House prices increased by 1.9% – more than the average for the South West – in Torridge in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 15.6% over the last year.

The average Torridge house price in June was £305,517, Land Registry figures show – a 1.9% increase on May.

Over the month, the picture was different to that across the South West, where prices increased 0.5%, and Torridge was above the 1% rise for the UK as a whole.

Over the last year, the average sale price of property in Torridge rose by £41,000 – putting the area fourth among the South West’s 29 local authorities with price data for annual growth.

The highest annual growth in the region was in Mid Devon, where property prices increased on average by 16.9%, to £306,000. At the other end of the scale, properties in Cheltenham gained 5.9% in value, giving an average price of £319,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First steps on the property ladder

First-time buyers in Torridge spent an average of £244,000 on their property – £33,000 more than a year ago, and £72,000 more than in June 2017.

By comparison, former owner-occupiers paid £339,000 on average in June – 38.6% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Torridge in June – they increased 2.6%, to £228,356 on average. Over the last year, prices rose by 15.7%.

Among other types of property:

How do property prices in Torridge compare?

Buyers paid 5.2% less than the average price in the South West (£322,000) in June for a property in Torridge. Across the South West, property prices are lower than those across the UK, where the average cost £286,000.

The most expensive properties in the South West were in Cotswold – £472,000 on average, and 1.5 times as much as more than in Torridge. Cotswold properties cost 2.1 times as much as homes in Plymouth (£223,000 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 June

Annual growth to June

Highest and lowest annual growth in the South West