House prices dropped slightly, by 0.7%, in Mid Devon in February, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 9.6% annual growth.

The average Mid Devon house price in February was £316,712, Land Registry figures show – a 0.7% decrease on January.

Over the month, the picture was similar to that across the South West, where prices decreased 1.2%, and Mid Devon outperformed the 1% drop for the UK as a whole.

Over the last year, the average sale price of property in Mid Devon rose by £28,000 – putting the area ninth among the South West’s 26 local authorities with price data for annual growth.

The best annual growth in the region was in the Forest of Dean, where property prices increased on average by 14.2%, to £335,000. At the other end of the scale, properties in South Hams gained just 0.8% in value, giving an average price of £392,000.

Winners and Losers

Owners of terraced houses fared worst in Mid Devon in February – they dropped 1% in price, to £245,479 on average. But over the last year, prices rose by 9.8%.

Among other types of property:

First steps on the property ladder

First-time buyers in Mid Devon spent an average of £251,000 on their property – £22,000 more than a year ago, and £66,000 more than in February 2018.

By comparison, former owner-occupiers paid £356,000 on average in February – 41.5% more than first-time buyers.

How do property prices in Mid Devon compare?

Buyers paid 3% less than the average price in the South West (£327,000) in February for a property in Mid Devon. Across the South West, property prices are lower than those across the UK, where the average cost £288,000.

The most expensive properties in the South West were in Cotswold – £495,000 on average, and 1.6 times as much as more than in Mid Devon. Cotswold properties cost 2.2 times as much as homes in Plymouth (£221,000 average), at the other end of the scale.

The highest property prices across the UK were in 160.

Factfile

Average property price in February

Annual growth to February

Best and worst annual growth in the South West