House prices dropped by 1.3% – more than the average for the South West – in Mid Devon in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 6.7% over the last year.

The average Mid Devon house price in March was £309,867, Land Registry figures show – a 1.3% decrease on February.

Over the month, the picture was different to that across the South West, where prices decreased 0.6%, and Mid Devon was lower than the 1.2% drop for the UK as a whole.

Over the last year, the average sale price of property in Mid Devon rose by £19,000 – putting the area 10th among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in Swindon, where property prices increased on average by 12.2%, to £279,000. At the other end of the scale, properties in Bath and North East Somerset gained 1.1% in value, giving an average price of £421,000.

First steps on the property ladder

First-time buyers in Mid Devon spent an average of £245,000 on their property – £15,000 more than a year ago, and £60,000 more than in March 2018.

By comparison, former owner-occupiers paid £348,000 on average in March – 42% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices Mid Devon in March – they dropped 1.9% in price, to £238,904 on average. But over the last year, prices rose by 6.5%.

Among other types of property:

  • Detached: down 0.9% monthly; up 7% annually; £467,971 average
  • Semi-detached: down 1.2% monthly; up 7.1% annually; £300,925 average
  • Flats: down 1.6% monthly; up 4.5% annually; £155,134 average

How do property prices in Mid Devon compare?

Buyers paid 5% less than the average price in the South West (£326,000) in March for a property in Mid Devon. Across the South West, property prices are lower than those across the UK, where the average cost £285,000.

The most expensive properties in the South West were in Cotswold – £511,000 on average, and 1.7 times as much as more than in Mid Devon. Cotswold properties cost 2.4 times as much as homes in Plymouth (£217,000 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 March

  • Mid Devon: £309,867
  • The South West:£326,035
  • UK: £285,009

Annual growth to March

  • Mid Devon: +6.7%
  • The South West: +5.4%
  • UK: +4.1%

Highest and lowest annual growth in the South West

  • Swindon: +12.2%
  • Bath and North East Somerset: +1.1%