House prices increased by 3.9% in Torridge in December, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 17% over the last year – the highest in the South West.

The average Torridge house price in December was £337,698, Land Registry figures show – a 3.9% increase on November.

Over the month, the picture was different to that across the South West, where prices decreased 1.8%, and Torridge was above the 0.4% drop for the UK as a whole.

Over the last year, the average sale price of property in Torridge rose by £49,000 – putting the area top among the South West’s 29 local authorities with price data for annual growth.

At the other end of the scale, properties in West Devon gained 3.7% in value, giving an average price of £327,000.

The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.

It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.

First steps on the property ladder

First-time buyers in Torridge spent an average of £270,000 on their property – £40,000 more than a year ago, and £89,000 more than in December 2017.

By comparison, former owner-occupiers paid £375,000 on average in December – 38.8% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Torridge in December – they increased 4.1%, to £166,722 on average. Over the last year, prices rose by 13.6%.

Among other types of property:

How do property prices in Torridge compare?

Buyers paid 2.1% more than the average price in the South West (£331,000) in December for a property in Torridge. Across the South West, property prices are higher than those across the UK, where the average cost £294,000.

The most expensive properties in the South West were in Cotswold – £504,000 on average, and 1.5 times as much as more than in Torridge. Cotswold properties cost 2.2 times as much as homes in Plymouth (£229,000 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 December

Annual growth to December

Highest and lowest annual growth in the South West