House prices increased slightly, by 0.1%, in Mid Devon in September, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 2.9% over the last year.

The average Mid Devon house price in September was £317,548, Land Registry figures show – a 0.1% increase on August.

Over the month, the picture was similar to that across the South West, where prices decreased 0.1%, and Mid Devon was above the 0.5% drop for the UK as a whole.

Over the last year, the average sale price of property in Mid Devon rose by £8,800 – putting the area second 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 3.8%, to £454,000. At the other end of the scale, properties in West Devon lost 7.8% of their value, giving an average price of £308,000.

First steps on the property ladder

First-time buyers in Mid Devon spent an average of £251,700 on their property – £6,400 more than a year ago, and £63,600 more than in September 2018.

By comparison, former owner-occupiers paid £357,100 on average in September – 41.9% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Mid Devon in September – they increased 0.4%, to £479,849 on average. Over the last year, prices rose by 3.5%.

Among other types of property:

How do property prices in Mid Devon compare?

Buyers paid 3.4% less than the average price in the South West (£329,000) in September for a property in Mid Devon. Across the South West, property prices are higher than those across the UK, where the average cost is £291,000.

The most expensive properties in the South West were in Cotswold – £503,000 on average, and 1.6 times the price as in Mid Devon. Cotswold properties cost 2.2 times the price as homes in Plymouth (£224,000 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 September

Annual change to September

Highest and lowest annual growth in the South West