House prices dropped slightly, by 0.7%, in Torridge in September, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 17.6% over the last year.

The average Torridge house price in September was £322,147, Land Registry figures show – a 0.7% decrease on August.

Over the month, the picture was different to that across the South West, where prices increased 0.3%, and Torridge was lower than the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Torridge rose by £48,000 – putting the area ninth among the South West’s 29 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 23.5%, to £430,000. At the other end of the scale, properties in South Somerset gained 11.9% in value, giving an average price of £292,000.

An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.

But typical property values stalled across the UK between August and September, which caused annual growth to slow.

Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of "a turning tide for house prices".

The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatitility in the mortgage market and saw interest rates on new agreements soar.

Nicky Stevenson, managing director at estate agent group Fine and Country said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes."

“All eyes will now turn to Chancellor Jeremy Hunt’s autumn statement, which is expected to include both tax rises and spending cuts," he added.

First steps on the property ladder

First-time buyers in Torridge spent an average of £257,000 on their property – £38,000 more than a year ago, and £76,000 more than in September 2017.

By comparison, former owner-occupiers paid £358,000 on average in September – 39.1% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices Torridge in September – they dropped 1.7% in price, to £159,027 on average. But over the last year, prices rose by 12.2%.

Among other types of property:

How do property prices in Torridge compare?

Buyers paid 4.3% less than the average price in the South West (£337,000) in September for a property in Torridge. Across the South West, property prices are lower than those across the UK, where the average cost £295,000.

The most expensive properties in the South West were in Cotswold – £514,000 on average, and 1.6 times as much as more than in Torridge. Cotswold properties cost 2.3 times as much as homes in Plymouth (£226,000 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 growth to September

Highest and lowest annual growth in the South West