House prices dropped by 3.4% – more than the average for the South West – in Torridge in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 5.3% over the last year.

The average Torridge house price in March was £312,971, Land Registry figures show – a 3.4% decrease on February.

Over the month, the picture was different to that across the South West, where prices decreased 0.6%, and Torridge was lower than the 1.2% drop for the UK as a whole.

Over the last year, the average sale price of property in Torridge rose by £16,000 – putting the area 19th among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in Swindon, where property prices increased on average by 12.2%, to £279,000. At the other end of the scale, properties in Bath and North East Somerset gained 1.1% in value, giving an average price of £421,000.

First steps on the property ladder

First-time buyers in Torridge spent an average of £249,000 on their property – £12,000 more than a year ago, and £66,000 more than in March 2018.

By comparison, former owner-occupiers paid £348,000 on average in March – 40% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices Torridge in March – they dropped 3.9% in price, to £231,242 on average. But over the last year, prices rose by 5.2%.

Among other types of property:

  • Detached: down 3% monthly; up 5.5% annually; £456,376 average
  • Semi-detached: down 3.3% monthly; up 5.9% annually; £299,976 average
  • Flats: down 3.4% monthly; up 2.9% annually; £155,130 average

How do property prices in Torridge compare?

Buyers paid 4% less than the average price in the South West (£326,000) in March for a property in Torridge. Across the South West, property prices are lower than those across the UK, where the average cost £285,000.

The most expensive properties in the South West were in Cotswold – £511,000 on average, and 1.6 times as much as more than in Torridge. Cotswold properties cost 2.4 times as much as homes in Plymouth (£217,000 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 March

  • Torridge: £312,971
  • The South West:£326,035
  • UK: £285,009

Annual growth to March

  • Torridge: +5.3%
  • The South West: +5.4%
  • UK: +4.1%

Highest and lowest annual growth in the South West

  • Swindon: +12.2%
  • Bath and North East Somerset: +1.1%