Like many coastal regions in Britain, Cornwall has been hit hard by second-home ownership.
The county, or Duchy as some like to refer to it, has the largest number of second homes of any local authority in England, followed by Kensington and Chelsea in London.
Over 13,292 properties in Cornwall are classed as second homes — homes that are unlived in but fully furnished, including holiday lets like AirBnBs.
It has led to an average property price of £416,557 across the entire region, a figure seriously unaffordable for many of those who are born and bred there.
There are, however, a few towns scattered across the county which continue to be comparatively affordable, including Redruth, which one local estate agent has told Express.co.uk all about.
Redruth sits at the heart of Cornwall, fairly inland but still close to the coast.
In the last year, properties there sold for an overall average price of £233,858, according to Rightmove.
Andrew McKnight, Managing Director at MAP Estate Agents which has a branch in Redruth, said he wouldn’t describe Redruth as cheap, but that “in relation to the coastal parts of the county it is better value for money”.
He gave several reasons as to why this is the case, explaining: “The first is geography. While it’s close to the North and South coast, it’s not on the coast.
“This generally rules out second homes owners who want something in more traditional coastal towns locally, therefore ruling out these buyers.
“Then there’s tourism: Redruth isn’t known for its tourism. Again, I believe this is mainly because of its geography, and so you will find that people who reside in Redruth are living there full-time and won’t see anywhere near the levels of tourists you would elsewhere.
“Tourism creates income and demand, which is less in Redruth than elsewhere.”
Then there’s Redruth’s deeply industrial history. From the 18th century, the town flourished as the commercial centre of Cornwall’s international mining industry.
But, as industry across Britain declined in the mid-20th century, many areas like Redruth were thrown into financial woe.
“This affected the town with unemployment being much higher than elsewhere,” said Mr McKnight.
“With its industrial past, Redruth isn’t as ‘pretty’ as some of the more traditional Cornish towns, though some would argue that Redruth is the ‘real’ Cornwall.
“In the past, when industry was working it was like Silicon Valley, and was one of the wealthiest parts of the world.”
Some of Redruth’s heritage buildings, like the old captain’s houses and grand properties, hint at this rich history.
Mr McKnight said he has observed an influx of younger people move into Redruth over the years due to soaring house prices all around Cornwall.
“There has been a lot of investment in the area over a long period of time,” he said.
“And while there remain some scars and signs of Redruth’s industrial past, there is much change and investment that is making the area more prosperous.”
Taking the types of property in Redruth individually, terraced houses were being snapped up for just £213,817, while semi-detached properties fetched £247,377, and detached houses for £314,336.
The town is also superbly placed, its railway station providing links all across the southwest, South Wales, and London.
