A Tavistock estate agent has said that although the “heat has gone” out of the national housing market, the region “remains busy”.

Nick Henderson, managing director of Mansbridge Balment, made the comments in response to today’s Nationwide House Price Index figures.

The figures showed that the UK has seen its first monthly decline in house prices since July 2021, dropping by 0.9 per cent in October.

The data means that the average UK house price has dropped from £272,259 to £268,282.

This represents a slowing of the national housing market, as the annual change dropped from 9.5 per cent in September to 7.2 per cent in October.

However, local estate agents have asserted that the Tavistock area will continue to remain popular for people looking to move house.

Speaking to the Tavistock Times, Nick Henderson commented: “There has certainly been a marked slowing of activity in the local property market while buyers and sellers take stock of interest rate changes and the overall economic situation currently.

“The availability and range of mortgage products, or lack of such, is certainly a factor to bear in mind.  That said, we remain busy and have continued to agree sales throughout this period of change.

“It is fair to say that the heat has gone since the market was at its height following the pandemic but this part of the world remains somewhere people find a highly attractive place to live and will continue to do so.

“I think the message has to be that, if you do need or want to move, with expert local knowledge and guidance, we can still work to achieve that aim for you,” he said.