New figures from the Office for National Statistics have revealed that the average house price in West Devon has decreased by more than £5,000 over the past year - with one region seeing prices drop by more than £40,000.

The UK’s house price statistics have been published by the Office for National Statistics (ONS) today, and averages in Tavistock and Okehampton have fallen in some areas despite rising in others.

According to the statistics, the median house price in West Devon is £275,000 as of March 2022, compared to £280,975 in March 2021.

However, the £5,975 decrease does not bring prices back down to pre-pandemic levels, which were £254,500 in March 2020, while ten years ago in March 2012, prices averaged £189,973.

The cheapest area in Tavistock on average is the South West, where the median house price is £228,000, up from £217,500 in March 2021.

The most expensive area in Tavistock to buy a house was the South East, with median prices at £326,666, down from £334,000.

Elsewhere in the area, house prices in the north of Tavistock increased from £255,000 to £265,000.

In Okehampton, the most expensive area in which to buy a house is the north, with averages of £219,975 - a decrease of more than £40,000 from March 2021’s average of £260,000.

In the south of Okehampton, prices increased from £215,000 to £217,000.

The ONS explained how the data is collected: “The house price statistics for small areas (HPSSAs) use data from HM Land Registry.

“This is to provide statistics on the price paid and the number of residential property transactions for properties sold in each area in England and Wales.

“Properties sold at a discount to the market level, such as properties sold under the Right to Buy scheme, are not included in these statistics.”

The ONS also analysed how many property sales were made in the area in the period, reporting 816 residential property sales in West Devon in the year ending March 2022.

This is a decrease on March 2021’s total of 972, as well as from the results of the year ending December 2021, which showed 990 sales in that period.