House prices increased by 4.7% – more than the average for the South West – in South Hams in July, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 2.4% over the last year.

The average South Hams house price in July was £401,905. Land Registry figures show a 4.7% increase on June.

Over the month, the picture was different to that across the South West, where prices increased 0.5%, and South Hams was above the 0.6% rise for the UK as a whole.

Over the last year, the average sale price of property in South Hams rose by £9,400 – putting the area 11th among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in South Gloucestershire, where property prices increased on average by 5.8%, to £354,000. At the other end of the scale, properties in Torridge lost 5.1% of their value, giving an average price of £288,000.

First steps on the property ladder

First-time buyers in South Hams spent an average of £320,600 on their property – £7,800 more than a year ago, and £79,200 more than in July 2019.

By comparison, former owner-occupiers paid £448,400 on average in July – 39.9% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in South Hams in July – they increased 4.8%, to £396,981 on average. Over the last year, prices rose by 4.6%.

Among other types of property:

How do property prices in South Hams compare?

Buyers paid 25.4% more than the average price in the South West (£320,000) in July for a property in South Hams. Across the South West, property prices are higher than those across the UK, where the average cost is £290,000.

The most expensive properties in the South West were in Cotswold – £478,000 on average, and 1.2 times the price as in South Hams. Cotswold properties cost 2.1 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 July

Annual growth to July

Highest and lowest annual growth in the South West