House prices dropped slightly in Mid Devon in June, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.7% annual decline.

The average Mid Devon house price in June was £298,565, Land Registry figures show – a 0.8% decrease on May.

Over the month, the picture was similar to that across the South West, where prices decreased 1%, but Mid Devon was lower than the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Mid Devon fell by £2,000 – putting the area 23rd among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in East Devon, where property prices increased on average by 7.4%, to £365,000. At the other end of the scale, properties in Torridge lost 5% of their value, giving an average price of £286,000.

First steps on the property ladder

First-time buyers in Mid Devon spent an average of £239,500 on their property – £390 less than a year ago, but £56,310 more than in June 2019.

By comparison, former owner-occupiers paid £332,580 on average in June – 38.9% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Mid Devon in June – they dropped 1.2% in price, to £437,652 on average. Over the last year, prices dropped by 1.6%.

Among other types of property:

How do property prices in Mid Devon compare?

Buyers paid 5.9% less than the average price in the South West (£317,000) in June for a property in Mid Devon. 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 – £470,000 on average, and 1.6 times the price as in Mid Devon. Cotswold properties cost 2.1 times the price as homes in Plymouth (£227,000 average), at the other end of the scale.

The highest property prices across the UK were in (insert LA with highest house price).

Factfile

Average property price in June

Annual change to June

Highest and lowest annual growth in the South West