House prices dropped by 1.3% in South Hams in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 0.9% over the last year.

The average South Hams house price in November was £431,244, Land Registry figures show – a 1.3% decrease on October.

Over the month, the picture was different to that across the South West, where prices decreased 2.7%, but South Hams was lower than the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in South Hams rose by £4,000 – putting the area fifth among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in Bath and North East Somerset, where property prices increased on average by 4.6%, to £461,000. At the other end of the scale, properties in Torridge lost 6.7% of their value, giving an average price of £302,000.

First steps on the property ladder

First-time buyers in South Hams spent an average of £342,600 on their property – £3,200 more than a year ago, and £92,800 more than in November 2018.

By comparison, former owner-occupiers paid £482,500 on average in November – 40.8% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in South Hams in November – they dropped 1.5% in price, to £648,765 on average. But over the last year, prices rose by 1.1%.

Among other types of property:

Semi-detached:
Terraced:
Flats:

How do property prices in South Hams compare?

Buyers paid 35.1% more than the average price in the South West (£319,000) in November for a property in South Hams. Across the South West, property prices are higher than those across the UK, where the average cost is £285,000.

The most expensive properties in the South West were in Cotswold – £509,000 on average, and 1.2 times the price as in South Hams. Cotswold properties cost 2.4 times the price as homes in Plymouth (£213,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in November

  • South Hams: £431,244
  • The South West: £319,221
  • UK: £284,950

Annual change to November

  • South Hams: +0.9%
  • The South West: -4.1%
  • UK: -2.1%

Highest and lowest annual growth in the South West

  • Bath and North East Somerset: +4.6%
  • Torridge: -6.7%