House prices increased by 2.9% – more than the average for the South West – in West Devon in January, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 1.2% over the last year.

The average West Devon house price in January was £325,821, Land Registry figures show – a 2.9% increase on December.

Over the month, the picture was different to that across the South West, where prices increased 1.5%, and West Devon was above the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in West Devon rose by £3,700 – putting the area sixth among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in South Hams, where property prices increased on average by 11%, to £432,000. At the other end of the scale, properties in Torridge lost 13% of their value, giving an average price of £286,000.

First steps on the property ladder

First-time buyers in West Devon spent an average of £245,900 on their property – £3,000 more than a year ago, and £52,100 more than in January 2019.

By comparison, former owner-occupiers paid £367,200 on average in January – 49.4% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in West Devon in January – they increased 3%, to £153,965 on average. Over the last year, prices rose by 0.9%.

Among other types of property:

How do property prices in West Devon compare?

Buyers paid 2.8% more than the average price in the South West (£317,000) in January for a property in West Devon. Across the South West, property prices are higher than those across the UK, where the average cost is £282,000.

The most expensive properties in the South West were in Cotswold – £500,000 on average, and 1.5 times the price as in West Devon. Cotswold properties cost 2.3 times the price as homes in Plymouth (£221,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, at £1.2 million.

Factfile

Average property price in January

Annual change to January

Highest and lowest annual growth in the South West