Truro is a growing city and population growth creates a demand for housing like nothing else. The hospital is expanding, the college is taking on more staff and local businesses are growing. This growth has attracted building companies galore with every piece of land being built on at an alarming rate.
Many people I have spoken with have expressed concerns about how it will affect the local market and what, if any, impact it will have on house prices. Are they selling? Who is buying and what deals are available if you are looking for an investment?
I first visited Taylor Wimpy at 'Pen An Dre' (the old Richard Lander site) more than a year ago. It's a large development which will end up with roughly 200 properties and a mixture of 2, 3, 4 and 5 bedrooms houses with social housing being mixed into the development. A lot have been sold already, with a few BTL investors buying to rent out. The finish has been good and yields are reaching 5.4%. Location here is key and they are between the city and the hospital - so are always going to rent well in this estate.
Linden Homes have take over the site at Boscowan Woods in Malpas and I have two landlords who have bought property there. A fantastic spec finish and sought after location means that rents are high. Unfortunately prices are high as well, but yields are still reaching 4.9%.
Perssimmon Homes have announced 'Copperfield' at Tolgarick Farm (the Arch Hill roundabout). There is not much detail on this and no prices have been released yet. It will be a good location, but how will demand be affected by the busy roundabout and the road?
Bovis Homes are building at 'Trelowen' near Richard Lander School. It is not a big site and prices seem to be high for an out-of-town location. The same could be said for Wainhomes at 'The Paddocks' in Shortlanesend - almost all the properties have sold and there is not much BTL return, or interest interest.
Pearce Fine Homes have built a small development on Barrack Lane. There are some very high quality homes in the centre on Truro, and I am amazed these have not all flown out of the door.
There is certainly a lot going on. However, in my opinion, I would buy in Pen An Dre or get on the waiting list for 'Copperfield' but if you are thinking of buying, selling or renting out a property, my advice is free!