House prices increased slightly, by 0.1%, in Torridge in March, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 3.5% annual decline.

The average Torridge house price in March was £296,274. Land Registry figures show a 0.1% increase on February.

Over the month, the picture was similar to that across the South West, where prices increased 0.2%, and Torridge was lower than the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Torridge fell by £11,000 – putting the area 23rd among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in Stroud, where property prices increased on average by 9.8%, to £357,000. At the other end of the scale, properties in the Forest of Dean lost 5.5% of their value, giving an average price of £290,000.

First steps on the property ladder

First-time buyers in Torridge spent an average of £236,500 on their property – £8,700 less than a year ago, but £49,100 more than in March 2019.

By comparison, former owner-occupiers paid £329,000 on average in March – 39.1% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Torridge in March – they increased 0.4%, to £286,512 on average. Over the last year, prices dropped by 2.3%.

Among other types of property:

  • Detached: up 0.3% monthly; down 3.6% annually; £426,555 average
  • Terraced: down 0.2% monthly; down 3.4% annually; £220,357 average
  • Flats: up 0% monthly; down 5.4% annually; £150,839 average

How do property prices in Torridge compare?

Buyers paid 6.3% less than the average price in the South West (£316,000) in March for a property in Torridge. Across the South West, property prices are higher than those across the UK, where the average cost is £283,000.

The most expensive properties in the South West were in Cotswold – £496,000 on average, and 1.7 times the price as in Torridge. Cotswold properties cost 2.2 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.

Factfile

Average property price in March

  • Torridge: £296,274
  • The South West: £316,262
  • UK: £282,776

Annual change to March

  • Torridge: -3.5%
  • The South West: +0.5%
  • UK: +1.8%

Highest and lowest annual growth in the South West

  • Stroud: +9.8%
  • The Forest of Dean: -5.5%