MORTGAGES on properties in Cornwall have seen an increase of nearly 50 percent over the last five years, according to data from the ONS. 

Monthly repayments on newly issued mortgages have increased significantly over the past year because of rising interest rates increasing the cost of borrowing. House prices were 9.8% higher in December 2022 compared with a year earlier, according to the ONS UK House Price Index (HPI).

Across Cornwall, the average price for detacthed, semi-detached, and terraced properties have all increased between 45-48 percent since 2017, with flats increasing by around 27 percent over the same period. 

You can explore the ONS data using the interactive map tool below.

The data reveals that typical payments on a 5-year fixed mortgage for an average detached property in Cornwall stand at £2,849 with a deposit of £30,000 and a 25-year mortgage.

The average price for a detached property in Cornwall is £478k in December 2022, an increase of 48 percent since December 2017.

When it comes to semi-detached properties, the average price in the Duchy is £315k as of December 2022. Payments on a 5-year fixed mortgage are £1,813 with a deposit of £30,000 and a 25-year mortgage, which equates to an increase of 47% since December 2017. 

Typical payments on a 5-year fixed mortgage for an average terraced property in Cornwall is £1,384 with a deposit of £30,000 and a 25-year mortgage, with an average price of £257k back in December 2022. The ONS data shows that this is an increase of 45% since Dec 2017.

Previous ONS analysis found that more than 1.4 million households in the UK are facing the prospect of interest rate increases when they renew their fixed-rate mortgages in 2023.

The monthly cost of a new mortgage rose by 61% in the year to December 2022 for the average semi-detached house in the UK

In December 2021, there were 119 local authorities in Great Britain where the average mortgage repayment would have been under £1,000 per month for a detached property at the average price for that area, with a 25% deposit, a mortgage term of 25 years and an average mortgage rate of 1.59%.

Based on average prices and mortgage rates from December 2022, it would have been possible to afford the mortgage on a detached house for £1,000 per month or less in only one local authority - County Durham - out of 362 local authorities in Great Britain.