Cornish second homes with strong investment potential
The number of second homes in the UK continues to rise, driven by buyers cashing in their pensions and other traditional investments, which offer a low rate of return, and choosing a second home as somewhere more promising to invest their capital. Cornwall is the top second homes location in the country and here the market for quality properties with good letting potential in attractive locations remains constant. There are certain key factors that add up to good investment potential, in particular modern properties within walking distance of the sea, such as the homes at Rocky Lane, a collection of contemporary detached homes in St Agnes, Cornwall.
Simon Blackburn, Managing Director of Living Structures, the developer behind Rocky Lane, comments: “All of our buyers carefully consider the investment aspect of the property, as well as it being somewhere they will enjoy using themselves. I think there has been a shift in people wanting to enjoy their investments, as well as make money from them.” At Rocky Lane, ten individually designed second homes combine outstanding architecture and luxury interiors, positioned just a few minutes walk from the beach.
Miles Kevin, Director of Chartsedge, an estate agency specialising in coastal and rural properties in the South West, comments: “There are some 7,000 fewer flights abroad from UK regional airports this year, a sign more people are choosing to take holidays in the UK this summer. Potential lettings income is also increased by the fact people tend to take more, shorter breaks throughout the year nowadays, rather than just being focused on those few weeks during the summer holidays, so it’s no wonder the holiday lettings business is booming.”
Pure Cornwall, who let and manage a wide range of holiday homes throughout Cornwall, has noticed a four-fold increase in bookings since last year. James Bailey, Sales Director, continues: “Pension saving is at the lowest for a decade and money in the bank is just not performing, people want an asset they can both enjoy themselves, as well as getting a return on. Yields are typically five to six per cent, which is much better than you can get from any bank account. The best properties to let out are modern ones that will need little maintenance, are cheaper to run and are secure to lock up and leave.”
The homes at Rocky Lane make an attractive prospect as a holiday rental property, raising the bar in terms of quality of architecture. This unique collection of cutting edge eco homes is set among 3.5 acres of secluded woodland, their exteriors clad in Western Red Cedar to complement their surroundings. Designed with outdoor living in mind, each property has at least one generous, sheltered deck or terrace. Inside the homes, flexible and open-plan living areas are designed to maximise space. Floor to ceiling windows and double glazed doors make the most of natural light and the views.
The homes are finished with great attention to detail and a luxury specification. Kitchens feature high-gloss units with stone worktops and integrated “A” rated NEFF appliances. They have numerous energy saving features incorporated to ensure lower utility bills for the owner. Engineered wood flooring and a wood-burning stove are fitted as standard, while optional extras such as hot tub and built in wine cooler are available for a touch of luxury.
Rocky Lane’s location in the popular village of St Agnes also makes it a draw as a holiday rental property. St Agnes is known for its friendly community and is large enough to have amenities such as several cafés, restaurants, pubs, butcher, greengrocer and craft shops. Beyond the village itself is the spectacularly beautiful north Cornwall coast, averaging more hours of sunshine than anywhere else in the UK. This stretch of coast forms part of the Cornwall Area of Outstanding Natural Beauty (AONB), maintained by the National Trust and has some of the UK’s best surfing spots. The local beach at Trevaunance Cove is popular but never gets very busy.
The area was designated a UNESCO World Heritage Site in 2006 as part of the Cornwall and West Devon Mining Landscape, in recognition of its tin and copper mining heritage. Many of its historic caves, engine houses and mines are now open as visitor attractions. Also within easy reach are Cornwall’s major tourist destinations such as the Eden Project and Minack Theatre. St Agnes is situated 10 miles from Truro and 20 miles from Newquay International Airport, which offers frequent direct flights to Gatwick, Manchester and other UK destinations.
Current prices range from £499,995 to £650,000 and are exempt from stamp duty.
Visit rockylanecornwall.com for further information.