINGTON CAMBORNE REDRUTH CAMELFORD CHINA CLAY FALMOUTH PENRYN FOWEY LOSTWITHIEL POLRUAN HAYLE HELSTON LAUNCESTON LISKEARD LIZARD LOOE MEVAGISSEY ROSELAND NEWQUAY PADSTOW PENZANCE SALTASH ST AGNES PERRANPORTH ST AUSTELL ST BLAZEY TYWARDREATH ST IVES ST JUST TORPOINT RAME TRURO WADEBRIDGE

862 29 44 49 158 28 110 14 8 25 30 41 20 16 4 3 19 17 14 21 25 70 28 4 12 41 17 15

£150k-£200k 2,637 89 197 129 440 107 216 69 24 51 124 128 52 41 16 18 83 14 48 99 45 295 85 12 37 108 85 25

£200k-£300k 6,650 272 532 253 511 218 157 499 104 203 377 253 88 145 59 123 406 70 181 260 254 448 104 114 114 162 549 194

£300k-£500k 4,380 107 370 128 178 145 61 433 113 88 197 134 31 123 63 139 181 106 148 84 309 146 34 148 122 103 451 238

£500k-£1m 1,171 21 70 27 19 27 12 152 35 12 30 21 7 37 10 67 43 61 29 20 65 33 7 76 23 11 134 122

£1m+ 165 1 1 1 20 7 1 2 1 28 6 22 1 2 6 1 18 47

Total 15,865 518 1,213 586 1,307 526 557 1,187 291 379 759 577 198 364 153 378 738 290 420 484 699 994 258 360 309 425 1,254 641

Detached house sales 5% of sales were up to £150,000 17% of sales were £150,000-£200,000 42% of sales were £200-000 - £300,000 28% of sales were £300,000-£500,000 8% of sales were over £500,000 The China Clay area stands out as having 13% of all sub £150,000 sales for detached houses.

31

Table 6 House Price by decile Semi Detached

DECILES Min

1

2

3

4

5

6

7

8

9

Max

CORNWALL

£16,000

£125,000

£140,000

£150,918

£163,000

£175,000

£188,000

£207,500

£230,000

£272,896

£1,835,000

BODMIN BUDE CALLINGTON CAMBORNE REDRUTH CAMELFORD

£40,000 £40,500 £53,000 £47,250 £50,000

£120,000 £125,000 £115,000 £120,000 £124,867

£129,980 £145,000 £125,000 £132,500 £142,800

£135,000 £157,500 £133,000 £145,000 £153,000

£142,600 £168,000 £141,000 £150,000 £161,400

£150,000 £180,000 £149,950 £158,000 £175,000

£160,000 £193,100 £155,200 £167,500 £192,800

£168,000 £210,000 £168,000 £175,995 £210,300

£180,970 £235,000 £189,570 £190,600 £244,000

£207,000 £274,000 £225,000 £221,300 £290,800

£450,000 £655,000 £470,000 £500,000 £455,000

£30,000 £51,000 £106,500 £16,000 £49,500 £51,000

£100,600 £148,000 £135,000 £106,105 £130,000 £122,000

£117,385 £165,000 £151,500 £139,000 £150,000 £130,500

£124,500 £178,000 £167,600 £154,250 £160,000 £140,000

£130,000 £190,000 £180,960 £165,000 £169,990 £148,750

£135,750 £204,375 £207,750 £178,250 £180,000 £155,000

£143,500 £217,000 £228,960 £194,000 £187,480 £165,000

£150,000 £232,000 £258,400 £214,500 £206,370 £173,875

£160,000 £250,000 £346,000 £240,000 £230,000 £197,000

£177,000 £311,500 £436,000 £267,000 £284,700 £239,000

£380,000 £855,000 £1,100,000 £509,950 £775,000 £465,000

LISKEARD LIZARD LOOE MEVAGISSEY ROSELAND NEWQUAY PADSTOW

£95,675 £73,750 £40,300 £43,500 £66,400 £74,134

£127,650 £139,000 £150,300 £143,200 £144,596 £125,000

£136,000 £157,990 £165,000 £182,600 £164,995 £139,500

£142,500 £169,760 £179,750 £203,400 £174,570 £150,500

£148,000 £182,100 £195,000 £229,600 £183,949 £157,500

£154,975 £199,950 £200,000 £249,725 £192,950 £163,500

£161,600 £217,970 £207,475 £307,800 £202,700 £185,000

£166,100 £235,990 £224,978 £391,250 £217,700 £223,333

£177,700 £250,000 £227,750 £448,000 £229,998 £266,250

£217,700 £315,000 £295,500 £599,200 £249,950 £372,000

£480,000 £455,000 £385,000 £950,000 £440,000 £795,000

PENZANCE SALTASH ST AGNES PERRANPORTH ST AUSTELL ST BLAZEY TYWARDREATH ST IVES

£75,600 £58,000 £52,500 £54,000 £50,000 £67,000

£137,500 £125,000 £149,975 £115,000 £115,000 £165,900

£155,000 £140,000 £179,750 £130,000 £125,000 £185,000

£170,000 £154,700 £199,000 £140,400 £135,000 £205,000

£183,000 £160,000 £212,500 £150,000 £139,550 £220,000

£195,000 £168,500 £227,875 £157,000 £145,000 £239,950

£219,000 £175,000 £240,750 £165,000 £150,000 £250,000

£235,000 £185,000 £250,000 £175,000 £158,707 £280,960

£250,000 £202,200 £275,000 £187,000 £175,000 £327,600

£310,000 £240,000 £324,625 £211,133 £205,000 £426,000

£735,000 £500,000 £710,000 £750,000 £449,975 £840,000

ST JUST TORPOINT RAME TRURO WADEBRIDGE

£51,000 £55,000 £48,000 £65,000

£119,960 £119,925 £148,000 £157,650

£144,400 £134,800 £164,700 £179,200

£165,000 £143,850 £175,000 £192,000

£180,000 £150,000 £185,000 £210,000

£191,250 £158,875 £195,000 £230,000

£215,000 £167,700 £210,000 £250,000

£232,000 £177,888 £220,000 £283,400

£273,800 £200,000 £237,800 £340,000

£330,000 £245,000 £269,997 £439,700

£590,000 £635,000 £950,000 £1,835,000

CHINA CLAY FALMOUTH PENRYN FOWEY LOSTWITHIEL POLRUAN HAYLE HELSTON LAUNCESTON

32

Table 7 House Price by Band Semi Detached PRICE BANDS (NUMBER OF PROPERTIES) £0-£150k CORNWALL BODMIN BUDE CALLINGTON CAMBORNE REDRUTH CAMELFORD CHINA CLAY FALMOUTH PENRYN FOWEY LOSTWITHIEL POLRUAN HAYLE HELSTON LAUNCESTON LISKEARD LIZARD LOOE MEVAGISSEY ROSELAND NEWQUAY PADSTOW PENZANCE SALTASH ST AGNES PERRANPORTH ST AUSTELL ST BLAZEY TYWARDREATH ST IVES ST JUST TORPOINT RAME TRURO WADEBRIDGE

2,478 130 132 139 389 48 309 82 19 48 77 105 46 15 7 12 60 46 52 97 27 222 157 10 31 116 82 20

£150k-£200k 3,456 110 225 92 445 66 118 278 28 63 184 100 50 35 34 18 235 63 110 207 53 254 89 35 41 131 332 60

£200k-£300k 2,382 21 170 37 158 49 24 329 24 52 108 39 11 34 34 28 207 35 119 61 154 74 28 83 41 51 320 91

£300k-£500k 543 8 33 5 15 14 4 67 19 12 23 7 7 13 9 29 11 18 37 23 26 6 4 31 19 11 46 46

£500k-£1m 100 3 1 20 8 1 1 15 9 1 1 6 1 11 1 1 8 12

£1m+ 4 1 3

Total 8,963 269 563 273 1,008 177 455 776 99 176 393 251 114 97 84 102 513 171 319 389 266 557 278 170 133 310 788 232

Semi-detached sales 27.1% of sales were up to £150,000 26.4% of sales were between £150,000200,000 28.3% of sales were between £200,000300,000 14.1% of sales were between £300,000500,000 and 4% of sales were over £500k

28% of all sales under £150,000 were made in the China Clay area, St Austell and St Blazey.

33

DECILES

Table 8 House Price by decile – Terraced

CORNWALL BODMIN BUDE CALLINGTON CAMBORNE REDRUTH CAMELFORD CHINA CLAY FALMOUTH PENRYN FOWEY LOSTWITHIEL POLRUAN HAYLE HELSTON LAUNCESTON LISKEARD LIZARD LOOE MEVAGISSEY ROSELAND NEWQUAY PADSTOW PENZANCE SALTASH ST AGNES PERRANPORTH ST AUSTELL ST BLAZEY TYWARDREATH ST IVES ST JUST TORPOINT RAME TRURO WADEBRIDGE

Min

1

2

3

4

5

6

7

8

9

£16,000 £32,750 £30,000 £31,000 £32,500 £39,000 £30,000 £40,500 £70,000 £16,000 £41,250 £47,950 £36,000 £52,750 £55,000 £66,000 £45,000 £30,000 £51,000 £46,000 £43,500 £35,000 £54,000 £70,000 £44,000 £60,000 £50,000 £74,000

£108,000 £95,100 £97,700 £79,460 £92,750 £95,500 £80,000 £138,050 £120,000 £116,110 £117,000 £100,000 £105,200 £120,000 £126,975 £135,000 £124,000 £125,000 £120,000 £115,000 £122,450 £102,000 £98,800 £167,450 £116,500 £108,000 £135,000 £140,000

£124,500 £108,100 £117,200 £100,000 £110,000 £117,600 £97,000 £155,000 £138,000 £135,000 £125,000 £112,800 £118,300 £134,000 £142,000 £155,000 £135,000 £152,000 £133,500 £127,100 £135,900 £118,000 £112,000 £187,500 £130,200 £120,000 £150,000 £158,000

£135,000 £120,000 £125,700 £115,000 £120,000 £124,995 £108,000 £170,000 £160,000 £145,000 £138,900 £124,950 £122,800 £142,500 £159,475 £181,350 £147,000 £191,250 £142,500 £136,000 £148,550 £127,000 £121,400 £211,750 £145,000 £125,000 £160,000 £176,100

£146,000 £125,850 £142,500 £122,500 £125,000 £129,000 £116,000 £180,000 £174,265 £150,000 £147,200 £130,000 £131,617 £150,000 £165,000 £199,990 £158,000 £209,950 £153,750 £142,000 £162,300 £140,000 £126,000 £235,000 £152,900 £135,000 £170,000 £194,700

£158,000 £134,500 £155,500 £127,000 £134,500 £140,000 £121,900 £197,500 £187,250 £158,950 £155,000 £136,000 £140,000 £166,500 £169,000 £224,000 £166,500 £225,000 £165,000 £149,500 £178,000 £150,000 £134,000 £263,750 £162,950 £145,000 £181,000 £210,000

£170,000 £142,000 £165,400 £137,400 £143,852 £152,500 £125,000 £213,500 £230,000 £166,200 £162,000 £145,000 £150,000 £185,000 £178,000 £260,200 £177,350 £250,000 £179,950 £157,096 £194,000 £160,000 £140,000 £290,000 £174,996 £155,000 £195,000 £238,000

£187,000 £150,000 £175,000 £146,100 £154,950 £165,000 £130,500 £230,000 £257,750 £176,000 £175,000 £153,000 £163,100 £215,000 £202,500 £300,000 £190,000 £285,000 £197,500 £167,800 £216,985 £170,000 £150,000 £325,000 £187,200 £167,000 £215,000 £270,000

£215,000 £162,000 £195,200 £163,000 £168,000 £185,000 £139,550 £262,900 £300,000 £191,500 £187,400 £165,000 £174,200 £230,000 £220,000 £371,000 £205,000 £335,000 £230,000 £180,000 £245,000 £185,000 £160,800 £385,000 £210,000 £187,500 £239,170 £341,440

£265,000 £185,450 £250,000 £186,000 £185,000 £230,950 £159,250 £340,000 £447,500 £215,800 £216,950 £179,080 £191,590 £275,000 £252,000 £516,000 £232,500 £425,000 £270,000 £210,800 £277,500 £224,700 £180,000 £495,495 £239,160 £246,200 £275,000 £438,000

Max £1,875,000 £360,000 £557,596 £310,000 £645,000 £450,000 £278,000 £800,000 £1,350,000 £450,000 £490,500 £450,000 £615,000 £595,000 £375,000 £1,500,000 £688,500 £795,591 £780,000 £470,000 £685,000 £785,000 £240,000 £900,000 £500,000 £755,000 £735,000 £1,875,000

34

Table 9 House Price by band – Terraced PRICE BANDS (NUMBER OF PROPERTIES) £0-£150k

£150k-£200k

£200k-£300k

£300k-£500k

£500k-£1m

£1m+

Total

Terraced CORNWALL BODMIN BUDE CALLINGTON CAMBORNE REDRUTH CAMELFORD CHINA CLAY FALMOUTH PENRYN FOWEY LOSTWITHIEL POLRUAN HAYLE HELSTON LAUNCESTON LISKEARD LIZARD LOOE MEVAGISSEY ROSELAND NEWQUAY PADSTOW PENZANCE SALTASH ST AGNES PERRANPORTH ST AUSTELL ST BLAZEY TYWARDREATH ST IVES ST JUST TORPOINT RAME TRURO WADEBRIDGE

5,527 278 306 235 1,084 152 395 191 72 124 229 254 43 33 14 25 233 34 362 254 107 275 179 21 108 278 207 34

4,199 105 249 72 447 78 59 401 73 144 227 109 25 27 24 32 315 26 334 191 113 195 74 85 116 140 458 80

2,331 18 98 20 88 37 12 402 81 46 63 20 4 23 15 43 159 70 221 49 101 69 6 158 60 51 334 83

698 1 35 2 8 5 140 35 9 8 4 7 3 26 12 36 58 13 28 13 107 8 24 64 52

178 2 4 28 22 1 1 15 2 10 11 1 2 39 1 7 15 17

7 3 2 2

12,940 402 690 329 1,631 272 466 1,162 286 323 527 387 73 91 56 143 721 176 986 507 350 554 259 410 293 500 1,078 268

42.7% of sales were up to £150,000 32.4% of sales were between £150,000-200,000 18% of sales were between £200,000300,000 5.4% of sales were between £300,000500,000 1.5% of sales were over £500,000 20% of all sales of terraced houses under £150,000 were made in Camborne Redruth 20% of all terraced house sales between £300 and 500 k were made in Falmouth

35

Table 10 House Price by decile Flats CORNWALL BODMIN BUDE CALLINGTON CAMBORNE REDRUTH CAMELFORD CHINA CLAY FALMOUTH PENRYN FOWEY LOSTWITHIEL POLRUAN HAYLE HELSTON LAUNCESTON LISKEARD LIZARD LOOE MEVAGISSEY ROSELAND NEWQUAY PADSTOW PENZANCE SALTASH ST AGNES PERRANPORTH ST AUSTELL ST BLAZEY TYWARDREATH ST IVES ST JUST TORPOINT RAME TRURO WADEBRIDGE

DECILES Min £23,750 £40,000 £41,280 £40,000 £29,000 £35,000 £23,750 £30,000 £56,000 £26,000 £32,000 £34,500 £68,000 £61,500 £38,475 £38,000 £38,000 £100,000 £34,500 £45,000 £35,000 £27,500 £71,125 £47,500 £34,000 £42,000 £49,500 £50,000

1 £79,950 £57,050 £79,800 £68,000 £74,450 £69,850 £43,800 £105,000 £66,574 £65,038 £79,990 £53,600 £78,400 £90,450 £84,200 £84,703 £84,400 £177,800 £81,250 £77,100 £115,600 £72,000 £75,000 £123,250 £65,990 £73,000 £105,800 £104,900

2 £95,000 £73,380 £99,810 £70,400 £80,000 £81,200 £66,000 £122,600 £89,600 £82,500 £92,400 £63,000 £80,800 £95,360 £95,200 £107,200 £100,000 £238,000 £96,000 £84,400 £133,466 £84,000 £76,000 £152,000 £76,000 £82,000 £129,997 £119,793

3 £110,975 £79,100 £113,375 £75,000 £89,200 £87,200 £66,000 £135,000 £142,360 £100,000 £102,000 £74,900 £83,800 £110,925 £105,000 £128,315 £120,353 £309,000 £110,000 £90,000 £143,000 £94,995 £80,000 £177,750 £87,400 £86,000 £145,000 £139,200

4 £125,000 £87,499 £125,900 £80,000 £94,950 £112,200 £69,400 £150,000 £176,800 £112,500 £112,500 £83,200 £87,400 £124,500 £110,800 £149,000 £130,719 £358,100 £120,000 £98,800 £155,000 £110,000 £85,000 £207,500 £97,400 £91,500 £152,400 £157,000

5 £142,500 £91,875 £146,500 £84,750 £99,999 £125,000 £70,000 £164,000 £217,000 £120,000 £120,000 £90,000 £116,250 £151,250 £125,000 £174,250 £145,000 £450,000 £130,000 £103,250 £165,000 £125,000 £87,000 £239,975 £103,000 £101,750 £160,000 £176,475

6 £160,000 £101,700 £162,700 £87,100 £105,000 £139,970 £78,900 £180,048 £244,390 £123,000 £126,600 £97,200 £119,950 £159,965 £148,400 £193,200 £156,995 £487,000 £149,950 £107,800 £186,600 £138,950 £92,000 £265,000 £120,000 £112,250 £167,000 £193,500

7 £183,775 £119,675 £187,650 £94,800 £113,285 £145,900 £89,400 £212,000 £268,200 £126,000 £147,300 £110,000 £138,350 £182,000 £168,444 £206,500 £174,240 £547,600 £165,000 £117,000 £223,000 £165,000 £99,200 £312,475 £138,400 £132,750 £183,500 £230,250

8 £227,700 £127,600 £238,000 £102,800 £120,000 £164,200 £99,900 £262,000 £295,990 £130,500 £182,000 £115,400 £160,400 £205,000 £191,800 £245,000 £211,600 £595,507 £190,000 £129,200 £250,000 £190,000 £106,734 £380,000 £174,000 £176,500 £220,000 £284,000

9 £300,000 £147,000 £295,455 £110,600 £127,150 £185,300 £116,200 £349,640 £356,050 £139,000 £250,000 £124,550 £172,800 £282,500 £238,200 £309,200 £295,000 £647,000 £243,500 £159,200 £370,000 £220,000 £118,420 £485,000 £197,800 £225,750 £270,000 £360,000

Max £1,040,000 £167,500 £599,950 £217,000 £400,000 £570,000 £228,000 £1,040,000 £750,000 £194,500 £375,000 £213,450 £175,000 £375,000 £475,000 £540,000 £845,000 £850,000 £445,000 £275,000 £740,000 £338,500 £140,000 £910,000 £365,000 £365,000 £550,000 £825,000

36

Table 11 House Price by band Flats PRICE BANDS (NUMBER OF PROPERTIES) £0-£150k CORNWALL BODMIN BUDE CALLINGTON CAMBORNE REDRUTH CAMELFORD CHINA CLAY FALMOUTH PENRYN FOWEY LOSTWITHIEL POLRUAN HAYLE HELSTON LAUNCESTON LISKEARD LIZARD LOOE MEVAGISSEY ROSELAND NEWQUAY PADSTOW PENZANCE SALTASH ST AGNES PERRANPORTH ST AUSTELL ST BLAZEY TYWARDREATH ST IVES ST JUST TORPOINT RAME TRURO WADEBRIDGE

2,788 84 130 47 346 36 45 331 31 52 58 121 9 10 50 28 385 3 160 97 93 237 24 83 38 88 142 60

£150k£200k 1,047 4 54 10 9 1 224 15 4 7 2 4 6 17 16 151 1 61 7 70 70 81 9 13 160 51

£200k£300k 789 41 1 2 2 1 160 31 11 1 4 13 17 101 4 37 9 53 45 128 4 11 80 33

£300k£500k 430 22 1 2 104 15 3 2 3 8 43 11 8 35 9 110 2 4 20 28

Sales of Flats £500k£1m 109 3 1 17 3 1 25 10 6 34 1 8

£1m+ 1 1 -

Total 5,164 88 250 48 359 50 47 837 95 56 79 124 13 22 83 70 705 29 266 113 257 361 24 436 53 116 403 180

54% of sales were up to £150,000 20.3% of sales were between £150,000200,000 15.3% of sales were between £200,000300,000 8.3% of sales were between £300,000500,000 and 2.1 of sales were over £500,000

16% of all flat sales were made in Falmouth/Penryn 14% of all flat sales were made in Newquay

37

Table 12 House price by decile New Build CORNWALL BODMIN BUDE CALLINGTON CAMBORNE REDRUTH CAMELFORD CHINA CLAY FALMOUTH PENRYN FOWEY LOSTWITHIEL POLRUAN HAYLE HELSTON LAUNCESTON LISKEARD LIZARD LOOE MEVAGISSEY ROSELAND NEWQUAY PADSTOW PENZANCE SALTASH ST AGNES PERRANPORTH ST AUSTELL ST BLAZEY TYWARDREATH ST IVES ST JUST TORPOINT RAME TRURO WADEBRIDGE

DECILES Min

1

2

3

4

5

6

7

8

9

£16,000 £42,750 £75,000 £70,000 £47,250 £50,000 £38,750 £67,000 £64,285 £16,000 £61,500 £53,980 £116,250 £94,950 £40,300 £115,000 £49,950 £120,000 £79,350 £60,750 £71,125 £35,000 £75,000 £75,000 £62,000 £60,000 £50,000 £57,600

£105,000 £123,493 £125,000 £87,000 £99,950 £100,900 £76,000 £124,500 £73,000 £16,000 £107,250 £100,500 £117,188 £114,754 £127,000 £180,000 £105,000 £134,189 £106,875 £79,990 £125,000 £108,500 £87,000 £146,600 £92,455 £87,000 £147,500 £105,650

£129,120 £134,950 £153,100 £114,600 £114,750 £119,500 £105,500 £155,000 £90,000 £71,000 £119,995 £124,920 £118,125 £155,985 £170,800 £187,000 £131,500 £148,000 £127,000 £87,000 £165,000 £135,960 £104,206 £206,500 £99,500 £87,000 £167,000 £175,000

£147,500 £149,380 £167,990 £127,000 £126,000 £124,995 £120,000 £177,500 £106,500 £115,000 £134,073 £126,550 £122,688 £185,000 £181,330 £320,000 £150,000 £158,490 £137,000 £109,400 £215,000 £153,000 £125,000 £245,000 £105,822 £123,900 £178,996 £200,000

£163,000 £157,500 £175,000 £127,200 £143,850 £125,000 £123,700 £200,595 £148,000 £139,000 £150,000 £130,000 £127,250 £195,200 £196,300 £359,950 £164,995 £205,000 £154,950 £125,300 £245,000 £165,000 £139,550 £276,000 £116,500 £164,000 £189,950 £230,950

£177,995 £167,000 £192,500 £139,500 £150,000 £127,230 £125,000 £222,495 £228,975 £145,000 £162,250 £132,500 £141,125 £205,000 £205,000 £364,000 £179,500 £244,000 £165,000 £127,000 £316,498 £179,998 £140,000 £318,725 £117,750 £171,950 £212,750 £291,250

£195,000 £177,000 £216,980 £143,600 £159,950 £131,400 £128,670 £235,000 £265,000 £154,700 £182,995 £146,700 £155,000 £223,990 £221,800 £369,950 £192,995 £270,000 £199,950 £139,200 £352,000 £190,000 £160,000 £394,000 £120,990 £190,000 £226,000 £350,000

£222,000 £187,953 £244,995 £164,950 £168,750 £141,900 £140,000 £250,000 £277,500 £170,000 £195,000 £152,940 £165,000 £236,500 £225,000 £395,000 £205,300 £340,500 £220,250 £167,100 £370,000 £209,985 £175,350 £470,000 £156,250 £217,800 £240,000 £374,950

£250,000 £198,150 £279,460 £182,600 £177,250 £147,000 £150,000 £300,000 £299,950 £202,000 £219,950 £165,000 £175,000 £249,680 £236,100 £499,950 £225,000 £426,900 £270,000 £175,200 £395,000 £235,000 £185,000 £490,000 £210,000 £225,000 £260,000 £495,000

£334,995 £247,596 £325,000 £238,000 £189,950 £239,400 £159,100 £390,495 £329,750 £266,000 £280,000 £175,421 £175,000 £272,400 £290,995 £608,000 £270,000 £628,500 £382,500 £196,000 £426,900 £275,000 £199,950 £582,000 £239,700 £235,000 £310,000 £651,000

Max £1,200,000 £315,000 £599,950 £445,000 £800,000 £440,000 £340,000 £825,000 £670,000 £530,000 £575,000 £330,000 £175,000 £412,000 £445,000 £1,200,000 £845,000 £850,000 £575,000 £525,000 £740,000 £800,000 £360,000 £796,865 £323,000 £290,000 £545,000 £1,100,000

38

Table 13 House Price by band – New Build PRICE BANDS (NUMBER OF PROPERTIES) £0-£150k CORNWALL BODMIN BUDE CALLINGTON CAMBORNE REDRUTH CAMELFORD CHINA CLAY FALMOUTH PENRYN FOWEY LOSTWITHIEL POLRUAN HAYLE HELSTON LAUNCESTON LISKEARD LIZARD LOOE MEVAGISSEY ROSELAND NEWQUAY PADSTOW PENZANCE SALTASH ST AGNES PERRANPORTH ST AUSTELL ST BLAZEY TYWARDREATH ST IVES ST JUST TORPOINT RAME TRURO WADEBRIDGE

1,548 56 61 36 242 55 100 82 31 41 60 100 3 9 7 1 189 15 33 24 36 158 78 15 14 24 59 19

£150k-£200k

£200k-£300k

£300k-£500k

1,486 81 105 13 207 6 25 90 4 13 51 45 3 14 12 5 244 12 26 11 17 215 61 9 19 181 17

1,247 31 103 6 29 6 1 170 26 12 39 9 23 16 181 19 23 2 46 163 12 32 5 22 245 26

509 1 43 2 11 2 1 75 13 2 5 1 3 4 11 26 16 10 1 101 33 2 46 1 64 35

£500k-£1m 121 5 2 13 2 1 1 3 21 12 4 1 6 3 22 3 22

£1m+ 3 1 2

Total 4,914 169 317 57 491 69 127 430 76 69 156 155 6 49 39 21 661 74 96 39 206 572 153 124 20 65 552 121

The general profile of new build house prices is less expensive than the wider existing stock Truro, St Austell, Newquay Camborne Redruth and Falmouth Penryn accounted for 55% of new build sales

39

Table 14 House price by decile – Existing older stock CORNWALL BODMIN BUDE CALLINGTON CAMBORNE REDRUTH CAMELFORD CHINA CLAY FALMOUTH PENRYN FOWEY LOSTWITHIEL POLRUAN HAYLE HELSTON LAUNCESTON LISKEARD LIZARD LOOE MEVAGISSEY ROSELAND NEWQUAY PADSTOW PENZANCE SALTASH ST AGNES PERRANPORTH ST AUSTELL ST BLAZEY TYWARDREATH ST IVES ST JUST TORPOINT RAME TRURO WADEBRIDGE

DECILES Min £23,750 £32,750 £30,000 £31,000 £29,000 £35,000 £23,750 £30,000 £56,000 £26,000 £32,000 £34,500 £36,000 £52,750 £38,475 £38,000 £38,000 £30,000 £34,500 £45,000 £35,000 £27,500 £50,000 £47,500 £34,000 £34,000 £45,000 £50,000

1 £117,000 £99,365 £116,000 £103,000 £99,000 £120,000 £94,000 £136,000 £136,000 £120,000 £125,000 £100,600 £120,000 £141,970 £109,980 £150,500 £120,000 £134,528 £120,000 £118,000 £135,000 £104,965 £110,000 £157,978 £122,350 £108,250 £143,000 £150,450

2 £137,500 £122,000 £142,412 £125,000 £119,000 £145,000 £113,000 £160,000 £165,800 £142,400 £148,000 £124,980 £137,600 £169,760 £149,200 £195,000 £140,000 £159,960 £136,000 £136,000 £160,000 £125,000 £125,000 £185,000 £145,000 £125,000 £160,000 £183,400

3 £155,000 £134,050 £162,000 £138,600 £129,950 £162,750 £124,500 £177,325 £184,200 £159,000 £163,000 £140,000 £150,000 £197,600 £166,000 £224,300 £159,000 £200,000 £150,000 £149,000 £185,000 £142,905 £135,000 £215,750 £162,955 £138,500 £175,000 £212,000

4 £172,500 £147,000 £180,000 £153,600 £143,000 £182,500 £131,000 £199,950 £220,000 £174,570 £180,000 £157,500 £163,000 £225,000 £189,398 £250,000 £175,000 £235,000 £166,800 £160,000 £212,498 £158,000 £143,000 £240,400 £180,000 £150,000 £195,000 £240,000

5 £192,500 £165,000 £202,000 £175,000 £155,000 £202,500 £143,500 £220,000 £249,999 £192,250 £196,000 £175,000 £177,250 £249,950 £210,000 £288,976 £195,000 £270,000 £184,000 £174,000 £232,250 £172,250 £151,500 £268,000 £200,000 £163,750 £217,000 £270,000

6 £220,000 £190,200 £229,520 £196,450 £169,950 £225,000 £157,000 £245,000 £280,000 £215,000 £218,150 £199,760 £196,200 £279,950 £232,750 £331,200 £217,500 £313,160 £208,885 £188,400 £250,000 £187,500 £166,000 £297,500 £230,000 £180,000 £240,000 £313,100

7 £248,000 £230,000 £250,000 £230,000 £185,000 £250,000 £175,000 £275,000 £325,000 £237,900 £243,850 £227,500 £215,000 £318,600 £265,160 £385,000 £240,000 £374,100 £235,000 £215,000 £285,000 £210,000 £185,000 £339,400 £260,000 £206,500 £270,000 £370,000

8 £290,000 £262,400 £300,000 £265,000 £215,000 £300,000 £195,000 £330,000 £382,000 £263,000 £279,990 £260,000 £249,760 £370,000 £336,600 £475,000 £265,000 £459,000 £267,000 £240,400 £342,500 £235,000 £220,000 £399,990 £320,000 £246,000 £315,500 £446,000

9 £380,000 £322,000 £375,000 £325,000 £250,000 £375,000 £240,000 £432,400 £511,000 £325,000 £360,000 £334,250 £313,950 £453,000 £396,200 £694,500 £326,000 £644,500 £338,300 £295,000 £428,750 £289,985 £270,000 £529,800 £395,000 £322,500 £415,000 £633,900

Max £4,400,000 £925,000 £960,000 £700,000 £1,400,000 £1,335,000 £1,240,000 £2,650,000 £2,500,000 £925,000 £1,700,000 £795,000 £795,000 £1,500,000 £1,400,000 £3,675,000 £2,850,000 £3,300,000 £850,000 £740,000 £1,375,000 £1,835,000 £799,950 £1,450,000 £1,100,000 £850,000 £3,275,000 £4,400,000

40

Table 15 House price by Band – Existing older stock PRICE BANDS (NUMBER OF PROPERTIES) £0-£150k CORNWALL BODMIN BUDE CALLINGTON CAMBORNE REDRUTH CAMELFORD CHINA CLAY FALMOUTH PENRYN FOWEY LOSTWITHIEL POLRUAN HAYLE HELSTON LAUNCESTON LISKEARD LIZARD LOOE MEVAGISSEY ROSELAND NEWQUAY PADSTOW PENZANCE SALTASH ST AGNES PERRANPORTH ST AUSTELL ST BLAZEY TYWARDREATH ST IVES ST JUST TORPOINT RAME TRURO WADEBRIDGE

10,107 465 551 434 1,735 209 759 536 99 208 334 421 115 65 68 67 508 85 555 445 216 646 310 103 175 499 389 110

£150k-£200k 9,853 227 620 280 1,135 254 369 882 136 249 491 294 128 95 79 79 540 92 527 493 264 599 187 204 203 373 854 199

£200k-£300k 10,905 280 738 305 730 300 193 1,220 214 289 520 304 103 183 105 211 692 160 535 377 516 473 126 451 214 253 1,038 375

£300k-£500k 5,542 115 417 133 191 164 64 669 169 107 226 144 38 142 74 191 221 155 241 119 297 141 36 350 150 142 517 329

£500k-£1m 1,437 21 73 27 22 28 12 204 66 12 30 21 8 38 10 95 49 78 37 20 72 33 7 138 25 19 155 137

£1m+ 174 1 1 1 21 11 1 2 1 29 6 22 1 2 6 1 18 50

Total 38,018 1,108 2,399 1,179 3,814 956 1,398 3,532 695 865 1,602 1,184 392 525 337 672 2,016 592 1,895 1,454 1,366 1,894 666 1,252 768 1,286 2,971 1,200

Older stock sales Over 10% of sales under £150,000 were made in Camborne Redruth.

50 sales of over £1m were made in the wider Wadebridge area (including Rock and Polzeath) 27% of sales were up to £150,000 26% of sales were between £150,000-200,000 29% of sales were between £200,000-300,000 15% of sales were between £300,000-500,000 and 4.5% of sales were over £500,000

41

Review of types of houses by price and new/older stock.

There are clear differences which will be both size and use driven in price band distribution across types of dwellings.

Chart 11 % distribution of sales prices by price band

42

Chart 12 % distribution of sales price by house type

43

Chart 13 % distribution by price band New and older stock

44

Chart 14 % distribution by age of build

45

HOUSE PRICE SALES DATA MAPPED These maps are designed to be viewed and printed in colour. Any reuse should keep the data and the design credits.

The following maps are shown below.   

East Cornwall Mid Cornwall West Cornwall

Local maps included are   

St Austell Area Falmouth Penryn Area Camborne, pool and Redruth Area

A whole Cornwall pdf version is attached

The preceding section sets out the small area distribution of sales and values across type of house, new build and existing stock. It contains detailed analysis of the range of house sale prices. More analysis could be drawn out of this data.

The following section maps the total number of sales by price band, splitting Cornwall into east, mid and west, and then highlighting in greater detail the breakdown and distribution of house price sales in three local areas.

What is striking is the concentration of higher house price sale values, mostly on the coast. In line with the data set out above in tabular form, the maps confirm the majority of sales are, however lower value and more dispersed. 53% of all sales analysed were under £200,000, with 27% being under £150,000 and 26% being between £150,000 and £200,000.

46

47

48

49

The three larger scale maps show the following main issues:      

The maps are useful proxies for population density and settlement pattern.

They help reinforce transport corridors, and the proximity of villages and scattered development to larger settlements, The blank spaces are useful reminders of prevailing agricultural or moor land uses.

There is a broad split between higher value sales being mostly coastal and smaller settlements, with the exception, clearly visible of Falmouth and Truro.

There is also a broad east west split in terms of sales value.

The lower value sales are most closely associate with larger towns.

A more detailed level of house price sale mapping is now presented. It is at the more focused detailed geography that this mapping helps illustrate the range of prices within particular areas, that the application of a wider average can sometime mask.

50

51

52

53

Detailed maps Key issues to consider are:   

The clear demarcation for larger towns between residential areas and industrial/commercial The range of sale values within short distances The lower values within historic town centre areas.

The three maps show clearly the following prevailing trends for each area.

Camborne, Pool Redruth – a focus on lower value sales, in traditional town centre and immediately adjacent locations. Higher value sales increase away from the town centres, with some larger detached houses achieving high values in the surrounding countryside.

Falmouth Penryn (also showing St. Mawes) – a more mixed picture, with both low to mid value sales and high value sales within the built up area of Falmouth. Sea views and larger terraced properties follow the local topography, and this is reflected in clear price zones. Penryn by contrast has lower price focus, especially in the older parts of the settlement. St. Mawes has seen exceptionally high sale values.

St. Austell & nearby St. Blazey are dominated by lower value sales, although there is a clear demarcation of the Carlyon Bay, Charlestown area which shows some higher value sales.

The whole Cornwall map of house price sales is now presented. It shows the settlement pattern, and the areas with no or very few houses (and/or sales),

54

55

f) Private rental analysis The rental market should also be considered as a key market signal, with longer term changes in rental levels indicative of a potential imbalance between the demand for and supply of housing.

This is particularly important to consider given the sizeable growth in the private rental sector in the national and local housing market, and the key role it plays for younger households, moving households and those who are unable to purchase, but don’t qualify for social housing.

Nationally The decade 2001 to 2011 saw substantial changes in longstanding trends in home ownership and renting. In 2011, the proportion of owned homes decreased by 5 percentage points, the first fall in a century. As a consequence, home rentals have increased- this was more common among young people.

Figure 9

56

There has been an increase in the proportion of rented households (31% to 36%), particularly within the private sector; private rentals rose from 12% to 18% of the housing market, whilst social rented households remained stable, falling slightly from 19% to 18%.

Cornwall data Renters are younger and less likely to be employed. The HRP (Household representative Person) is usually the oldest full-time worker in a household.

The chart below shows the tenure by age of Household Reference Person, with the under 24 and 25-34 age groups showing high levels of private renting.

Chart 15 Tenure by age of HRP

57

Chart 16 Private sector tenure changes 1991-2011

Census data shows that there has also been a similar overall shift in tenure trends in Cornwall, with the number of households renting from a landlord or letting agency in the area increasing by around 93% (20,444 households and just under 50,000 people) between 1991 and 2011.

It is therefore beneficial to understand how the existing supply of private rented stock is meeting this additional demand, and data published by the Valuation Office Agency (VOA) collates information provided by private rental landlords, providing a useful benchmark of average rents in Cornwall. The latest available data covers the period from April 2014 to March 2015, with both lower quartile and mean averages presented.

However, this VOA data should be treated with caution. There are two reasons for this.

1. Data is drawn from a sample, which changes over time. While this is set out in this report over time, this is simply as an indication and does not compare a like for like comparison.

2. As shown below, the rental data price data from the VOA does not match the Census split of private rented accommodation bedrooms.

58

Table 16 Comparison of VOA data and Census split of private rented sector 1 bed 2 24

Census Current Available

2 bed 26 40

3 bed 51 26

4 bed 16 8

5+ beds 5 2

100% 100%

Before analysing the VOA data in detail, it is possible to combine the VOA data to the known total extent of the private rented sector stock, to impute both a monthly and an annual private sector rent bill.

This is included to give a sense of scale and context.

Table 17 Overall Monthly rents estimate Imputed using census split of properties and VOA value of rents by Bedroom size.

1 bed

2 bed

3 bed

4 bed

5+ beds

Monthly Rental Value range

Census

544

6118

12163

3710

1200

Av

276309

3883242

9751309

4310250

2473875

20,694,985

LQ

244800

3517850

8270840

3246250

1484400

16,764,140

UQ

306000

4129650

10825070

5008500

3307500

23,576,720

For illustrative purposes this means that it is possible to further impute an annual value of private sector rents. These figures are significant in their scale, and would be captured in GVA estimates.

59

Figure 10 Annual private sector rent range

Applying the average rent gives an annual spend value figure of ÂŁ250,000,000 (ÂŁ250 million), This is the equivalent spend over 4 years of the estimated total amount of LEP driven investment funds.

Table 18 Overall rentals total The VOA data shows the following breakdown of 7784 rental values for 2014/15.

Studio Room 1 Bed 2 Bed 3 Bed 4 + Bed Total

Cornwall 86 290 1295 3225 2270 618 7784

VOA Data split Studio

Room

1

4

1 Bed

17

2 Bed

41

3 Bed 4 + Bed

29 8

60

Chart 17 lower and upper quartile and mean rents compared 2014/15

Rent levels in Cornwall from this VOA data, show prices are somewhat cheaper than most other SW authorities for mean and Upper Quartile analysis. There is a slightly different picture for lower quartile prices with Cornwall levels above the England average, and closer to other SW authorities. This may represent greater pressure and demand for smaller / cheaper properties, hence pushing their price up.

61

Chart 18 Cornwall Bedroom size – rents levels 2014/15

There is a clear range of prices for all sizes of rental properties from the VOA data. The LQ prices range from £312 a month for a room, to £795 for 4+ bedrooms. The mean range is £372 (for a room) to £977 (4+ beds).

62

Further analysis recommendation The VOA data is not available underneath local authority level for Cornwall. Further analysis would desirable at a more local level.

For the purposes of this study, further private sector analysis is made of the current available privately rented stock (sourced from RIGHT MOVE online). While this has allowed for further bed room number analysis the 700 properties do not give enough of a baseline to provide detailed local geographical analysis.

It is recommended that either internally from the LEP resource, jointly through the Council or through external commission, a database is developed that builds up a bigger resource of available market private rents. Once this reaches several thousand values as a minimum, it will be possible to conduct more in depth local level analysis. Given that the VOA data is based on over 7000 rental values it should be possible over a year to build a significant pool of advertised rental sources to provide further insight. This could be from monitoring local newspapers, letting agents direct and online resources such as Right Move.

The following section presents analysis of 700 rental properties and their prices, as of May 2016. This has been sourced for this work from available advertised properties from the Right Move website.

Table 19 Current open market Rental Value (May 2016)

Distribution of Properties available by price and bedroom number ÂŁ 1 bed 2 bed 3 bed 4 bed 5 bed 201-300 3 301-400 18 3 401-500 65 18 501-600 61 107 12 601-700 13 106 54 6 701-800 3 27 42 2 801-900 14 36 9 1 901-1000 2 23 7 2 1001+ 2 11 29 13 Total 163 279 178 53 16 Sourced from current properties available in Cornwall as per Right Move website May 2016 63

Chart 19 Current private sector rented –rent levels 2016

The prices are slightly higher than those analysed from the VOA dataset. This may be due to the sampling that the VOA use.

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Chart 20 Current private sector rented Price Band analysis

Chart 26 shows the rent levels of around 700 properties currently available to rent across Cornwall. Chart 27 shows the distribution of properties available to rent by price band.

Headlines are: Lower quartile rents for 3 or 4 bedroom homes to rent are £680 – 875 a month.

Average rental prices for 3 or 4 bedroom homes are ÂŁ800-1162 a month.

Nearly 300 (279) 2 bed properties are availale to rent.

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There are two further ways of looking at the current (2016) private rented sector level of rents. The following two charts show the range and distribution of rent levels, by bedroom size.

Chart 21 Distribution of 2016 private sector rents

Note – interpretation A box and whisker chart shows distribution of data into quartiles, highlighting the mean and outliers. The boxes may have lines extending vertically called “whiskers”. These lines indicate variability outside the upper and lower quartiles, and any point outside those lines or whiskers is considered an outlier

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Chart 22 Alternative distribution – 2016 private sector rents

Commentary Rental price data will assume greater import if the trend towards more people renting privately continues. The VOA data is useful but does lend itself to comparisons over time.

Other sources of data could usefully be collected to both provide a useful market indicator of rental values by number of bedrooms, but with sufficient weight of sampled properties to consider, further geographical comparisons could be made.

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g) Rental Prices, House price sales and Earnings Set against 2016 rental values and the amalgam of 2011-2016 house price data, it is useful to consider available earnings data.

While this is a less detailed area for data, there is information available from the Annual Survey of Hours and Earnings (ASHE) that can be used. This is conducted in April each year to obtain information about the levels, distribution and make-up of earnings and hours worked for employees.

This data set provides information about earnings of employees who are living in an area, who are on adult rates and whose pay for the survey pay-period was not affected by absence.

ASHE is based on a sample of employee jobs taken from HM Revenue & Customs PAYE records. Information on earnings and hours is obtained in confidence from employers.

ASHE does not cover the self-employed nor does it cover employees not paid during the reference period.

For this section, the data has been aggregated to provide monthly earnings data. This data measures gross pay before tax, national insurance or other deductions, and excludes payments in kind.

It is based on a Cornwall wide sample of 115,000 to 121,000 (2011-2015).

Table 20 ASHE earnings data for Cornwall Monthly Median Mean 10 percentile 20 percentile 30 percentile 40 percentile 60 percentile 70 percentile 80 percentile 90 percentile

2011 1685 1948 1002 1135 1321 1476 1871 2167 2529 3083

2015 1773 2038 1090 1268 1387 1586 1994 2286 2607 3231

Earnings levels have been reasonably static over this 4-year period, of post-recession pay restraint. The median value has increased by under ÂŁ100 over this period The range of earnings is ÂŁ1090 a month for the lowest percentile (a single person in work) to ÂŁ3231 for the 90th percentile for 2015.

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Chart 23 Earnings Data – 2015 and 2011 Cornwall

This chart shows the 2011 and 2015 data – the grey bars showing the 2015 values and the orange highlight, shows the increase compared to the 2011 value.

It is then possible to construct some monthly costs for both mortgages and rental values to compare to this earnings data.

Table 21 Mortgage repayment levels – monthly Mortgage 2% 5% £100,000 424 585 £150,000 636 877 £200,000 848 1169 £250,000 1060 1461 Rates at 2% and 5% and assuming a 25-year repayment term

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Table 22 Local rental values analysis 2016 Bedrooms 1 2 3 4 5

LQ 450 575 680 875 1237

Mean 508 635 800 1162 2026

Table 23 Rental Values and % Housing cost using Mean monthly income as a denominator

1 2 bed bed 525 650

Mean rental Value % Housing Cost 26 / Mean Income

32

3 bed

4 bed

5 bed

850

1250

3650

42

61

179

2038

Table 24 Mortgage Values using 2 levels of interest rate and 4 mortgage amount examples 70

Repayment 100000 Amounts 2% Int 424 5% int 585

150000

200000

250000

636 877

848 1169

1060 1461

Table 25 % Housing cost using Mean monthly income as a denominator with illustrative mortgage monthly repayments 100000 150000 200000 250000 Housing Costs Mortgage / Mean Income 2% Int 21 31 42 52 5% int 29 43 57 72 Assumptions Simple analysis has assumed only one source of earnings against a range of rental and mortgage costs.

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g) Commuting Commuting to work is in a sense the driver of the local housing market and this employment is the source of incomes that creates the demand, and the ability to access housing and other essentials. The limits to a local housing market area are determined by travel to work patterns. In other words, the boundaries of a housing market area are determined by the distances travelled by the longest commuters in different directions from a dominant accessibility point.

It is important to consider that commuting patterns may influence the balance between jobs and residents in employment in different areas.

Summary of Commuting trends Driving to work is the most significant mode of commuting Driving to work (by car or van) was by far the most common method of travel to work in Cornwall in 2011. Since 2001, driving a car/van in Cornwall to get to work has increased, while the national figure has decreased.

Table 26 Commuting Changes 2001-2011 Method Work mainly at or from home Underground, metro, light rail, tram Train Bus, minibus or coach Taxi or minicab Motorcycle, scooter or moped Driving a car or van Passenger in a car or van Bicycle On foot Other

Residence 2001 13.9 0.1 0.6 2.7 0.4 1.6 58.5 6.6 1.7 12.9 1.0

2011 15.8 0.1 0.9 2.4 0.3 1.1 60.2 5.1 1.5 11.8 0.7

change 1.9 0.0 0.3 -0.3 -0.1 -0.5 1.7 -1.5 -0.2 -1.1 -0.3

Workplace 2001 14.7 0.0 0.5 2.5 0.4 1.4 57.8 6.8 1.6 13.5 0.8

2011 16.4 0.1 0.8 2.3 0.3 1.1 59.7 5.2 1.5 12.1 0.5

change 1.7 0.0 0.3 -0.2 -0.2 -0.3 1.9 -1.6 -0.1 -1.3 -0.3

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Table 27 2011 Residence based method of travel to work 2001 comparable (CT0015) and 2011 alternative based (QS701EW)

Work mainly at or from home Underground, metro, light rail, tram Train Bus, minibus or coach Taxi Motorcycle, scooter or moped Driving a car or van Passenger in a car or van Bicycle On foot Other method of travel to work

CT0015 38,596 208 2,320 5,812 667 2,782 147,102 12,480 3,777 28,952 1,831 244,527

QS701 21,187 220 2,462 5,953 742 2,872 157,708 12,904 3,950 34,114 2,415 244,527

Difference -17,409 12 142 141 75 90 10,606 424 173 5,162 584

Truro grows in importance as commuting destination In 2011, Truro was the settlement that drew the highest flows of people commuting to work. An overall movement of 26,000 people, a net gain of 14,000 workers, increased by approximately 3,000 since 2001. Of these, 17,700 travelled by car/van.

Expressing total distance travelled by commuters to Truro as the destination, shows trips within and to Truro amounting to over 400,000 km in distance.

The flows to Truro continue to be the most significant element of commuting across Cornwall. The in-flow to Truro represents 15% of all trips made to destinations in Cornwall.

Truro continues to dominate the labour market in Cornwall, and draws a significant workforce to the city and key employment locations. Sources of this considerable inflow are spread widely but significant flows come from Falmouth, CPIR, St Austell, Penryn, St Agnes, Helston and Perranporth.

There is a good spread of trips by mode from Falmouth, St Austell and CPIR, with train and bus use reflecting the frequency and convenience of available services. Newquay has higher car reliance. Flows from the north coast (Perranporth and St. Agnes) and the Roseland have relatively high levels of bus use.

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There is also a significantly higher number of 10-20 km length trips into Truro, compared to the overall Cornwall average, reflecting the strong draw of Truro.

While there are strong levels of walking, cycling and public transport use, the striking issue remains the cumulative impact of car trips. There are trips by car/van across all distances (e.g. 500 trips from over 60km away) with nearly 7,000 travelling between 10 -20 km. This illustrates the ongoing need to understand, monitor and respond to these flows.

Commuting in to and from Cornwall to neighbouring authorities Flows out of Cornwall have remained broadly consistent, increasing by 1,207 from 17,684 in 2001 to 18,891 in 2011.

Flows into Cornwall have increased by 3,719 from 7,507 in 2001 to 11,226 in 2011.

Cornwall’s main relationships are, not surprisingly with its immediate neighbours. Plymouth, Torridge and West Devon. There is also a key flow of 600 workers to the regional hub of Exeter.

Key destinations are North Derriford & Derriford, Plymouth city centre area, and Devonport (Torpoint Ferry) area in Plymouth, Langage industrial estate (within South Hams and next to Plymouth) and Sowton industrial estate (Exeter) and Exeter city centre. These all attract sizeable flows from Cornwall.

Note: This section is drawn from work undertaken by Understanding Data Ltd. to analyse in depth, the 2011 Census travel to work flow data sets, for Cornwall Council, Local Transport Team.

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The table below shows movements (selected) from the small areas already used in this analysis and workplaces with over 5,000 jobs.

Table 28 Cornwall main flows to workplaces with over 5,000 jobs. (2011) place of work currently residing in : BODMIN BUDE CALLINGTON CAMELFORD CHINACLAY CPIR FALMOUTHPEN FOWEYLOSTWITH HAYLE HELSTON LAUNCESTON LISKEARD LIZARD LOOE MEVAGISSEYROSELAND NEWQUAY PADSTOW PENZANCE LTASH STAGNESPERRANPORTH STAUSTELL STBLAZEYTYWARDREATH STIVES STJUST TORPOINT RAME TRURO WADEBRIDGE

BODMIN

CHINACLAY

CPIR

FALMOUTHPEN

HELSTON

LAUNCESTON

LISKEARD

NEWQUAY

PADSTOW

PENZANCE

STAUSTELL

TRURO

4,097 101 78 360 713 175 72 239 31 49 264 337 10 63 42 310 92 43 59 103 589 344 9 20 34 173 470

212 19 23 35 2,119 217 113 76 25 29 36 61 15 17 80 545 55 31 20 155 853 271 17 13 19 386 84

106 21 37 36 193 11,038 1,140 25 813 1,191 41 51 211 22 42 308 24 552 30 705 157 35 292 245 26 1,199 65

36 17 22 16 87 1,556 7,881 17 129 810 16 30 195 9 40 131 15 137 24 299 88 29 52 60 27 1,032 30

16 2 7 6 14 665 380 6 170 2,953 9 7 378 3 1 20 3 195 6 34 17 7 54 72 1 112 12

116 368 410 415 51 49 21 15 6 17 3,863 150 9 34 11 32 48 15 87 12 41 23 6 6 12 40 84

146 14 592 25 70 50 37 113 9 9 123 3,443 3 500 8 29 7 6 366 14 105 66 8 3 169 39 30

153 22 15 27 970 202 85 53 36 50 38 34 30 7 32 4,925 180 35 15 586 343 121 19 19 11 334 117

88 26 3 35 93 7 10 8 4 7 27 9 6 3 5 168 950 10 3 20 35 13 4 2 2 35 187

16 28 15 19 37 468 97 4 676 503 19 2 51 7 9 49 2 4,820 16 58 33 10 381 1,306 9 113 29

330 24 36 49 2,025 208 144 339 40 46 32 126 6 40 355 506 42 43 43 121 5,439 1,315 54 36 12 613 117

263 80 102 97 1,031 4,344 2,811 120 463 932 85 180 170 45 391 1,173 113 488 96 2,095 1,071 287 247 215 57 9,806 181

8,877

5,526

18,605

12,785

5,150

5,941

5,984

8,459

1,760

8,777

12,141

26,943

The left hand column shows where people live and reading left to right shows where they work. Taking the first row, 4,097 people liv e and work in Bodmin. 212 people live in Bodmin and work in the China Clay area.

The places of work are selected to highlight those destinations with over 5,000 workers.

The right hand column (Truro as a place of work) shows the flows into Truro, totalling 26,943.

These flows are a reflection of where people work, and also where they live.

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h) Migration Cornwall grows in population terms, in part due to sustained levels of net migration since the 1960’s. The nature of this net migration has changed in this period, switching from retirement migration in the 1960’s to being dominated by working age net migration for the last 30 / 40 years. There is some evidence that the average age of in migrants has reduced, and that some in migrants are returners, The nature of out migration has seen key shifts as well. While there historically was larger outflows of the young, this was changed by the expansion of HE/FE and brighter economic conditions in the 2000’s. There is still a net outflow but it is reduced, with both less younger people leaving and more coming in. This remains a key challenge for Cornwall, retaining younger people, with opportunities for work and housing.

Table 29 ONS Internal Migration flows Cornwall data. This shows annual flows Top ten Inflows Plymouth Bristol, City of West Devon Torridge Wiltshire UA Exeter Birmingham South Hams South Gloucestershire Bath and North East Somerset Top ten Outflows Plymouth Bristol, City of West Devon Exeter

2001/02 1270 450 410 340 380 250 300 320 220

2002/03 1410 490 320 350 370 260 280 320 160

2003/04 1480 450 390 300 380 270 300 260 230

2004/05 1470 460 400 330 380 290 270 230 160

2005/06 1700 420 460 350 400 310 280 260 240

2006/07 1890 480 440 410 370 330 270 310 240

2007/08 1720 440 310 440 290 410 280 260 220

2008/09 1940 420 370 420 340 340 280 280 200

2009/10 2030 440 400 310 340 330 260 230 220

2010/11 1870 420 380 310 300 300 290 340 190

2011/12 1920 512 439 424 309 330 269 228 253

2012/13 1819 505 419 386 339 263 259 223 199

210

210

210

210

190

240

210

190

210

230

204

180

2001/02 1490 350 340 340

2002/03 1440 400 310 350

2003/04 1550 380 380 350

2004/05 1720 440 350 350

2005/06 1910 460 380 400

2006/07 1900 440 440 380

2007/08 1530 450 470 430

2008/09 1630 450 450 350

2009/10 1560 470 430 280

2010/11 1630 440 430 270

2011/12 1842 563 433 333

2012/13 1829 525 448 360

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Torridge Wiltshire UA Cardiff East Devon South Hams Bath and North East Somerset

290 330 230 240 200 200

310 230 260 210 210 180

360 300 260 300 190 150

240 240 270 240 180 210

340 260 290 270 210 230

350 250 260 290 270 210

380 300 270 230 210 230

300 250 270 180 190 230

310 270 260 190 240 230

340 260 240 200 230 210

386 290 278 158 270 260

399 291 245 206 222 251

The geographical relationships are highlighted above – outflows are largely to university towns and employment centres. Inflows are mostly from neighbouring or nearby South West local authorities.

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Chart 24 Net Migration levels Cornwall

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Chart 25 Migration flow trends

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Chart 26 Age Structure of Migration changes

Charts 24-26 Some key trends are at play, as shown by this data from 2001 and 2014.

The first is that overall net migration into Cornwall has reduced (Chart 24), and this appears to be an established trend.

There is also evidence of a steady increase in out migration since 2001. (Chart25) Thirdly is the changes to the age make up of net migration (Chart 26) The highlighted bar is 15-19 and this shows a clear reduction in the outflow at this age. However, there is emerging evidence that there is now a growing outflow of 20-24 yr. olds, perhaps in part as there is more in the area post study than previously.

These are key trends to reflect on, with direct impact in the future on a range of economic issues

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Chart 27 Migration flows within Cornwall compared to in and out flows by age – 2011 Census

75% of all moves that started in Cornwall ended in Cornwall, 25% leaving Cornwall 69% of all moves that finish in Cornwall started there. 31% were from other areas.

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i) Population and Household projections In considering housing issues, it is important to place this in the context of both the existing stock (tenure and type) and expected levels of population and household change (part of future housing demand).

This section deals with population and then household change.

Cornwall level population change Cornwall is projected to continue to grow. The Local Plan consistent population projections, based on a long term (12 year) average of net migration rates show growth for 2015-2030 of   

64094 population 35773 households 18784 labour force

The reason for the difference in working age population (labour force) and population is a predicted strong ageing element to the future population change.

This can be best seen in the chart below

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Chart 28 2010-2030 Cornwall projections age structure change

Over this time period the working age proportion of the population is predicted to fall from 55 to 49%.

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Chart 29 2015-2030 age structure changes

The grey bar shows the 2030 percentage values. The Green highlight shows a value that was higher in 2015 e.g. has fallen by 2030, and the orange highlights shows that the 2030 value is increased from 2015. These projections show that even with working age migration continuing there will be some decline in the working age population.

This is a key issue for the LEP to seek to address and influence.

Small Area level population Change As well as the Cornwall level results shown above, Further work has been commissioned by Cornwall Council and undertaken by Edge Analytics (technical demographic modelling) and Understanding Data (area definition, and interpretation and analysis) to understand the likely implications at a finer grain of geography of future population growth. This involved the production of housing led projections of future population, and was based on the Nov 2015 current list of residential planning permissions.

27 small areas were defined for the purpose of this work. These areas are reused in this current study to provide a breakdown of   

Population change Housing stock characteristics House price data and sales distribution

This gives a fine grain understanding of some of the common ground and differences which exist across Cornwall.

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Table 30 Population Projections Results 2015-2030 Cornwall Camborne Redruth Falmouth Penryn Truro St Austell Newquay Penzance China Clay Helston Saltash Liskeard Bodmin Launceston Callington St Agnes Perranporth Bude Hayle Wadebridge St Just Camelford Torpoint Rame St Blazey Tywardreath St Ives Looe Lizard Fowey Lostwithiel Polruan Mevagissey Roseland Padstow

2015 550340 61404 44863 43167 30875 27861 26553 25168 24550 21236 21411 20254 19786 17972 17698 17269 15010 13824 12415 12674 11890 11745 11554 10321 9348 7684 6895 6916

2030 618373 73073 50997 52590 36900 34495 26988 29683 27709 21252 24492 22934 24080 18677 19830 18963 17744 14215 12560 13702 11370 12165 12033 10696 9651 7843 6643 7090

Change 68033 11669 6134 9423 6025 6634 435 4515 3159 16 3081 2680 4294 705 2132 1694 2734 391 145 1028 -520 420 479 375 303 159 -252 174

% Ch 12.4 19.0 13.7 21.8 19.5 23.8 1.6 17.9 12.9 0.1 14.4 13.2 21.7 3.9 12.0 9.8 18.2 2.8 1.2 8.1 -4.4 3.6 4.1 3.6 3.2 2.1 -3.7 2.5 85

Note – these projections are predicated on existing levels of planning permissions. Additional growth would accrue from allocations of housing sites, future permissions and windfalls. Conversely these figures would only come about if the expected level of permissions are implemented.

This data is now presented in chart form, with full page representations of 2015-2030 age structure change by small area

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Chart 30 Age Structure 2015-2030 changes

Using these charts.

The grey bar is the 2030 percentage value The green highlight shows where the 2030 value was lower than it was in 2015 and the actual value change The orange highlight shows where the 2030 value is higher than it was in 2015 and the actual value change.

The larger changes are growth in the 65+ population in 2030 compared to 2015.

The following full page visualisations show the age structure changes by 2015 and 2030, but highlight the small area variance across particular age groups. Charts 31-32

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Chart 31 2015 Age Structure

This chart Highlights the Cornwall average in orange, and highlights lower percentage values in blue and higher in green. More rural areas have existing older populations, larger towns tend to have more working age and younger people. Falmouth stands out due to the student population.

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Chart 32 2030 Age Structure

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Robin Miller Understanding Data Ltd. June 2016 Appendix 1 Glossary & Definitions of key terms used in this report.

Definitions Dwelling - A dwelling is a unit of accommodation in which all rooms - including the kitchen, bathroom and toilet - are behind a door that only that household can use.

A dwelling may comprise one or more household spaces (the accommodation occupied, or available for occupation, by an individual household).

Household space - A household space is the accommodation occupied by an individual household or, if unoccupied, available for an individual household.

Occupied Household Space - A household space is classified as occupied if it has at least one usual resident.

Unoccupied household space has no residents.

Tenure The classification used corresponds to the tick box response options on the census questionnaire for household tenure (whether owned or rented) and the type of landlord for rented accommodation, for example council or housing association.

There are up to four tenure categories for dwelling stock, house building and household figures. These are: • owner-occupied (or private enterprise in the case of house building statistics dwellings i.e. financed and built by private developers for owner occupiers or private landlords, whether persons or companies). This includes accommodation that is owned outright or is being bought with a mortgage.

• rented privately, defined as all non-owner-occupied property other than that rented from local authorities and housing associations plus that rented from private or public bodies by virtue of employment. This includes property occupied rent-free by someone other than the owner. New build privately rented dwellings will be included in the house building private enterprise figures.

• rented from housing associations (for stock figures non-registered Housing Associations are excluded and subsumed within owner-occupied as are shared ownership and shared equity dwellings part owned by a housing association; for house building figures this tenure includes social rent, affordable rent, intermediate rent and low-cost home ownership housing association new build dwellings although the latter category may be under-counted); and •

rented from Local Authorities.

Economic activity relates to whether a person who was working or looking for work in the week before census.

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Rather than a simple indicator of whether or not someone was currently in employment, it provides a measure of whether or not a person was an active participant in the labour market.

A person's economic activity is derived from their 'Activity last week'. This is an indicator of their status or availability for employment - whether employed, actively looking for work, waiting to start a new job, available to start a new job, or their status if not employed or not seeking employment. Additional information included in the economic activity classification is also derived from information about the number of hours a person works and their type of employment - whether employed or self-employed.

The census concept of economic activity is compatible with the standard for economic status defined by the International Labour Organisation (ILO). It is one of a number of definitions used internationally to produce accurate and comparable statistics on employment, unemployment and economic status.

Total estimates for the categories 'Employee' and 'Self-employed' should not be taken as the absolute total for these categories because students in employment have been counted separately in this classification.

Absolute figures for those in employment, including students, are available in other census datasets including those in which the primary topic is economic activity.

Tenure provides information about whether a household rents or owns the accommodation that it occupies and, if rented, combines this with information about the type of landlord who owns or manages the accommodation 'Owned: Owned with a mortgage or loan or shared ownership' includes 'Owned: Owned with a mortgage or loan' and 'Shared ownership (part owned and part rented)'.

'Rented: Private rented or living rent free' includes the groups 'Private rented: Other' and 'Living rent free'.

The concept of a Household Reference Person (HRP) was introduced in the 2001 Census (in common with other government surveys in 2001/2) to replace the traditional concept of the 'head of the household'. HRPs provide an individual person within a household to act as a reference point for producing further derived statistics and for characterising a whole household according to characteristics of the chosen reference person.

For a person living alone, it follows that this person is the HRP. If a household contains only one family (with or without ungrouped individuals) then the HRP is the same as the Family Reference Person (FRP).

In a couple family, the HRP is chosen from the two people in the couple on the basis of their economic activity (in the priority order: full-time job, part-time job, unemployed, retired, other). If both people have the same economic activity, the HRP is identified as the elder of the two or, if they are the same age, the first member of the couple on the form.

The VOA analysis uses: Mean - a measure of central tendency often referred to as the average. Given a series of values the arithmetic mean is calculated by summing all these values together and dividing by the count of these values.

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Lower quartile - when a series of values are arranged by order of magnitude the lower quartile (or 25th percentile) is the value that splits the lowest 25 per cent of the data from the highest 75 per cent.

Upper quartile - when a series of values are arranged by order of magnitude the upper quartile (or 75th percentile) is the value that splits the highest 25 per cent of the data from the lowest 75 per cent.

The definition of the categories is as follows: Room – non self-contained single room with shared facilities. Includes bedsits, single rooms in a house or flat shared with other tenants, and single rooms rented from a resident landlord.

Studio – self-contained single roomed property with own kitchen and bath/shower/WC facilities.

One bedroom – self-contained properties with one bedroom, including houses, bungalows, flats and maisonettes.

Two bedrooms – self-contained properties with two bedrooms, including houses, bungalows, flats and maisonettes.

Three bedrooms – self-contained properties with three bedrooms, including houses, bungalows, flats and maisonettes.

Four or more bedrooms – self-contained properties with four or more bedrooms, including houses, bungalows, flats and maisonettes.

The data used to generate these statistics are based on a sample of rental information, collected by Rent Officers from landlords and letting agents. The composition of this sample changes over time therefore it is not possible to compare median rents provided in this publication with statistics in previous publications to infer trends in the rental market over time. Any differences in median rent may be due to differences in the sample rather than true changes in the rental market.

The term 'area' is used to define the particular geographical area level being shown in the table. So, in the case of a table for a ward, this will mean the term 'area' translates to the name of that ward.

•The term 'associated area' refers to the next level of geography up the hierarchy, for example, if the table area is ward then the associated area is local authority.

•A wholly moving household is one where all members of the household have moved from the same address. A partly moving household is where one or more members of the household have moved in the last year but not all members have moved from the same address.

•One year ago is one year before Census day (27 March 2011).

•Outflow is not a count of all households moving out of an area as it does not include households that have moved outside the UK. •The column headed 'Partly moving households' includes only those partly moving households which were resident in the area on Census Day (27 March 2011).

Robin Miller 2016 rmiller@understandingdata.co.uk

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