Tavistock’s estate agents have reassured sellers that there is “still movement” in the area - despite figures showing that national house prices have dropped.

Halifax’s House Price Index for October 2022, which demonstrates the rise and fall in house prices across the country, reports that house prices fell by 0.4 per cent in October - the biggest drop since February 2021.

This means that the average house price in the UK is now £292,598, compared to £293,664 in September 2022, which is the lowest it has been in five months.

This equates to an annual rate of growth of 8.3 per cent, down from 9.8 per cent.

The figures represent the third house price drop in the past four months, following a period of house price inflation post-pandemic.

However, estate agents in the South Hams have reassured sellers that the area’s market is holding steady.

Nick Henderson, managing director of Mansbridge Balment, commented: “There is a good deal of nervousness particularly for buyers (and sellers) with mortgage commitments currently.

“However, there is still movement with buyers registering and offers being made.

“We are also still putting a number of properties to the market – in many cases these are with vendors looking to buy on - so there is movement and there remains a desire in people to move.

“In times like these it is crucial to get advice from industry experts – properties can be sold and are being sold but you need to know what you’re doing and how best to navigate a path through.

“The teams in our offices are working harder than ever to secure moves for people and if you need to move come and speak with us and we’ll chat through the options – ring us today to find out what we can do for you.”

Nick Godfrey, of Godfrey Short & Squire, said: “After a very busy two years the market appears to be returning to a pre-Covid level.

“We are still selling property with sales last week on several properties with a mixture of two, three and four bedroom properties.

“Regardless of the economic situation people still need to move for personal reasons, work, divorce and death.

“House prices will more than likely fall slightly due to the ever increasing utility and mortgage costs. However, will they fall massively? Who knows.

“This time around the market appears to be in a stronger place with more people having a higher proportion of equity in their home.

“Also over 50 per cent of the population do not have a mortgage so interest rate increases do not always have an effect.

“What does and is largely out of all economies’ reach is the energy crisis and the lack of control that all governments across the world have no control over.”

Explaining the figures, Kim Kinnaird, director of Halifax Mortgages, said: “Though the recent period of rapid house price inflation may now be at an end, it’s important to keep this in context, with average property prices rising more than £22,000 in the past 12 months, and by almost £60,000 (+25.7 per cent) over the last three years, which is significant.

“While a post-pandemic slowdown was expected, there’s no doubt the housing market received a significant shock as a result of the mini-budget which saw a sudden acceleration in mortgage rate increases.

“While it is likely that those rates have peaked for now – following the reversal of previously announced fiscal measures – it appears that recent events have encouraged those with existing mortgages to look at their options, and some would-be homebuyers to take a pause.

“Understandably we have also seen consumer caution grow, as industry data shows mortgage approvals and demand for borrowing declining.

“The rising cost of living coupled with already stretched mortgage affordability is expected to continue to weigh on activity levels. With tax rises and spending cuts expected in the Autumn Statement, economic headwinds point to a much slower period for house prices.”