Mid Devon has seen a drop in house prices this January, marking a continuing trend that may influence decisions for both current homeowners and potential buyers in the region. Here’s a detailed breakdown of what’s happening with property prices in Mid Devon and how it compares with the broader trends in the South West and the UK.
In January, Mid Devon experienced a 1.4% decrease in house prices, a significant figure that adds to a longer-term trend of a 2.7% annual decline in property values. This drop has brought the average house price in the area down to £298,786, according to the latest figures from the Land Registry. This decline contrasts with the broader trend across the South West, where prices have risen by 1.5%, and the overall UK average, which saw a modest increase of 0.5%.
The Local Perspective
The past year has seen the average sale price of properties in Mid Devon fall by £8,200, positioning it 19th out of the 26 local authorities in the South West when it comes to annual growth rates. This places Mid Devon in a unique spot, with the highest annual growth observed in South Hams at 11%, and the most significant drop in Torridge, where property values plummeted by 13%.
Stepping onto the Property Ladder
For first-time buyers in Mid Devon, the average property purchase price was £238,400 – down by £6,600 from the previous year, yet still a significant £48,200 increase from January 2019. In contrast, former owner-occupiers paid an average of £334,100 for their properties in January, a staggering 40.1% more than their first-time counterparts.
Property Types and Their Prices
The impact of January’s price drop varied across different types of properties in Mid Devon. Flats took the hardest hit with a 1.6% decrease, bringing the average price down to £154,833. Detached homes saw a 1.5% monthly and a 2.6% annual decrease, with an average price of £443,271. Semi-detached and terraced houses also experienced declines, both monthly and annually, with average prices of £290,610 and £233,713, respectively.
Regional and National Comparisons
When comparing Mid Devon’s property prices with the wider South West region and the UK, a few interesting points emerge. Properties in Mid Devon were, on average, 5.7% cheaper than the rest of the South West in January, where the average price stood at £317,000. This regional average surpasses the national average of £282,000, highlighting the premium placed on South West properties.
The most expensive properties in the South West were found in Cotswold, averaging £500,000, which is 1.7 times the price of properties in Mid Devon. Conversely, properties in Plymouth represented the more affordable end of the spectrum, with an average price of £221,000.
Kensington and Chelsea topped the charts with the highest property prices in the UK, boasting an average of £1.2 million, showcasing the vast differences in property values across the country.