South Hams house prices dropped more than South West average in June

House prices dropped by 2.4% – more than the average for the South West – in South Hams in June, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 1.8% annual decline.

The average South Hams house price in June was £416,301, Land Registry figures show – a 2.4% decrease on May.

Over the month, the picture was different to that across the South West, where prices decreased 0.5%, and South Hams was lower than the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in South Hams fell by £7,500 – putting the area 25th among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in Tewkesbury, where property prices increased on average by 9.3%, to £369,000. At the other end of the scale, properties in Cotswold lost 2% of their value, giving an average price of £467,000.

First steps on the property ladder

First-time buyers in South Hams spent an average of £331,000 on their property – £6,000 less than a year ago, but £90,500 more than in June 2018.

By comparison, former owner-occupiers paid £465,500 on average in June – 40.6% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in South Hams in June – they dropped 2.7% in price, to £624,818 on average. Over the last year, prices dropped by 1.6%.

Among other types of property:

How do property prices in South Hams compare?

Buyers paid 29.6% more than the average price in the South West (£321,000) in June for a property in South Hams. Across the South West, property prices are higher than those across the UK, where the average cost is £288,000.

The most expensive properties in the South West were in Cotswold – £467,000 on average, and 1.1 times the price as in South Hams. Cotswold properties cost 2.1 times the price as homes in Plymouth (£219,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, with an average price of £1.3 million.

Factfile

Average property price in June

Annual change to June

Highest and lowest annual growth in the South West