House prices dropped by 3.5% – more than the average for the South West – in South Hams in February, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 0.8% annual growth – though still the lowest in the South West.

The average South Hams house price in February was £392,055, Land Registry figures show – a 3.5% decrease on January.

Over the month, the picture was worse than that across the South West, where prices decreased 1.2%, and South Hams underperformed compared to the 1% drop for the UK as a whole.

Over the last year, the average sale price of property in South Hams rose by £3,000 – putting the area bottom among the South West’s 26 local authorities with price data for annual growth.

The best annual growth in the region was in the Forest of Dean, where property prices increased on average by 14.2%, to £335,000.

Winners and Losers

Owners of terraced houses fared worst in South Hams in February – they dropped 3.8% in price, to £302,872 on average. But over the last year, prices rose by 1.2%.

Among other types of property:

First steps on the property ladder

First-time buyers in South Hams spent an average of £311,200 on their property – £2,400 more than a year ago, and £69,700 more than in February 2018.

By comparison, former owner-occupiers paid £439,000 on average in February – 41.1% more than first-time buyers.

How do property prices in South Hams compare?

Buyers paid 20% more than the average price in the South West (£327,000) in February for a property in South Hams. Across the South West, property prices are high compared to those across the UK, where the average cost £288,000.

The most expensive properties in the South West were in Cotswold – £495,000 on average, and 1.3 times as much as more than in South Hams. Cotswold properties cost 2.2 times as much as homes in Plymouth (£221,000 average), at the other end of the scale.

The highest property prices across the UK were in 160.

Factfile

Average property price in February

Annual growth to February

Best and worst annual growth in the South West